Can anyone help me out to get me reconcile the Bank Rec for Jan 2014 . This is the first time I am using Adagio.

I had completed all the items 'cleared' from the statement . But the difference is opening balance. How do I bring the opening balance to the reconciliation.

Hi,
This is a common problem with setting up and configuring a bank in Bank Rec in that you should not enter any balance for the opening balance. Unfortunately, the setup is not intuitively obvious. You should be leaving the opening balance as zero, and entering the bank statement balance with the previous dated reconciliation date and Bank statement balance (actually from the statement).

Sorry, but it may take more time to unwind and correct, than to simply recreate the Bank Account again (given you have been able to clear the all items from the statement). It may possibly be an easy job to create some balancing entries to resolve the opening balance issue, but without specific details of the configuration, in this forum I would suggest rolling back.

You should really give your Adagio consultant a call to help configure a new installation of Adagio Bank Rec, or you could run into issues as you have noted above. As a new user, you would be amazed at the features in the Bank Rec that can be used for Bank Accounts, Loan Accounts, and multitudes of Credit Card statement reconciliations. This software solution is much more than just for bank accounts, and your Adagio Consultant should be able to show you. (at a cost :))

Your Adagio Consultant is one of your best investments and sources of Adagio training and support.

Best,
Brian

Hi Ashok,

I agree with Brian that correcting an incorrect opening balance really depends on the state of where things are, and having an experienced Adagio consultant alongside would be invaluable.

There are a few short training videos on the Softrak website, and one is devoted to creating new banks in Adagio BankRec, which includes the suggestion Brian gave to make the opening balance 0.00 and determine the current balance during your first bank reconciliation with BankRec.