Contents - Index

Opening Bank Account balances

All bank accounts are opened with a balance of zero.  If you have money in the bank account, when you first create it in Retail Business, entre that amount as the account's opening balance.  If you do not do so the current balance will never be correct and the trial balance and balance sheets will not report your equity correctly.

Create at least one bank account before using this page; otherwise "No company/account links set" displays and you cannot enter a balance.
  • Make sure no cheques, or other bank transactions, have been entered before entering the opening balance(s).
  • If using Client invoicing generate invoices that any payments (unpresented deposits) relate to. Create the required clients and ledger accounts.
  • If you are using Creditors make sure you have recorded the supplier's charges that any unpresented cheque relates to.

    1. If the bank account has been allocated to a department, that department displays at the top of the page.

    2. Select the bank account the opening balance is for.  Click the navigation arrows at the bottom of the page.

    3. Enter the opening balance date, and the closing balance of the account from the most recent bank statement. If the account has just been opened enter the amount that is in the account.

    4. Enter transactions not on the statement - cheques and deposits

    5. If you return after having entered cheques and deposits not on the statement, but do not update the balance, repeat steps 4. and 5, click the Export button on the relevent form to update the relevant fields, and then click the Update button 

    The transaction and cheque entry forms behave differently when started from the Opening Balances form.  Therefore complete the entire set up sequence before entering any standard transactions. If you have created any delete them before proceeding further.

    See the details for Cheque Entry and Bank Transactions Entry for how to complete the above tasks correctly.