Entering bank balances

Q: My main issue is to get the bank information in correctly along with the opening bank balance . When I went to 2010 period the bank balance was shown at ending 2009 which was 0. So how do I journal in the balance for 2010 which should show my first bank entry of $5000 to open my balance in 2010 in August 2010?

Assuming that when you created the company file, you skipped the step where you can add the Opening Bank Balances from your Bank account statement.

You can do so now by manually entering a Journal for those opening balances. In the Navigator > Setting Up (Green Arrow), Click Enter Opening Balances Step 5 (Red Arrow)

This will open the Transactions List at Journals (Green Arrow), Click New (Red Arrow)

This will open a new Journal:

Enter the last day of the previous Financial year, e,g. Dec 31, 2010 if MoneyWorks was starting on January 1, 2011 (Red Arrow), Enter a Description e.g. Opening Bank Balances (Green Arrow), Enter the Bank Account code from your accounts (Left Blue Arrow)

Note: to see the accounts, click into the first row and push your Tab key on your keyboard and choose the Bank account that you are entering the funds into.

If a positive balance enter the balance for the Bank account on the Debit Side (Right Blue Arrow) e.g. 5,000.00, Push Tab and a second line will be started and enter the SETUP, suspense account, (left Gold Arrow) from your chart and place same amount 5,000 in the Credit column (Right Gold Arrow).

If you had other bank accounts add a new line and do the same for each account debiting the bank and crediting SETUP.

This example uses the SETUP suspense account, because in the future you are planning to bring in your Trial Balances or Balance Sheet from the previous year and at that time, the balances entered would zero out the SETUP account that was used for this Journal.

If you were not planning to eventually bring in the legacy Trial Balance or Balance sheet in the future, you could enter the opening balances offset to the Retained earning account or Surplus/Deficit account if you are using the Home chart, like so.

Your choice, either way your bank balances are now in and you can start making deposits (Receipts) and withdrawals (Payments).

For more information about MoneyWorks Support in Canada, in the USA, or in the UK contact www.moneyworkssupport.wordpress.com

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