Hi I just added a new bank account to the system. However the opening balances option only works globally for all accounts. How can I have a different opening balance date for different accounts?
Opening balances are for the purpose when you are transferring from another accounting system. That’s why all opening balances are as of the same date.
If you are adding bank account, I assume it’s new bank account and new bank accounts will always start at zero.
So the question is, if your bank account doesn’t start at zero, why it hasn’t been accounted in your books until now?
This is a new bank account that starts at a non-zero amount.
How can it be? Every account must ultimately start at zero balance.
There was some previous amount of money inside the account used for a whole another entity. But we went to the bank and appropriated it. It’s complicated.
I’m just using the journal entry now to do this.
If you withdrew all the money, then bank account will start at zero.
If you didn’t withdraw the money, you should enter this opening balance as a regular “receive money” transaction and allocate the balance to some liability account. So essentially you pretend it’s brand new bank account with just one deposit which is a loan from whoever was using the bank account before to your business.