Add Opening Balances for Bank Accounts in Clickentryadmin
If you have balance in your bank and credit card accounts when you start using it then you need to add that amount with your conversion balance. In case you are opening your bank or credit card later, you need to use a spend or receive money transaction, or you can make a bank transfer to record the opening balance.
Enter Conversion Balances for Bank Accounts
How it Works
- In Clickentry, conversion balances(link) set up the opening balances for your accounts. Include the balances of your bank and credit card with your other conversion balances.
- Clickentry uses the conversion balance and the value of transactions dated on or after your conversion date(Link) when calculating your bank balance in your reports and dashboards.
- Clickentry allows you to enter your bank account balances separately from your other conversion balances.
- While entering conversion balances for bank accounts, make sure you are using the amount from your bank statements for the day before your conversion date. The reason for doing so is, the trial balance amount may include adjustments, for example, unpresented cheques or money not banked.
- You must consult your accountant or bookkeeper before recording transaction with dates earlier than your conversion date
Before you Start
- Make sure you have added your bank or credit card accounts in Clickentry.
- You need to get the closing balances for your bank statements for the day before your organization’s conversion date.
Enter your Bank and Credit Card Balances
- In the Setting menu, select Account Setting.
- Click on Opening Balances.
- Select the Bank account or Credit Card Account and record the balance for each bank or credit card account.
- In the Debit column, enter the positive balance amounts (accounts with money in them).
- In the Credit column, enter the negative balance amounts (credit cards, loans or accounts with money owing).
- Click Submit.
When your conversion balances save successfully, you’ll see a confirmation notification in green.
If you see a message asking you to enter invoices received on or before your conversion date:
- Your bank balances will save in the Conversion balances screen, but they won’t update in reports, or on your dashboard
- You need to complete and save your accounts payable or accounts receivable conversion balances
Record Opening Transaction for a New Bank or Credit Card Account
When you are using a new bank or credit card account, you need to add receive money or transaction money transactions to record the opening amount. This will help you to reconcile it in the same way as you reconcile other bank statement lines.
Before you Start:
- You need to add your bank or credit card accounts in Clickentry.
- You need to import your bank statements, either through setting up a bank feed or import them manually.
Reconcile the Opening Transaction
How you will reconcile the payment, totally depends on where the opening amount came from:
- If the amount is coming from another Clickentry bank or credit card account then you need to create a transfer money transaction(Link). Look at the example: If you have been transferred the previous credit card balance to the replacement credit card
- If the amount is coming from another source i.e. a new loan or owner’s funds then you need to create receive money transaction.
In case you are not been able to import a bank statement line for the opening amount then you need to create a receive money transaction or bank transfer first and after this mark it as reconciled(Link).