Loading Opening Bank Balances

In order to start your Bank Reconciliation process properly, you have to create the Opening Bank Statement Balance manually and match this to a Bank Receipt if your account is in credit, or to a Bank Payment if you have an overdraft.  We will illustrate this article optimistically, assuming that you have funds in your bank account. If not, simply reverse the process.

Opening Balances Suspense Accounts

There are 3 Opening Balance Suspense Accounts in the standard Aedon Chart of Accounts

9990	Opening Balances – Accounts Receivable Suspense
9991	Opening Balances – Accounts Payable Suspense
9992	Opening Balances – Bank Balances Suspense

Step-by-Step Process
 

1. Load the Opening Trial Balance

When you load the Opening Trial Balance, do not use 7500 Bank Account Nominal Codes instead  put the values for all your Bank Accounts  into the 9992 Opening Balances – Bank Balances Suspense.


 

Repeat Steps 2 to 4 for each Bank Account.

2. Create a Manual Bank Statement Line

1. 1. 1. Select the relevant Bank Account
      2. Choose the Bank Statement menu and click New
      3. Create a Receipt if there is a credit balance, or a Payment if it is an Overdraft with the migration date
      4. Add useful reference information.
      5. Click Save

 

3. Create an Opening Bank Receipt or Payment

1. 1. 1. Select the relevant Bank Account
      2. Choose the Bank Receipt menu (Bank Payment for Overdrafts) and click New
      3. Create a Receipt using the Opening Bank Balance product which has the default nominal code 9992 and Tax Code X
      4. Add useful reference information.
      5. Click Save

The debits and credits for the Bank Receipt are:
 

Nominal Code	Nominal Name	Debit	Credit
75XX [Bank Account Specific] 9992	Bank Account Opening Balance – Bank Balances Suspense	XXX	XXX

Obviously, these Ledger Entries are reversed for an Overdraft.
 

4. Reconcile the Opening Bank Balance

1. 1.  Select the relevant Bank Account
   2. Choose the Reconciliation Menu
   3. The Bank Statement will already be Auto-matched, click OK
   4. Confirm and click Save