Setting up Bank Register(s) for users starting a new financial year

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Setting up a new financial year is now simpler with a single guided process that lets you copy your bank accounts, budget, and contacts all at once. If you need to begin your financial year early, follow the steps in this article to set up your bank register(s) manually.

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• Copy bank accounts from the prior year 
• Set up new bank accounts

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Copying bank accounts from the prior year:

Click Banking in the sidebar.

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Select all or select only certain bank accounts to be copied. Click Copy Bank Accounts when selections have been made.

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To carry forward bank balances and uncleared transactions, click Bank Account Details to the right of the bank account.

Note: If there is a checkmark next to Bank Account Details, that means the account is reconciled through the end of the last financial year and banking can be carried forward into the new financial year.

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Click Carry Forward Last Year’s Account Information.

Note: This will replace the current balance and uncleared transactions with those copied from the prior year.

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Click Save

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Set up new bank accounts

Click Banking in the sidebar.

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Click the Add Account dropdown.

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Choose which type of account to add from the dropdown list.

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Enter the bank account name and starting balance at the beginning of your financial year. This should be taken directly from the bank statement. 

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Click Add Uncleared Deposit or Add Uncleared Withdrawal to enter outstanding deposits or withdrawals from the prior financial year that did not clear the bank by the start of the new financial year.

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Note: Uncleared checks and withdrawals, and deposits are entered on the Bank Account Details screen, not in the register. Because they are from the prior financial year, they do not affect current-year numbers. However, they will appear when reconciling, so they can be cleared in the new financial year.

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For uncleared deposits: Enter the date, reference information, details, and the amount. Continue to do this for every deposit in your previous year that did not clear the bank by the end of the financial year.

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For uncleared checks or withdrawals: Enter the date, check number or reference information, who it was paid to, and the amount.

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When finished adding uncleared transactions, click Save.

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