How to modify an account's opening balance in Money (173366)

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How to modify an opening balance

To modify an opening balance, follow these steps for your version of Money.

Microsoft Money 2005 and later versions

1. Click Account List.
2. Right-click the account that you want to change, and then click See Account Settings.
3. Scroll down to Balance Information, and then enter the correct Opening Balance amount.

Microsoft Money 2001 through Microsoft Money 2004

1. On the navigation bar, click Accounts & Bills, and then click Account List.
2. Right-click the account to be changed, and then click See Account Details.
3. Under Balance Information, click Opening Balance, and then enter the correct opening amount.

Money 2000 and Earlier

1. On the navigation bar, click Accounts.
2. Right-click the account to be changed, and then click Go To Details.
3. Select the Opening Balance and enter the correct opening amount.

Create an account adjustment transaction

You may want to modify the opening balance when the account's ending balance doesn't coincide with the bank's ending balance. This is an easy way to get the Money account to balance with the bank statements; however, use caution when modifying the opening balance.

Changing the opening balance can cause incorrect balances in the accounts, thereby making it possible to overdraw funds in the account or cause incorrect figures to be rendered on the reports.

To clearly identify a revision to the account balances, you may want to enter a separate transaction, consisting of the account adjustment. To enter an account adjustment, follow these steps:

1. Create a new transaction in the acount you want adjusted.
2. Give it a Payee Name of Account Adjustment and categorize it as an Account Adjustment.
3. Enter the dollar amount needed to match the balances with those of the bank's.
4. Enter the transaction.

When you initially set up an account in Money, you will be asked to enter the current balance. Use the amount that appears as the ending balance on your most recent bank statement for a checking or savings acccount. Or, your most recent credit card statement for a credit card account. Enter all the uncleared transactions in your account. These transactions include:

• All deposits, checks, Automated Teller Machine (ATM), or other transactions that have yet to clear on your most recent checking account statement. This might include a check you wrote three months ago that has not been cashed.
• All deposits, checks, ATM, or other transactions that have occurred since your most recent checking account statements.
• All credit card purchases or payments since your last credit card statement. You should never need to make any adjustments to the initial opening balance. If you later see an item listed on your bank or credit card statement that you have missed in step 2 or have not included in your register, enter it and mark it as cleared in the register.