Article ID: 8724

Correcting an Imbalance That Begins at Your Start Date Between the General Bank Journal and the G/L and There Are no Months Closed

The imbalance between the General Bank Journal and G/L also appears in the Journal/G/L column under the General Bank section of the G/L Reconciliation Report.

Take the following steps if the imbalance occurs from the very beginning of your books and there are no closed months:

  1. Click Tools and select General Bank Opening Balances... to open the General Bank Opening Balances window.
  2. Click to highlight any incorrect balances and click Change to open the Change General Bank Opening Balance window.
  3. Enter the correct opening balance in the New Balance box.
  4. Click OK to return to the General Bank Opening Balances window.
    NOTE: Repeat steps 2 through 4 if there are any other incorrect opening balances.
  5. Click OK to return to the program's desktop.
  6. Click Tools and select G/L Opening Balances... to open the G/L Opening Balances window.
  7. Enter the correct opening balance for each General Bank G/L control account.
    NOTE: Enter a debit for a positive bank balance and a credit for a negative bank balance. Refer to your firm's accountant or bookkeeper if you do not know to which G/L account to allocate the opposite side of the transaction.
  8. Click OK.
  9. Click Yes on the Save information? prompt.
  10. Click Yes if you get the Warning: Date entered is more than a year after or before today. Continue with this date? prompt.
  11. Rerun the G/L Reconciliation Report and check mark Reread G/L Information to ensure there is no longer an imbalance.