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How to add a Bank beginning balance

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Posted on by Community member 10
A bank account beginning balance was not created during the original set up.
How to fix?
 
This is causing a variance between the GL account and Bank account.
 
Thanks.
Categories:
Financial Management
  • Community member Profile Picture
    Community member 10 on at
    How to add a Bank beginning balance
    @Gavin
    That worked!
    Thank you.
  • Suggested answer
    YUN ZHU Profile Picture
    YUN ZHU 60,818 Super User on at
    How to add a Bank beginning balance
    Hi, athough there are some limitations, you can first try to reverse the wrong Bank Account Ledger Entries.
     
    Hope this helps.
    Thanks.
    ZHU
  • Verified answer
    Gavin Profile Picture
    Gavin 2,331 on at
    How to add a Bank beginning balance
    Hi,
     
    To post the opening balance to the bank I enter a journal that both debits and credits the Bank GL account and creates a Bank Account Ledger Entry.
     
    For example the journal below would both debit and credit the GL Bank Account 
     
     
    This will produce the GL entries below:
     
     
    But will create this Bank Account Ledger Entry to affect the bank balance and that you can reconcile
     
     
     
    Hope this helps
     
    Thanks
    Gavin
  • Suggested answer
    gdrenteria Profile Picture
    gdrenteria 3,108 Super User on at
    How to add a Bank beginning balance
    Hi
    You could reverse the operations carried out directly to the account and use it directly with the bank account (using posting groups).
    To avoid future similar problems, you can use the Direct Posting property.
    Best regards
    Gerardo

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