Why Accurate Opening Balances are Important
It is vital that what is shown in MyCase matches what your real-life bank statements represent. If the two do not match, then you will need to compare both to track down where the discrepancy lies, which can prove to be a tedious process. This process will be unnecessary, though, so long as opening balances are entered properly.
When you begin using Accounting in MyCase, you will have the ability to select a specific start date to add opening balances. Be sure to choose an easy date to start your opening balance. If you have had your account for a while, we recommend choosing the same day as the beginning of your next bank statement. Always enter the bank balance relative to the date the you choose. Failing to do so may lead to unnecessary confusion later on.
Entering an Opening Balance
If you use the Plaid integration to connect your firm's bank account(s), MyCase will automatically import your previous transactions up to a specific date. This will also calculate the balance total and beginning date. To learn more about connecting your bank accounts to MyCase Accounting, please visit our help article here.
When completing the onboarding flow via the Accounting Dashboard, you'll have the option to Enter your General Ledger Opening Balances. To start, select Set up Balances. A popup window will appear where you can set up your conversion balances.
On the left hand side of the popup, you will enter the appropriate amount into the Debit or Credit column for each account.
Then, look to the right hand side of the window to choose your Conversion Date.
Finally, once everything has been entered appropriately, choose Save Balances.
Updating an Opening Balance
In the scenario that your bank balance is not accurate for some reason, you will be able to edit the beginning balance and start date to keep an accurate record. This will also allow MyCase to make sure not to count transactions more than once.
First, navigate to the main Accounting tab and select the Chart of Accounts tab within.
Once in the Chart of Accounts, locate the account that you need to edit and select View Register on the right hand side of its line. From there you will find the opening balance entry. You may then edit the amount and date on this entry and finally select Save to complete the update.