Let’s have a look at starting balances, three scenarios, and solutions to them.
Create an account with a starting balance:
- Click the plus button on the right panel to create a new account:
Click on “Create account”:
After that, we see a window in which you need to select the currency, enter the name of the new account and specify the starting balance.
For example, we enter 7590 USD. Click “Add account”:
As a result, we got a new account named “Bank” displayed on the panel of all accounts. The account balance is 7590 USD, although there are no transactions on the account yet:
Let’s assume that the account has been in the service for a long time, but it is without a starting balance or with an incorrect starting balance amount, and there is a need to edit the amount specified in the past.
To do this, we need:
- Go to editing on the account panel. You can find an editing button right next to the plus:
2. Select the account we need from the list and click on it:
In the “Starting balance” field, make any changes you need:
You can specify the starting balance at a negative value, for example, 6000 USD.
And click “Save changes”:
If we need to enter the starting balance on a specific date, usually on the first or last day of the month, then
- Click the income button at the top to create a transaction:
2. Specify the account we need, and specify the amount, for example, 500 USD.
Specify the date of the operation, for example, September 30, 2022.
3. Please note that we add the tag “making balances” to such a transaction.
You can create and specify any other tag. The main thing is that it is convenient for you when viewing the data later:
Click “Add income”:
Go to the Analytics section, to the Money or Profit report we need
Click on the date filter:
To set the period manually, click “Select dates”:
Select the period, for example, from September 12 and the whole of October
In the graph, as well as in the tabular format of the report, the service will display our opening balance transaction and to remove this transaction from the display, we need to go to the advanced filters and remove the “making balances” tag.
Apply the filter. The amount we entered on the last date as a balance no longer affects the overall picture of the Analytics.
You can check the balances for a specific date in the “Calendar” section.
Select the date we need in the Calendar, scroll down the page to the list of “Account balances” and “Payments for the day”.
You can see information about balances in the “Transactions” section.
Select the account you need and the day you like, under the account name, the service displays the balance of all accounts you need.
Just a friendly reminder: you can always contact us in the support chat at the bottom on the right-side of your screen.