Manually creating a new bank account with an opening balance provides the data fields to enter your initial opening balance. However, if a bank account is already created, you won’t see these fields if you edit the bank account:
In the case that your bank account is already added in your account and you need to go back and add an opening balance, you can do so by creating a Journal Entry transaction from your accounting.
How to add a new bank account with an opening balance
- Go to Accounting in the left menu
- Click on the Transactions tab at the top of the screen
- Click Add → Journal Entry
- Complete the following fields:
- “Journal Date” - Date when the opening balance was recorded from
- “Journal No.” - A number used to index the journal entry for proper storage
- Debit the asset account (your bank account) the amount you would like to create the opening balance for
- Credit the “opening balance” account the amount you would like to create the opening balance for
- Click Save to create the journal entry
Note: The amount that is debited and credited should be the same to ensure that your books are properly balanced
Still have questions?
Open the Support conversation icon on the lower right corner and ask us anything.
Comments
0 comments
Please sign in to leave a comment.