Knowledgebase: Accounts
How do I set up my checkbook?
Posted by Bob Hinkle on 07 October 2005 10:00 PM

The recommended way to handle the checkbook is as follows:

1. Turn all of the auto-deposit options OFF. These are located on the Financial tab of the Preferences window, which can be opened using the Preferences option on the Settings menu. The program will still automatically enter Expenses and Purchases into your checkbook whenever you pay for them with a check.

2. Make all deposits into your checking account manually, using the Deposits / Withdrawals button in the Checking Account window. This allows you to group and date deposits the way they will appear on your bank statement.

3. The first time that you reconcile any of your accounts there will be no entry in the Opening Balance box of the Reconcile window. The easiest way to determine what the Opening Balance should be is to

  • Enter the closing balance from your bank statement into the Closing Balance box in the Reconcile window.
  • Reconcile all of the entries that appear in the Reconcile window by clicking on each row so that it turns yellow. This will leave you with a negative value in the Difference box.
  • Enter the amount shown in the Difference box as a positive value in the Opening Balance box so that the value in the Difference box becomes zero.

Note: If you have checkbook entries resulting from Income or Sales that were automatically entered by the program, they can be deleted by simply double clicking on the checking account entry and then clicking on Delete. Automatic entries resulting from Expenses and Purchases entries cannot be removed or changed except by editing the original purchase or expense entry.

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