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Starting Balance incorrect. Unable to reconcile account.

BrianRBrianR Member Posts: 2

When I first setup my accounts in Wave I entered the incorrect starting balance. I found that the balance was incorrect when I could no reconcile the account.
How can I change the starting balance please?

in Accounting Technical Support

Comments

  • MikegMikeg Member Posts: 995 ✭✭✭

    How did you enter the opening balances? For my clients new to Wave, I do a journal entry as of 12/31 to get their opening balances in. I have also sometimes had to make a journal entry to correct balances.
    Mike G, CPA
    www.mgfinancial.net

  • BrianRBrianR Member Posts: 2

    Hi Mike, Thank you for responding. I am not an accountant and therefore not familiar with various accounting terms. I was of the understanding that I could change the "end of month balance" to correct any errors. Is this correct, or am I not following correct accounting procedures? I will take your advice and a journal entry as of 12/31. I am using Wave in Australia.

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