The Beginning Balance calculation starts with the 'Current Balance' in Bank Code Maintenance. Checks, adjustments that decrease the bank account balance, bank charges, Non Sufficient Funds (NSF) charges and withdrawals are added to this balance, and then deposits, adjustments that increase the bank account balance, and interest amounts are subtracted.

Current Balance in Bank Code Maintenance

+ Checks

+ Adjustments that decrease the bank account balance

+ Bank Charges

+ NSF Charge

+ Withdrawals

- Adjustments that increase the bank account balance

- Deposits

- Interest                                                

Beginning Balance on Bank Recap Report

If the Beginning Balance is incorrect, use the following steps to correct:

1. Open Bank Reconciliation, Reports, Bank Recap Report
2. Click Preview
3. Calculate the difference between the Ending Balance on your bank statement (for the last month that was purged in Bank Reconciliation module) and the Beginning Balance on the Bank Recap Report
4. Open Bank Reconciliation, Main, Bank Code Maintenance
5. In the Current Balance field, add or subtract the amount from step 3 to the amount in the Current Balance (depending on whether the Bank Recap Report is higher or lower than the Bank Statement). Note: write down Current Balance before changing amount
• If the Recap Beginning Balance is too low: INCREASE the Current Bank Balance by the difference calculated in step #3
• If the Recap Beginning Balance is too high: DECREASE the Current Bank Balance by the difference calculated in step #3
6. Click Accept
7. Open Bank Reconciliation, Reports, Bank Recap Report
8. Click Preview
9. Verify the Beginning Balance equals the Bank Statement Ending Balance for the last month purged in Bank Reconciliation module