My Statement opening balance

Question

I am just NEW to this program so my books are just starting for 2024. Can I somehow change my statement opening balance for my visa in the reconciliation part of this program?

Erzsi_I · Answer

Hi Lisa Strid , Thanks for reaching out and welcome to Sage 50 Canada! If this is your first time doing Bank Reconciliation and you've encountered an issue with the opening balance, you can add or subtract the discrepancy amount from the Opening Balance to correct it, as mentioned in our article titled " Error: "Statement end balance does not equal the sum of the opening balance" '. This adjustment is a common step for newcomers adjusting their opening balances for the first time. 
 Furthermore, for setting up your bank reconciliation, including the opening balance for the first time or after a reset, our article " How to set up the bank reconciliation for the first time or after a reset " provides detailed steps. It's important to ensure that your statement opening balance accurately reflects your actual bank statements to avoid discrepancies during reconciliation. 
 Remember, for the initial setup, you can only reconcile accounts in the current fiscal year. If you need to reconcile outside of the current fiscal year, a manual bank reconciliation is recommended until you reach the end of the previous fiscal year, at which point you can proceed with the setup as outlined. 
 Should you encounter any further issues or discrepancies, the article " How do I reset the bank reconciliation? " offers guidance on resetting your bank reconciliation to correct any mistakes or issues from previous reconciliations. 
 If you need further assistance, don't hesitate to reach out to our support team . We're here to help you get up and running smoothly. 
 Warm Regards, Erzsi

Sage 50 Canada

My Statement opening balance

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