Steps
- 1Get the closing balance of each fund at handover.
- 2Get each owner's balance owing or in credit.
- 3Enter them as opening balances.
- 4Reconcile the first month to confirm.
How Flatflo helps
Opening balances flow through to owner ledgers and the cashbook automatically.
Accounting and bank reconciliationGeneral information only, not legal advice. Rules differ by state and change over time. Check your local legislation or get professional advice for your situation.