Under certain circumstances you may need to adjust your starting balance for your FINSYNC accounts. The most likely reason this would need to happen is that you are wanting to import transactions back to your accounting start date.
Important to Note:
Under normal circumstances, when you initially sync an account with FINSYNC, the software will automatically import transactions up to 90 days back. Then FINSYNC will calculate your bank balance before the earliest transaction it was able to import. If this is a new account with transactions dating back less than 90 days then you should not need to adjust your starting balance, this will be done for you at the time of the original sync.
Example of How to Adjust Your Starting Balance:
1. Determine the balance as of midnight on the day before your Accounting Start Date. Bank statements are an easy place to find this number.
2. Hover over the Banking tab and select the necessary account. You can also click the Banking tab and then select the account on the left.
3. Click the Settings button.
4. Scroll down to the fields for Actual Account Balance and Accounting Bank Balance.
The Actual Bank Balance includes cleared transactions up to your accounting start date.
The Accounting Bank Balance includes cleared and pending transactions up to your accounting start date.
What happens after you save these changes:
- Your current balance in Banking will be updated to reflect what your actual bank balance was on your accounting start date.
- Your opening balance and accounting reports will be updated to reflect your accounting bank balance.
What you need to know:
- Transactions imported prior to your accounting start date will not adjust what you see in FINSYNC as your Current Balance.
- Your Current Balance is your Actual Bank Balance including transactions cleared after your accounting start date.
- Transactions imported prior to your accounting start date will be visible in banking and trends, but not accounting reports.
5. Enter the Actual Bank Balance as of midnight the day before your accounting start date and click "Save."
6. Click the SAVE CHANGES button and the updated are complete!