 contact that we want to put in primarily because we want to put in the accounts payable related to them. So I'm not going to import this time, but rather I'm just going to set up a new contact one at a time. So let's go back into my contacts here and we'll just set up our new contact and same contact fields. But now we're basically treating it as a vendor. I'm going to call the contact name Epiphone and that's all I'm really going to put in for this particular contact. Now again, I could get, I could add all this detail, but I'm basically just going to put the information I need to track the payment that I'm going to be sending to them in practice. You know, I'd have to have, uh, however, whatever format I'm going to be paying them, but I'm just going to put the contact name here. The other information is much the same as we did on the customer side. All right. So let's go ahead and save and close it. So now we have the contact in place. Then I would like to put in the balance of 15,000 that we owe them, which should also be populating on the balance sheet. And I want to do so in such a way that I can then track the payable and pay it in the normal accounting process going forward. So you could go back to your prior accounting system and look at the exact bill that you entered and replicate the exact bill, but you might not even need that much detail. You might just need to recognize the, I owe them 15,000. So I'm just going to create a generic bill that I can then use to track the accounts payable and the sub ledger of Epiphone, the vendor that we owe the money to. So I'm going to do the same thing we did with the, with the invoice and just add the normal form of bill, which is the thing that creates a payable. And I'm going to say this is going to go to Epiphone. We just set up Epiphone. I want to make sure it's as of last year, because even if it goes to an income statement account, I want it to roll over by the end of 2022 into the equity account when we get into 2023. And then down here, I can choose whatever item I need. Or I'll just say beginning balance here. And then I'm going to say 15,000. And then the other side, the other account that it's going to be going to is going to be, uh, now oftentimes it would be like an expense account. You could put it directly to equity. That would probably be the easiest thing to do. So we could say I'm just going to make it go directly to equity like owner's capital. And that way it would go there. If it went to an expense account, if you wanted, for example, to mirror the bill you did in the prior accounting system and put it to an expense account, as long as it was going to the expense account as of the prior year, then it would still roll into equity and you would be okay. So you could do that or you could just put it directly to equity here. What will this do? It's a bill. That means it's going to increase accounts payable. The other side's going to go then to equity because that's where we told it to go. Normally it would go to like an expense and then it'll also track the sub ledger by vendor who we owe money to, which should tie up to the accounts payable. All right. So then I have to put the amount in here. I need to put one 15,000. There's the 15,000. Okay. Let's approve it and say Mui be in for it. All right. And then if I go to the tab to the right and we just update, update to get it to see what's going on and what's happening around here, there's the 15,000. If I drill down on that 15,000 in the accounts payable, then we see it populated with a normal form that it populates with that being a payable invoice, which is like a bill, right? There's an invoice and a payable invoice. So that looks good. The other side is going to the owner's capital. So okay, let's go back on over. Then if I go into my income statement, I didn't put anything to the income statement at all in the prior year or the current year because I just put it to equity. So then if I go back to the balance sheet, the other side, I put into the owner's capital account. So if I go into that, then we have our activity and there is our invoice payable. Okay. Boom. Looks good. All right. Going back up. So now it looks good on this front, meaning we now have the balance, the beginning balance in place and look like it populated it with a bill. And then when we actually pay the bill, we can track it just like we normally would. So if I go back into my contacts, for example, all contacts. So here's our contact list. And then here's the people we owe money to, I can hit the contacts and go down to the suppliers or vendors, whatever you want to call it. And there's the 15,000. And now it's tracking basically the sub ledger of accounts payable. And the next step would be to pay the bill as we normally would. Alright, so if we look at the summary here, so now we've got our accounts receivable, our inventory, our accounts payable, and our strategy as is working that looks like here, we're putting all our beginning balances in one at a time, dealing with any sub ledgers that would we would be necessary to deal with as we do so. The other side going to some kind of equity account. And therefore once we're done with all of these individual accounts, the total equity will balance. And then we can just do a journal entry into the equity side to break out the equity to whatever accounts need to be there within the equity account. So for example, we might put everything into in our case, the retained earnings, because that's the account that zero is using to roll over the income into. So we'll talk more about that in future presentation.