Initial Bank Reconciliation

If you are creating a new company file, and your business traded prior to your conversion month, you may have uncleared banking transactions as of the first day of your conversion month. (Uncleared banking transactions are withdrawals and deposits that have not been cleared by your bank as of the start of your conversion month.) In this case, 2 steps need to be completed to setup your bank account(s).

• Determine and set opening account balances.

• Perform an initial bank reconciliation.

If there are no uncleared transactions, determining the account opening balance is straightforward, and no initial bank reconciliation is necessary.

Details on setting account opening balances can be found under the heading of Setting up your company file > Enter account opening balances in the AccountEdge Help file.

Details about initial reconciliation can be found under the headings of Advanced setup > Do an initial bank reconciliation in the AccountEdge Help file.