Enter current bank balances

There are two ways to transfer the correct bank balance from one accounting system to another.

You can either

  1. Re-enter all the old transactions or
  2. Create one entry to update the current balance. This is the preferred method as it keeps the old and new transactions separate. It also also ensures that when it is time to do your bank reconciliations, the amounts are correct in the new system.

๐Ÿงญ Navigation Menu

Finance โžก๏ธ Banking โžก๏ธ Bank Transactions โžก๏ธ Receipt

๐Ÿ“ Add Receipt Form

receive money form

Form Fields

  • โœ… The Pay To field is the bank account you wish to update the current balance.
  • โœ… On the Basic Data tab, select the account as 3110, which is an Ownerโ€™s Equity account. The tax code should be Free.

๐Ÿท๏ธ Example

1. The bank balance in your Gimbla system should now be $100.00 after this entry.

banks

2. If you look at the account transaction report, you can see the double entry which debits the 1130 - Cash on Hand and credits the 3110 - Ownerโ€™s Capital account.

account transactions

โ–ถ๏ธ Video Tutorial