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info203
April 24, 2019
Question

Our business is new. We're starting to reconcile accounts now but I don't know where to set the Beginning Balance or Ending Balance.

  • April 24, 2019
  • 1 reply
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    1 reply

    john-pero
    john-pero
    April 24, 2019

    For brand new bank accounts beginning balance is zero - ending balance is statement balance from the bank. Example you own a new account on March 4 with $100. On March 31 bank says you have $100. Beginning $0, Ending $100. Now you check off all the entries that cleared.

    A
    Anonymous
    April 24, 2019

    Good day, @info203,

     

    It's nice to see you here today. I can help you enter your Beginning Balance or Ending Balance so you can resume your reconciliation.

     

    You can only edit the Beginning Balance if it is your first time setting up the account or if there aren't any transactions yet. To do that, follow the steps below:

    1. Go to the Accounting menu.
    2. Choose Chart of Accounts.
    3. Locate the account then click Edit in the Action column.

    However, you can enter an opening balance journal entry:

    1. Click the Plus icon (+) on the Toolbar.

    2. Under Other, select Journal Entry.

    Here's a great article to guide you with the steps: How to enter a beginning balance for an existing account

     

    Additionally, your ending balance is the the closing balance of your previous reconciliation.

     

    That should help you reconcile your account this time. The Community is always here, so don't hesitate to let me know if I can be of further assistance. Have a great day!

     

     

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