Accurate reconciliation of bank transactions is essential for maintaining the integrity of your financial records. This document outlines the steps necessary to ensure that your initial bank account opening balances are correctly set up, which is a crucial first step in the reconciliation process.

Before proceeding with bank transaction reconciliation, it is important to verify that you have an Opening Balance account established. Follow the steps below to check and create an Opening Balance account if necessary.

1. Navigate to Setup > Income & Expenditure Accounts.

2. Click on the Opening Balance tab located on the right side of the screen.

3. Check if an account is listed under this tab. If no account is present, click the New Account button at the top left of the page.

4. In the new account setup, enter the Expense Description as "Opening Balance".

5. Ensure that the Tax Default is set to FRE.

6. Check the Non BAS checkbox to indicate that this account is not subject to Business Activity Statements.

7. Finally, click Save to create the account.

1. From the app menu strip at the top, go to Banking > New Deposit (Other Income).

2. Leave the Status dropdown as "Payment Received".

3. In the From dropdown, choose the Supplier. Ensure you have the bank set up as the supplier. You only need the Company Name in the Supplier setup. Refer to the help guide on setting up suppliers.

4. Set the Payment Date to the date of the corresponding opening bank balance.

5. Set the Income Account to the "Opening Balance" account mentioned in the previous section.

6. Enter the Amount as the Opening Balance amount.

7. Ensure the Tax is set to FRE.

8. Payment Method can be set to Online.

9. Select the relevant Bank Account.

10. Enter a Memo to describe the reason for this record.

11. Click the Save New button located at the bottom right.

By following these steps, you will ensure that your Opening Balance account is correctly set up, allowing for accurate reconciliation of your bank transactions moving forward.