Enter Bank Statement Opening Balances

To enter a bank statement opening balance, follow the steps below:

  1. Access the Reconciliations transaction from the Financial\Cash Manager menu and start a New Reconciliation.

  2. Select a Bank Account and press Tab. As you enter a Bank Account in the Type-Thru drop box, the system will find the best match. You can also click on the down arrow at the right of the drop box to display the full list of Bank Accounts. Scroll down the list until you find the desired Bank Account and click to retrieve it for the reconciliation.

    • NOTE: There may be only one Opening Balance Statement for each Account.

  3. Obtain the last financial statement for the account.

  4. Determine the Opening Balance Statement amount by taking the Ending Balance on the last financial statement and adjusting this amount by any uncleared transactions that will not be entered into the system.

    • For example, if the account's last statement ending balance was $500.00 and there were two outstanding checks, each $50.00, and you do not plan to enter the check transactions, the Opening Balance Statement amount should be $400.00. Any outstanding deposit transactions should be added to the ending balance amount.

    • NOTE: You will need to adjust the Ending Statement Balance for each statement period with outstanding checks. If it is likely that your outstanding checks will not be cleared for more than one statement period, it may simplify your account reconciliation if you enter the outstanding check transactions.

  5. To enter the Opening Balance Statement fill out the following information in the header:

    • Enter descriptive information for your use in the Memo field.

    • b. Opening Balance Checkbox should be checked.

    • c. The Statement Date is the ending date on the last financial statement.

    • d. Ending Balance is the amount you calculated above. This amount will be the Statement Beginning Balance for the next statement

  6. Click Save to save the Opening Balance Statement

Last updated