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E
EDICT
June 3, 2021

Can I split an opening balance?

  • June 3, 2021
  • 1 reply
  • 0 views

I linked our bank account and this created an opening balance which cannot be editted from the chart of accounts.

 

I want to split the opening balance between three funds we receive so the balance reduces from splits in expenditure throughout the year. I do te books for a charity and we need to ringfence certain funds in the overall bank balance for reporting.

 

How do I do this?

    1 reply

    G
    GeorgiaC
    Level 13
    June 3, 2021

    Hi EDICT, thanks for joining us here on the Community

     

    You should be able to edit this entry by clicking into the transaction from the Chart of Accounts and selecting 'Edit' - you can also select 'Delete' from here to remove this if you'd like to record the balances from scratch. 


    We've got a guide here that covers how to enter the opening balance using a journal entry - to split this into 3 separate funds, simply split this over 3 separate lines on the journal, entering the amount the debit column for each, with an additional line below for the Opening Balance Equity or Retained profit balance forward containing the total in the credit column. 

     

    Please get back to us below if you have any Q's! 🙂

      E
      EDICTAuthor
      June 3, 2021

      Many thanks.

      I will give this a bash.

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