FINSYNC uses an Accounting Start Date so that your reports (Balance Sheet, etc.) are accurate. By default, your accounting start date is set to the first day of the calendar month during which you created your business profile.
Example: If you create your profile on 1/20/2015, then your start date is automatically set to 1/1/2015.
Checking your accounting start date is easy. Follow these steps:
1) Go to "Banking" and click "Settings."
2) Scroll to the bottom of the page to the section titled "Account Balances"
3) You can see your accounting start date in the top of this section.
- When you sync a bank account with FINSYNC, it pulls transactions back 90 days into the system.
- Only the transactions on and after your accounting start date will be reflected in your reports.
- You should account for your financial activity before your accounting start date in your opening balances.
- Outstanding bills and receivables should be created as invoices and bills in FINSYNC and not accounted for in opening balances.
You May Also Be Interested In:
- Reports: How to Run Comparative Reports
- Chart of Accounts: How to Edit
- Bank Transactions: How to Add Old Transactions
- Starting Bank Balance: How To Adjust It
- Cash & Accrual: How to Set Reporting
For more articles related to Reports, Attributes, Opening Balance and Chart of Accounts (Click Here)
For more 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)