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I am a new user who set up a brand new data file on AgExpert. How can I enter our outstanding cheques and deposits from Dec 2016? I can try to enter the 2016 date but the program jumps back to the Jan 1, 2017 default date. How can I override this to enter all the 2016 bills that I need to reconcile the Jan bank statement?
Hi Lou! You should not enter the outstanding cheques and deposits from 2016. In order to make sure your opening balances are correct you will need to figure those items into your opening bank balance. I'll go through a simple example. Let's say we have some outstanding items from December as follows:
December 27th, cheque written for $181.37 - cheque clears on January 7th.
December 31st, deposit made into drop box for $562.43 - Bank records deposit on January 3rd.
December ending bank balance from my statement is $2791.83 and neither of these items show on the December statement.
When calculating the opening balance for the 2017 year (your new file) we need to account for the outstanding items as they cannot be entered as transactions due to their being part of the 2016 year and should not be part of the 2017 income and expense entries. Take the ending bank statement balance for 2016 and add or subtract the outstanding items from 2016 as appropriate. In this instance our opening balance would be calculated as follows:
$2791.83 -181.37 + 562.43 = $3172.89 - Enter this amount as your opening balance on the bank and then ignore the outstanding items from 2016 when you reconcile the bank.