Forum Discussion

DomB's avatar
DomB
Experienced User
4 years ago

PayPal bank account

Hi, at of the start of our organisation's financial year on Jan 1 2021, we wanted to start recognising our PayPal account balance as a bank account asset in our chart of accounts.   I understand ho...
  • Tracey_H's avatar
    Tracey_H
    4 years ago

    Hi DomB 

     

    You will end up with that amount under the historical balancing account because it's a double-entry system and you've only entered one side of the entry. The only way to get around this would be to enter a balancing amount against another account. You can do this in the Account Opening Balances window, you need to make sure there isn't an amount left to be allocated in the window.

     

    Please let me know if you need further help.

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

Tracey_H's avatar
Tracey_H
Former Staff
4 years ago

Hi DomB 

 

Thanks for your post. You were on the right track with entering an opening balance, just not in the right area. You can enter the opening balance for new accounts in the Accounts Information window>>Opening Balance field:

 

 

Please let me know if you need further help.

 

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

  • DomB's avatar
    DomB
    Experienced User
    4 years ago

    Thank you Tracey :) This results in a historical balancing figure on the balance sheet however, which is how I discovered I'd made a boo-boo originally. Is there a way to set a new bank asset account's balance after the conversion date?

     

    I appreciate your original reply muchly.

    • Tracey_H's avatar
      Tracey_H
      Former Staff
      4 years ago

      Hi DomB 

       

      You will end up with that amount under the historical balancing account because it's a double-entry system and you've only entered one side of the entry. The only way to get around this would be to enter a balancing amount against another account. You can do this in the Account Opening Balances window, you need to make sure there isn't an amount left to be allocated in the window.

       

      Please let me know if you need further help.

       

      If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

      • DomB's avatar
        DomB
        Experienced User
        4 years ago

        Thank you Tracey :)

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