![]() ![]() To set the proper Beginning Balance in such cases, you need to reconcile the transaction that establishes the initial balance. ![]() So when you do an initial reconciliation on the account later on, you see the Beginning Balance to be zero, even though it should ideally be equal to the established initial balance. But unlike setting an Opening Balance, this transaction is not automatically reconciled even though the value might be coming from the bank statement. ![]() However, if you do not enter the Opening Balance for a bank account at the time of its creation, you might be establishing the initial balance by the first transaction on the account (say by transferring some amount to it from another account). Later, when you do a reconciliation for that account for the first time, the Beginning Balance for the reconciliation is automatically set to this value, even though you do not see the reconciliation history for the Opening Balance. CORE assumes that this value is coming directly from your bank statement and, therefore, automatically reconciles it. When you create a new bank account in CORE > Chart of Accounts, you have an option to set the Opening Balance for that.
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June 2023
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