Changing Opening Balance of Bank Accounts

Practical Systems advises that if there are any reconciliations recorded for the bank account you should not change the opening balance. If in doubt please contact Practical Systems

Step 1: Check for Reconciliations

Check that no bank reconciliations have been done for the bank account for the current financial year. To check this:

1. Click on Transactions
   
2. Previous Reconciliations menu option
   

iii. Choose the bank to change the opening balance for from the drop down menu. The example seen below has seven reconciliations listed

If reconciliations do exist, you may need to delete them and re-reconcile after you have changed the opening balance. Check with your accountant or Practical Systems if in doubt. You should not be changing the Opening Balance if the account has reconciliations against it. The example below has no reconciliations against it.

Step 2: Opening Balances

1. Click on Setup
   
2. Opening balances
   
3. Bank Accounts menu option
   
4. Select the appropriate Bank from the dropdown list
   

v. Change the Opening Bank Statement Balance to what it should be

vi. Click Close

NOTE
If you change the opening balance after this company has been reconciled during the current financial year, and you have not re-reconciled, you may receive an error message "Final Balances do not Reconcile' when doing a future reconciliation.

Article ID 31