Manually Entered Bank Balances

If you clicked the Skip button in the Bank Balances entry window, you will need to manually set up your bank accounts. To do this you should:

  • Create any additional bank accounts that you may need —see Bank Settings, or delete ones that are surplus to your requirements —see Deleting an Account.
  • Manually journal in your opening bank balances taken from your bank statement. To do this you need to create a journal —see General Ledger Journals and debit the bank accounts with their opening balances and credit a balancing account (probably just the setup or suspense account, but check with your accountant). If a bank account is overdrawn, it should be credited.
  • Do a special bank reconciliation —see Bank Reconciliation. This reconciles all the historic transactions that make up the opening balance, and hence will have a zero opening balance and a closing balance of whatever the actual bank balance was.