Bank Account Beginning Balances

Summary: This article will provide an overview of how Bank Account Beginning Balances are created and when a beginning balance is required, along with where to perform this action. 

Beginning Balance is a field within the Edit Bank Account form. To access this screen and field, navigate to Association > Bank Accounts and edit an existing bank account or add a new bank account that is being set up in Vantaca. 

For more information on the Association Bank Accounts, please see Association > Bank Accounts.

There are several scenarios in which a new bank account would be created in Vantaca, but the only scenario that requires a beginning balance is when the account already containing funds is being brought into Vantaca from a prior software.

The Beginning Balance field is paired with the Beginning Date to create the Beginning Balance bank register item 

Example: If the September bank statement you had before transitioning into Vantaca for this account had an ending balance of $25,000 on April 30, 2020, you would create a starting balance of $25,000 in May 2020 for that specified amount of $25,000.