Opening Balance

An Opening Balance is used to bring your Acquaint Bank Accounts in line with your Accounts.

You can set an Opening Balance at any time but we would advise selecting a date which is not too far back in the past to avoid causing too many discrepancies.

Do not set an Opening Balance until you know that you have paid all your Contacts and you don't have any Fees to Transfer. Once set a Credit amount will be posted in your Company Bank Account for the Amount specified with a Received Date of the Opening Balance Date.

If you have any concerns or questions about setting an Opening Balance we would advise contacting our Support team.

How to set-up an Opening Balance for a Bank Account

1. Access your Bank Account via File -> Configuration ->Financial -> Bank Accounts

2. Select the required Bank Account from the Lookup table

3. Set the Opening Balance Amount

4. Set the Opening Balance Date

5. Click Save

How to set-up an Opening Balance for a Contact

1. From their Contact records click Menu -> Set Opening Balance

2. Ensure the correct Property is displayed otherwise change it in the Properties field in the bottom left of the Account screen.

3. Set the Opening Balance Amount

4. Set the Opening Balance Date

5. Click Save