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
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