What is the Running Balance Report
What is the Running Balance Report and what does it do?
The Running Balance report is a calculated balance report at the transaction level much like one would see a transaction web page of any standard bank web site.
The math is pretty simple: Take current balance and plus/minus the debits and credits for each transaction and show the account balance at the transaction level.
Why is this needed?
There are two main use cases for this:
1- Showing cash flow at the transaction level
2- In the event a bank statement cannot be provided, the last transaction of the closing period is the ending balance . This is exactly how bank statements ending balance number works. For example, if you need the ending balance on Nov 30 2024 of a Capital One BankStatement, the last transaction on or before Nov 30th is the ending balance for Nov 2024 for that account.
How to use the report?
a) Select the bank account you want to see the running balance for
b) Let the system run and update the numbers
c) You should see the running balance on the right hand side
d) The LAST TRANSACTION on or before the closing date is the Ending Balance.
** We know this is NOT as good as the PDF Bank Statements but after many tests matches up to the statements
*** Ideal for Capital One Bank Statements.
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