Setup account

Software: MoneyWorks accounting software

Setup account is a special account use for recording the opening balances. It is a Shareholders Fund type of account (Equity account). Setup account will be ZERO if your opening balance is setup correctly.

During setting up of account in MoneyWorks, if you want to record a prepayment as of your last financial year, you can pass a journal to debit Prepayment account (Current Asset) and credit Setup account.