To enter an Opening Balance Journal

The printout of the junk statement will provide a Reconciled Balance.

You now need to enter a journal for the difference between the Reconciled Balance on the Junk Statement and the Opening balance of the Bank's statement for 1 June 2007.

1. Go to: Main menu > General Ledger module > General Ledger menu > Journal Entries
2. Create a journal entry to give the correct opening balance as follows:
   • The two sides of the entry will be the Bank Account GL Code, and Retained Earnings. The Retained Earnings account should be the account that is listed in Main menu > Maintenance module > Maintenance menu > Account Defaults.

     For example, if the difference between the reconciled balance on the junk statement and the opening balance on the bank statement was $1234.65, the Journal Entry window will be similar to the following:

   

3. Click Save and Close.