How to Carry Your Bank Balance into a New Financial Year
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Once your bank accounts have been reconciled to the last day of the financial year, the bank balance and any uncleared transactions can be carried into the new financial year.
You can do this as part of the financial year setup, or come back and do it later by following these steps.
In the new financial year, click Banking in the sidebar.
Then, click Bank Account Details to the right of the bank account.
Note: If there is a checkmark next to the Bank Account Details button, 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.
Click Carry Forward Last Year’s Account Information.
Your beginning bank balance and any uncleared transactions will populate automatically.
Note: This will replace the current balance and uncleared transactions with those copied from the prior year.
When everything looks correct, click Save.
If you don’t see the Carry Forward Last Year’s Account Information button, make sure the account was reconciled through the last day of the previous financial year.
You can also manually enter the beginning balance and uncleared transactions.
Click Bank Account Details to the right of the bank account.
Enter the statement balance at the beginning of the financial year. This should be taken directly from the bank statement.
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.
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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