Opening Balances for Bank Accounts

At least one bank account is required for the system to operate. A bank account was probably created at the time of setting up the entity, but if not, then an account needs to be set up at this stage.

Additional bank and credit accounts that have opening balances will also need to be created using the process described below. Information needed: -

• Name and details of Bank account
• Bank Statement dated close as possible to your opening balance date
• Details of any un-cleared transactions

Un-cleared items are transactions that have already been recorded in the accounting system; written a cheque to a supplier or a cheque, or other delayed payment, received from a customer, but they have not yet appeared on your bank statement.

Control - Opening Balances - Add Accounts

In the Account Maintenance screen, enter details: -

Active

Allows account to be de-activated, in this case leave toggled as active

Monitor

If toggled on, the account balance is displayed on the home page

Account Name

Enter name such as 'HSBC Current'. If a PayPal account tick "PayPal" box

Account Type

Select account type 'Current Assets - Bank Account'

Sub Account

If the account is a sub account of another, select it. In this case leave blank

Opening Balance

Enter the balance on your bank statement

Date

Bank statement date

Bank import Format

Select a format to allow statement uploads

Account number

Bank account number

Sort Code

Bank Sort Code

IAN

Enter if required to appear on remittance advices

SWIFT Code

Enter if required to appear on remittance advices

TB Cross reference

Leave blank, this is used by your advisor in preparing reports

Import Cross reference

This is used to reference this account when using file import routines

Click SUBMIT when complete.

More information from Account Details Maintenance

Use the un-cleared transactions screen to enter those items that make up the difference between the bank statement and the bank balance in the opening trial balance.

Control - Opening Balances - Uncleared Items - Edit relevant account

Review and check the data input by inspecting the bank account balance. Now confirm that the balance on the account equates to the amount in the trial balance.

Accounts - Bank/Credit Accounts - click this account

Make adjustments if necessary. Repeat the above for all bank accounts you wish to set up at this point.

More information from Uncleared Items - Bank Accounts