Opening balances

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wmike1503
Posts: 18
Joined: 28 Nov 2015 01:31

Opening balances

Post by wmike1503 » 01 Dec 2015 02:58

When i setup the accounts, I forgot to put in some opening balances - how do I do this, retrospectively? Can I, perhaps, just put in some investor funds into each account?

Cheers,

Mike

wmike1503
Posts: 18
Joined: 28 Nov 2015 01:31

Re: Opening balances

Post by wmike1503 » 01 Dec 2015 06:01

Also, I need to do this for different currencies.

wmike1503
Posts: 18
Joined: 28 Nov 2015 01:31

Re: Opening balances

Post by wmike1503 » 01 Dec 2015 21:06

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Screen Shot 2015-12-01 at 08.16.06.png (71.72 KiB) Viewed 4832 times
Bronwen (from Moneyworks) advises the following:

'You can only journal in your base currency, so in line with your example you would enter $1200.00 to setup in your base currency (Euro) and then use Funds transfer to move that amount to your other currency account GBP or USD.' Sounds fine, but it doesn't work.

When an amount is journal'ed into the setup account - this seems OK. However, when going to the funds transfer - the Setup account is not shown - so how do you transfer money from it if you can't access it?

Very, very frustrating.

Sam
Posts: 188
Joined: 14 Feb 2012 08:23
Product: Gold
Region: New Zealand

Re: Opening balances

Post by Sam » 02 Dec 2015 16:44

If you have entered $1200 into your base currency bank account then you do a bank transfer from the base currency bank account to the FX bank account.

Looks like you haven't put the $1200 into your base currency account.

wmike1503
Posts: 18
Joined: 28 Nov 2015 01:31

Re: Opening balances

Post by wmike1503 » 03 Dec 2015 00:20

I tried all advice I have been given, including from MoneyWorks support.

Making a journal entry into an account just does not show up - my accounts all show zero - which is clearly wrong.

Perhaps, it might be simpler to just insert some investor capital (as an opening balance) into my base currency account, then just transfer funds to the relevant foreign currency accounts?

Cheers,

Mike

ignatius
Posts: 20
Joined: 05 Mar 2012 06:11
Product: Gold

Re: Opening balances

Post by ignatius » 05 Dec 2015 04:51

The procedure is like this:
1. Make journal entry between: a) Setup or better still owners fund account and b) a base currency bank account;
2. Transfer funds from: a) Base currency bank account to b) FX bank account.

It works perfectly

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