Entering Bank Accounts Opening Balances

Entering Bank Accounts Opening Balances

Entries for Bank Account Opening Balances can be entered at any time after your Go Live date.

Best results will be to wait until you have received your monthly bank statement, then make the bank account opening balance entries from the bank statement.

Follow these steps to enter the Bank Account Opening Balances.

1. On your Go Live date make sure that all bank Entries (deposits and withdrawals) are entered. The Bank Account will start with a $0.00 balance so current balances will not be available until the opening balances are entered.
2. When you receive your Bank Statement, reconcile your bank account to identify current balances and outstanding items.
3. List all outstanding items from your bank statement reconciliation. You will need these entries to complete an accurate bank account opening balance.
4. From the General Ledger Manager, select “GL Adjustments” @ top left.
5. Set the Date to the Bank Statement Closing Date & Time to End Of Day.
6. On the Account line, select Assets > 1100 Bank Accounts > select bank account
7. In the Description Box , write “Month/Year Statement Closing Balance”.
8. In the Left Accounts column @ top right, enter the Bank Statement Closing Balance.
9. Select Add
10. Using the list of Outstanding Checks as described in #3 above,
    • In the Description Box, write “CK#____” and enter who the check was payable to, if desired.
    • In the Left Accounts column @ top right, enter a Negative $ value for the check amount. (to enter a negative $ value simply use the – key before or after the $ value as shown above)
    • Enter all outstanding checks
11. Select Add
12. If there are any outstanding Deposits that did not clear on the Bank Statement, enter these items as follows.
    • In the Description box, write “Deposit – Method of Payment” i.e. checks & cash, Visa, Master Card, etc.
    • In the Left Accounts column @ top right, enter a positive $ value for the deposit amount.
13. Select Add
14. When all outstanding entries have been entered, on the Account line select Equity > Opening Balance.
15. In the Description Box, write “Opening Balance – Bank Account”.
16. In the Right Accounts column @ top right, enter a same value as shows on the Left Accounts – Total line.
17. Select Add
18. The Total line must be balanced to process a balanced entry and to keep your General Ledger in balance.
19. Double check all entries, select Save @ top left.
20. These values will be entered into the 1100 Bank Accounts for the Bank Account selected in #6 above.
    • All entries will be displayed using the GL Adjustment Date, Description and Value as entered.

Printed copies will offer a backup reference, if desired.