Hi Charles,
We’re pleased to see you’ve spoken with one of our Client Managers to help you get this resolved, however, in the interest of helping anyone else reading this we can provide you with some information about Opening Balances.
There are two scenarios in which an Opening Balance will be set.
When starting with Crunch on one of our paid-for packages, you’ll initially have an Opening Balance set by one of our Accountants to ensure everything matches up with the year in which you’re joining us.
- If it’s a brand new bank account, the opening balance will be be set to £0.00 as we’ll simply use the balance of the bank account when it was opened, which means it’d always have a £0.00 balance to begin with
- If you’re joining part way through a year using an already existing bank account for your business transactions then Crunch would set the Opening Balance to reflect the amount held in the bank account at a specific time.
1 & 2 applies to both sole traders and limited companies.
For example:
- As a sole trader, if you joined Crunch on 1st May 2021 we would set the opening balance to reflect the bank balance in the account from the 6th April 2021 (the start of the financial tax year)
- A limited company would have the opening balance set to the balance in the bank account at the start of the company’s current accounting period.
Unfortunately, Crunch Pro Sole Traders and Limited members aren’t able to manually adjust the opening balances due to the way the accounting ledgers and journals operate in the background - however, you can of course give us a call or drop us an email at any time and we’ll be able to sort it out for you from our end.
I hope this helps!
