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Bank & Equity

Configure your main bank accounts for the opening balance in your cashflow forecast plus other key equity accounts.

Shem Bogusz avatar
Written by Shem Bogusz
Updated over a week ago

Use the Bank & Equity menu to configure your primary bank accounts as well as the Current and Retained Earnings accounts. The Bank & Equity settings are part of the overall Cashflow Settings. You should review all the cashflow settings to take the heavy lifting out of preparing a Cashflow & 3-Way Forecast.

  1. Browse to Budgets & Cashflow -> Cashflow Settings -> Bank & Equity.

  2. Which bank accounts do you want to use for Cashflow?

    The accounts you select here will be used to determine the opening bank in your Cashflow Forecast. For forecast purposes multiple accounts will be treated as a combined balance.

  3. What is your Retained Earnings Account?

    Your accounting system will have a special account for recording retained earnings. It is sometimes known as Prior Year Earnings or Prior Year Surplus/Deficit.

    Warning: ⚠️nominating the incorrect account will cause a discrepancy between Calxa and your Accounting Systems Balance Sheet. Also if you make a change here you'll need to perform a full sync. See Troubleshooting - Balance Sheet out of Balance for more details.

  4. What is your Current Year Earnings Account?

    If you use Xero and QuickBooks Current Earnings will be selected already and you don't need to change that. If you use MYOB, please choose the special account MYOB uses for tracking the current years earnings or profit.

  5. Which accounts (if any) do you use for Personal Drawings?

    The Personal Drawings setting is only used to identify drawings in the Cashflow Canvas report and does not affect your Cashflow Forecast or Cashflow Statement.

    Want to learn more about Cashflow Settings? Check out the other help notes in this series:

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