Question

Entering bank accounts ' Opening Balances in the New Account or Edit Account window ensures that the starting balance will be correct in the first bank reconciliation

a-true
b-false

Answer 1

True, Entering bank accounts' Opening Balances in the New Account or Edit Account window ensures that the starting balance will be correct in the first bank reconciliation.

Step-by-step explanation:

The statement is true. Entering bank accounts' Opening Balances in the New Account or Edit Account window ensures that the starting balance will be correct in the first bank reconciliation.

When you enter the Opening Balances for a bank account, it represents the balance that the account should have when you start using it in your financial records. By entering this information accurately, you can ensure that your starting balance is correct in the first bank reconciliation.

For example, let's say you have a bank account with an opening balance of $500. If you mistakenly enter it as $400 in the New Account or Edit Account window, the starting balance in the first bank reconciliation will be incorrect, resulting in discrepancies and potential errors in your financial records.