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Update opening balances for cash and bank accounts

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The following describes how to manually start the update of opening balances for cash and bank accounts and how to check when the update was completed successfully. The following options are covered here:

  1. Manually update all cash and bank accounts.
  2. Manually update a single or a range of cash and bank accounts.

Note: See section Update procedures for additional information.

Update all cash and bank accounts

  1. From the top menu bar, click Procedures and select Update opening balances. A dialogue popup window is displayed:

    2. Panel image

    Select the company you want to run the update for. Note: If you are signed on to one company only, this panel is not displayed. Then, continue with step 3. Click OK to confirm.

  2. You access Update opening balances.

    3. Panel image

    Click OK to confirm the update for all cash and bank accounts for the active company.

  3. Select Panel types/Collection and click Cash and Bank accounts. You access Cash and Bank accounts:

    4. Panel image

    Field Last updated displays when the update of opening balances completed successfully. Field Last updated by displays who started the update.

    Tip: If you click the Show groupings icon the system will summarise the opening balance for all selected accounts. The summarised currency values equal the opening balance displayed in the various Cash flow forecasts.

    Note: If transactions in more than one currency exist for an account the field opening balance in transaction currency will be the same as in system currency.

    Update a single or a range of cash and bank accounts

    If you want to update opening balances for a single or range of cash and bank accounts, highlight the account(s), right-click and select Update opening balance from the dropdown menu. To mark several accounts press the Ctrl button and click on the applicable accounts. If you have highlighted several accounts, the selection dialogue window will show the selected account numbers, one at a time. Click OK for each account to confirm.

    Note: You may have to click Refresh to check if the update completed successfully and view the newly updated opening balance values.

    See the Calculations and included transactions for more information about how the opening balance is calculated.

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