Banking and reconciliation

Setting up an opening balance for your bank account

Last updated Monday, January 29, 2024

Learn by watching

Watch this video on how to set up an opening balance for your bank account to have accurate books when you first move to Wafeq.

Setting up an opening balance for your bank account

Step-by-step instructions

  1. Go to Bank Accounts on the left side menu.
  2. Click on Transactions on the bank account you'd like to set up the opening balance for.
  3. On the transactions sheet in a new row, enter the following:
  • The Date of the opening balance. This is typically the date when you started to do your accounting in Wafeq.
  • A Description. For example, "Opening Balance".
  • The balance in the Amount column. This is the balance of your bank at the end of the day for that date.
  • Under Classify to account, choose Opening Balance Offset. This is an Equity account used to set up various opening balances, including bank account balances.