Update an existing opening balance

If the incorrect opening balance is unreconciled, find the row for the relevant bank account and enter the updated amount.

If you need to change whether the opening balance was an overdrawn or a positive balance, change the Type:

• Use a Receipt (Debit) when the opening balance is a positive amount
• Use a Payment (Credit) when the opening balance is an overdrawn amount

Enter another opening balance

• If the bank account is already in use
• If you haven't entered an opening balance yet
• If you want to update an opening balance that is reconciled

Add a new row at the bottom of the list.

• To increase the original opening balance, enter a Receipt (Debit)
• To decrease the original opening balance, enter a Payment (Credit)

For example, you entered and reconciled an opening balance of £100. When checking your bank account, you realise you made an error. The opening balance should have been £90.

Add a second opening balance Payment (Credit) for £10. This is the difference between the existing balance and the correct balance.

1. Select the bank account from the drop-down list in the bank account column.
2. The date will default to the day before your Accounts Start Date. Find this in Settings, Business Settings, Accounting Dates & VAT.
3. Choose whether the opening balance is a positive amount or an overdrawn amount:
   • Use Receipt (Debit) for a positive amount
   • Use Payment (Credit) for a negative amount
4. Enter the amount of the opening balance.

Delete an opening balance

Select the Delete button next to the relevant row.

If you have already reconciled the bank opening balance, you can't delete it. To remove the opening balance, enter an opposite opening balance instead.

Reconcile your opening balance

1. From Banking, open the relevant bank account.
2. Select Reconcile.
3. Enter the following information:
   • Statement Date: Change this to the date of your opening balance. This is usually your Accounting Start Date. This will filter out any subsequent transactions. It is easier to find your opening balance transactions.
   • Statement End Balance: Enter the total amount of your opening balance.
   • Reference: This is just a label for the reconciliation. If you use Opening Balance, this will distinguish it from other reconciliations.
4. Choose Apply.
5. You will then see your opening balance. Select Reconcile next to the transaction.
6. To complete the reconciliation, select Finish.
7. To print details of the reconciliation, select Print.