Problem Manually Entering a Bank Balance on startup Question

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pondball
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Joined: 03 May 2010 09:47
Product: Gold
Region: Canada
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Problem Manually Entering a Bank Balance on startup Question

Post by pondball » 15 Dec 2018 14:14

I've been following along with a set of instructions from Grant (kudos for him sticking with this non-accountant, btw, for all my questions), most of which pertained to moving from a previous setup in MWG to a brand new start (starting with Jan 1, 2018) but using basic balances from years prior to 2017.

I have successfully cloned a previous year (2017 - necessary to do a re-do on my file) and I have copied and pasted in all Invoices, Quotes and Sales Orders, and any Payments that were not directly related to the aforementioned Sales. As Grant has suggested I am holding off on copying any payments to Invoices until I can do that directly in my new setup.

My question then is related to putting in a Journal Entry for my Opening Bank Balance and I'm hoping someone can guide me through this... without pointing to the manual, please, as I've been through both the online and the older printed versions of the manuals and have not understood the process. I have also been through a handful of 2008-2011 postings here without success.

I think my question is simple. I want to be able to input my starting bank balance before inputting any Receivable in the Startup account.

All points lead to doing this through a Journal Entry... but this is where I am confused. My year end is the end of the fiscal yer (i.e. December 31, 20xx). Some of the postings refer to posting a Journal Entry for 12/31/17 (i.e. $30,000) then immediately doing a reconciliation (never done one before) for the same amount on 01/01/18... which should bring my opening Bank Balance somehow to $30,000. As a non-accountant this makes absolutely no sense to me unless it's to bring the setup account to $0.

Other postings suggest posting a Journal Entry of $30,000 to my Bank Account on 01/01/18 and that would be all I need to do. I do not understand fully the difference between a debit and credit in this case therefore how it is explained in the manual does not make sense to me.

So... how do I go about setting my opening Bank Balance to $30,000

Much appreciated for any help you can suggest.

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