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Edit opening balances and review advanced deposits

Start with a clean, accurate opening trial balance at go-live

Updated this week

Step 1: Update the Bank Opening Balance

To begin, you’ll want to confirm that your bank opening balance is dated correctly.

  1. Navigate to Bank Reconciliation from the main menu

  2. Click the ellipsis (⋯) next to the bank account you want to edit

  3. Select Edit

If you need to update the Bank Feed start date:

  1. Remove the existing opening balance

  2. Click Save

  3. Re-add the opening balance

  4. Select the correct date and click Save changes again

This ensures your bank opening balance is correctly dated for your VRTrust go-live.

Step 2: Add Opening Balances for Listings

Next, you’ll add opening balances for each listing.

You can do this in one of two ways:

  • From the Dashboard, click Add Opening Balances

  • Or, go to the Listings page directly

For each listing:

  1. Click the ellipsis (⋯)

  2. Select Update Starting Balance

  3. Enter the opening balance

  4. From the dropdown, select To Pay to Owner

This correctly records what is owed to owners as of your starting date.

Step 3: Add Taxes Payable

After listing balances are set, you’ll add any taxes payable.

  1. From the Dashboard, click the Add Taxes Payable button

  2. Enter the appropriate tax amounts

  3. Select Opening Balance Deficit as the offset account

Using the Opening Balance Deficit account ensures your opening balances stay aligned without impacting current-period activity.

Step 4: Review Advanced Deposits

The next step is reviewing advanced deposits.

  1. From the Dashboard, click Review Deposits

Here, VRTrust pulls in historical payouts that relate to future reservations and records them correctly as of your bank feed start date.

Important things to know during review:

  • You may see what looks like duplicate amounts, but the system is showing both what was found and what will be posted

For now, you can safely ignore the 'Total' column during this review step.

Handling Cancellations or Zero Totals

If you see a payment followed by a refund where the total equals zero, it’s likely tied to a cancelled reservation.

In these cases:

  • You can safely delete the entry

  • If you’re unsure, take a moment to research it before removing it

You can always come back and edit these entries later, even after posting. There’s no need to get everything perfect on the first pass.

Finalizing Advanced Deposits

Once you submit:

  • All advanced deposits are recorded as of your bank feed start date

  • Entries are offset using the Opening Balance Deficit account

This results in an opening trial balance that is significantly cleaner and much easier to review.

Summary

By completing these steps, you’ll:

  • Ensure bank balances are dated correctly

  • Accurately reflect owner balances and taxes payable

  • Properly account for advanced deposits tied to future reservations

This sets you up with a strong, reliable starting point for ongoing accounting in VRTrust.

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