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General Accounting Discussions: General Journal entry for new bank account

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    We opened a 2nd banking account for our business. I have set up an account number for it in the chart of accounts, but how do I set it up on the books with the beginning balance. I'm guessing a GJ entry but I can't think of how to do it. Thanks!
    • CommentAuthorpk
    • CommentTimeFeb 9th 2010
     
    When the account is opened with the Bank, you should have taken some money from your business and deposited to the account as initial deposit. If so, pass the following entry:

    Dr. (Newly Opened)Bank Account
    Cr. Cash Account



    savin.yakeep@yahoo.com

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