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: -

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: -

Allows account to be de-activated, in this case leave toggled as active
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
Bank statement date
Bank import Format
Select a format to allow statement uploads
Account number
Bank account number
Sort Code
Bank Sort Code
Enter if required to appear on remittance advices
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