Bank Balance: Adjusting Your Starting Balance

Eddie Davis -

You may wish to adjust your starting bank balance under certain circumstances. The most likely reason is that you want to import transactions back to your accounting start date.

When you sync a bank account, FINSYNC typically is able to import transactions back 90 days at most and then calculate your bank balance before the earliest transaction it was able to import.  
Example: You set up a FINSYNC account on June 1st, but want all transactions dating from January 1st.

If you are unclear about importing bank transactions or synced bank accounts, see articles at the bottom.

Changing the starting bank balance is easy. Follow these steps:

1)  Determine the balance as of midnight on the day before your Accounting Start Date. Bank statements are an easy place to find this number.

2)  Navigate to "Banking" and be sure you are on the correct account in the left nav.

3)  Click "Settings."

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4)  Scroll down to the final section that says "Account Balances." 

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Your Actual Bank Balance includes cleared transactions up to your accounting start date.

Your Accounting Bank Balance includes cleared and pending transactions up to your accounting start date.

What happens after you click save

  • Your current balance in "Banking" will be updated to reflect what your actual bank balance was on your accounting start date.
  • Your opening balance and accounting reports will be updated to reflect your accounting bank balance.

What you need to know

  • Transactions imported prior to your accounting start date will not adjust what you see in FINSYNC as your "Current Balance."
  • Your "Current Balance" is your Actual Bank Balance including transactions cleared after your accounting start date.
  • Transactions imported prior to your accounting start date will be visible in banking and trends, but not accounting reports.

5)  Put your Actual Bank Balance as of midnight the day before your accounting start date and click "Save."


All Finished!

 


You May Also Be Interested In:

For a list of articles related to Bank Accounts, Bank Transactions, Balances and more (Click Here)

For the complete list of articles, return to the FINSYNC How-To Guide: (Click Here)


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