Setting up an opening balance for your bank account
Watch this video on how to set up an opening balance for your bank account to have accurate books when you first move to WeKeep.
You may not want to import your entire bank statement from the first transaction, and instead start from a specific date.
For the bank account balance in WeKeep to match your bank statement balance, you will need to make sure you set up your bank's opening balance on the date you decide to import from.
To do that, you can manually add an initial transaction in your bank statement representing the opening balance before you import. For example, if your opening balance on the 1st of January 2020 is 1000:
- In the CSV file you're preparing, add a row at the beginning with these details:
Date: the date of the balance
Description: "Opening Balance"
Withdrawal: leave blank
- All following rows must come from your bank statement.
- Import your CSV file into WeKeep
- After importing, classify the line you added to the Opening Balance Offset equity account.
You will then be able to see a matching amount in the Bank Account in WeKeep and the Opening Balance Offset on the date of the balance.