Cashbook Opening Balances

Cashbook Opening Balances

A cashbook opening balance is the amount of money you have in your cashbook (i.e. bank account or cash) at the beginning of a specific accounting period. It represents the balance of money was available before any new transactions are recorded. It's important because it sets the starting point for your financial records, helping you keep track of your cash flow and ensuring that your records are accurate and up to date. These balances can be recoded against various general ledgers as well as the landlord statements. 

We recommend selecting a date when your cashbook has the lowest amount of money available, such as choosing a Closing Balance date (e.g., 18th of the month) for the cashbook you intend to upload to PropWorx.

Clients have the option to request a cashbook opening balance import. They will receive a spreadsheet to input the balances, and PropWorx will handle the process of importing these balances. (fee based)

1. Prior to inputting opening balances, make certain that the cashbook is already uploaded in PropWorx  (see Cashbook Management). 
2. Select an Opening Balance date (e.g., October 19th). Verify the closing balance amount (credit 41,069.91) from the bank statement on the preceding date (for instance, October 18th). 



3. On PropWorx, click on Accounting on the Main Menu.


4. Click on Banking



5. On the main ribbon bar, select the New Transactions.



6.  New Transaction screen will open. 

7. Select the Cashbook (or the Bank) from the drop-down menu



8.  The opening balance can be input as a single lump sum against a single ledger, like the suspense account, or it can be distributed across multiple ledgers. To include an opening balance entry, click on Add + button on the control panel.



9. Add Transaction screen will open.
  1. Select the opening balance Date from the calendar (e.g. 19 October).
  2. Select the File from the File Name field where the opening balance should appear.
  3. Type in a description (e.g., Opening Balance) and reference (optional)
  4. Add the transaction amount under the credit field (to show a positive balance) or a debit field (to show a deficit balance).
10. Click on Save to load the new transaction.



10. Transactions will be loaded to the bank statement table. Repeat as required.



11: When ready, to proceed with processing the transactions.  Type in the Closing Balance (credit 41,069.91)



12. Select the transaction rows by ticking them.
13. Check that the Balances Reconcile
14. Click on Process button.



15. The opening balances transaction will be processed and recorded in the designated file.