Entering Your Checking Account Balance

Top  Previous  Next

Enter another Operating Expense for each Check on your list of Checks (#5 above).  When entering the Expense, use the Hand Check Wire XFer button to fill in the number and date of the Check.  Again, make sure that you use Expense and Cost of Goods Sold Accounts when making these entries.


Also enter a Miscellaneous Cash Receipt for each bank deposit on your list.  For more information, see Receiving Miscellaneous Cash under Accounts Receivable.  Next, enter one final Miscellaneous Cash Receipt to serve as your opening cash balance.  On this entry, make the amount equal to the ending balance on your last bank statement.  Date this entry prior to all Check and Deposit dates on your list.  It is recommended to use the Retained Earnings Account for the Miscellaneous Cash Receipts.


Now you can review the Checkbook to see if it matches your checkbook from the old system.  To do so, select Accounting - Check Book and Reconcile.  Repeat the above process if you have multiple checking accounts.