Xero Bank Accounts - How to Add an Opening Balance to Bank Account, Credit Card, PayPal in Xero

[@TheBookkeepingChannel]

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[@shehryarafsar597]

you are doing an amazing job, I am learning alot of thigs from this channel. Thanks all the way from pakistan

[@TheBookkeepingChannel]

Awesome thanks!

[@statesoccer]

You are such a good helper! Thank you so much

[@Sunshine-re3ko]

Hi, Thank you for this video, it was very informative, however how do you input a credit card balance into xero when the Credit card was taken months after having the xero account, conversion date is set as Jan 2023 and the credit card was taken in Feb 2024 with a credit limit of £10K

[@SashaWilson-bx4pl]

Are you able to do a conversion or bring money in for an account that's already using the live bank feed but didn't have an opening balance to begin with when it should have? And how do you do this? as now its showing as overdrawn and shouldn't be Eg bank feed started on 1st April, no opening balance was created, bank transactions been happening for a month and now account shows in (XXXX) brackets

[@JoyundLiebe]

Thank you very much for your time making those videos. They are well-explained and informative. I got a question about the third way (Transfer Money ). If the owner transferred $1000 through another bank account instead of the business bank account to the new accoun, and then this transaction won't be shown in bank feeds and how can we do the reconciliation after adding the opening balance? Or it has to be transferred from an account that has been in Xero already ? Thank you heaps!

[@TheBookkeepingChannel]

You can only use Transfer Money if both bank accounts are hooked up to Xero. Otherwise you'll have to use Receive Money and reconcile it to some sort of Owner's Contribution general ledger code.

[@loletaaviga1305]

Hi Mark, Thank you for these very helpful videos. I really appreciate it. In regards, to a credit card account that has to be entered manually, do I need to enter the opening balance everytime a new statement is uploaded? Thank you.

[@TheBookkeepingChannel]

Thanks for the compliment :) You only need to enter the balance once, in the beginning. The balance in Xero will update as you reconcile each transaction.

[@rach2379]

Thank you for your videos. It’s great that the information you provide is easy to follow & very helpful. I have just watched this video & tried to add a conversion balance to an account that I’ve just added to Xero, but it was open well before starting Xero. However, I can not get it to save the balance - I don’t get the ‘green tick’ to say that it’s saved. Could this be because bank feeds were already set up & working before adding the conversion balance (no transactions have been reconciled yet). Or do I need to change the date on the conversion balance screen? Any help would be greatly appreciated.

[@TheBookkeepingChannel]

If you have transactions in your bank feed you won't be able to create a conversion balance at a date later than any of your transactions. You need to use the conversion balance as your starting point for that account in Xero then add transactions after it.

[@donnaoz5502]

@@TheBookkeepingChannel Would one then, delete transactions prior to the Conversion Balance? I'm in the same situation where I opened Xero and uploaded bank feeds before I wanted to begin [xero], in the financial year.