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resetting cash account beginning balances

  • 10 June 2022
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Is there a way to reset the cash account beginning balance when there are existing transactions already in the system for that cash account?

If so, could it be reset without posting to the GL?

Thank you

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Best answer by Laura02 14 June 2022, 15:11

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Hello,

Sometimes when we migrate bank account balances via GL, and then later set up a cash account in Banking module, we need to run the process to Recalculate Balances, in order to complete the first bank Reconciliation Statement. This process will recalculate the bank balances, without any new posting to the GL.

 

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Thank you @laura01 

It makes total sense. However, the “issue” my client is having is that they would like to reset a previous cash account balance even after there have been already multiple reconciled transactions. 

For instance.

Month 1, balance 0 

Month 2, and 3 all transactions were not reconciled 

Month 4, did the first reconciliation (no problem) - reconciled at transaction level (no balances)

Month 5, did second reconciliation (no problem) - reconciled at transaction level (no balances)

Now they want to reset the beginning balance for Month 4 to what they need it to be based on actual transactions in month 1, 2 and 3.  

My understanding is that this is not possible, and on top of that months 4 and 5 are already closed. 

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Hi,

You can reverse the subsequent reconciliation statements for months 4 and 5, and re-reconcile appropriately from the beginning. Doing so will ‘correct’ your cash balance forward.

It doesn’t matter that the months are closed; we can still reconcile.  If all cash balances and transactions are correctly entered in the system now, cash will be correct at the end.

In my experience, reversing the bank reconciliations leaves the check marks for Cleared and Reconciled intact, so months 4 and 5 will be quickly completed on the next go-around.

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Thank you @laura01 

I will follow your suggestion and I think it will work.

Thank you again

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