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Issue a Credit to the Opening Balance on a Lease

Understand when to issue a credit to a lease's opening balance, so payments made before your accounting start date aren't counted twice.

Written by Samuel

Overview

Issue a credit to the opening balance on a lease when you've already recorded a lease payment or security deposit that was made before your bank account's accounting start date — and that payment is already included in your opening balance. This prevents the transaction from being counted twice in your account's beginning balance.

Note: Only issue a credit to the opening balance if the payment has been accounted for as part of the opening balance you entered for your bank account, and if the payment was made before the accounting start date.

The Steps

To issue the credit, follow the steps in Issue a Credit on a Lease, choosing Equity > Opening Balance as the Category.

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