How to change Opening Balance on Reconciliation

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G. Daniels
G. Daniels Member Posts: 42 ✭
edited September 2020 in Reckon One
Hi guys. Need help on the 'Opening Balance' for Reconciliation. I cant reconcile because of the opening balance. I did try to change the opening balance of bank account however, this keep on popping
  • This book has been locked off until 30 June 2019. Transactions dated on or before this date can't be added, edited or deleted unless the lock off date is changed
On the Opening Blance box underneath it it says "As at 30 June 2019". Is there a way to change the lock off date? Thank you.

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  • Kris_Williams
    Kris_Williams Member Posts: 3,319 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited May 2020
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    Go to the cog up on the top right, settings, book settings, lock date. Mine doesn’t have a date in that field
  • G. Daniels
    G. Daniels Member Posts: 42 ✭
    edited August 2019
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    Thank you. Was able to change the date however, the Opening Balance on the Reconciliation page is 0.00. It says the opening balance is from the previous reconciliation but this is the first time we use the Reckon One. How can we change the opening balance?
  • Kris_Williams
    Kris_Williams Member Posts: 3,319 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited May 2020
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    I’m not using this part of Reckon One but if you go to the bank tab I see there's a spanner on the right hand side and in there is an opening balance tab, try that, good luck
  • G. Daniels
    G. Daniels Member Posts: 42 ✭
    edited August 2019
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    Hi Kris. Thanks for the reply. We were able to change that opening baseline on the bank tab however, on the reconciliation the opening balance is still 0.00
  • Kris_Williams
    Kris_Williams Member Posts: 3,319 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited May 2020
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    I don’t use the bank rec in Reckon One but am very familiar with Reckon Hosted, so I don’t want to steer you in the wrong direction, I’m happy to have a quick look at your file if you would like. I have some suggestions based on Reckon Hosted but not willing to tell you without checking it out first. Give me a quick call this morning if you are free 0415940843
  • Jason Hollis
    Jason Hollis Alumni Posts: 516 Reckon Staff
    edited September 2020
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    The opening balance is the closing balance of the previous reconciliation. Since this is your first, you need to finalise a reconciliation to update the opening balance.

    You will notice that if you entered an opening balance in the bank details screen, this will now show as a transaction (this is a fairly standard approach in accounting systems).



    You can either include this transaction (along with others) in the first reconciliation to match the closing balance of the bank statement you are reconciling, or you can simply select just this one transaction to represent the closing balance of your previous period/statement. Personally this is the method I prefer. 

    So...

    1. Enter the opening balance in the bank details screen (nb. a bookkeeper or accountant would most likely create a journal for this - the result is the same.)

    2. Reconcile this account to create a closing balance for the previous period.

    3. Tick the Bank Account opening balance transaction to balance your reconciliation. 


    4. Finish the reconciliation.

    Now when you are ready to reconcile your current bank statement the opening balance will show correctly. 





  • G. Daniels
    G. Daniels Member Posts: 42 ✭
    edited August 2019
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    Hi Jason. Thank you for your reply. Got it. 

    There is another post I've made on how can I allocate a multiple transfer, which is a single transaction on the bank, to the payrun I've made of several employees (which is an individual transaction on Reckon Transaction). I've made an ABA file for the payrun, so it seems that it came out as a single transaction in the bank than individual transaction for each of the employee.
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  • Jason Hollis
    Jason Hollis Alumni Posts: 516 Reckon Staff
    edited August 2019
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    I manage this by creating bank payments through a clearing account (type = bank account) that manages my ABA. You then create a transfer from the clearing account to the bank account in Reckon One so the clearing account goes back to 0.00 and the bank shows the correct (single) amount. The development team are aware that this is not ideal (especially if you use bank feeds) and it is marked for review at some point down the road. 

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