How will the initial balances for my client accounts be set up to ensure the production of accurate financials?

Initial balances are pulled directly from the statements provided.

Initial balances are pulled directly from the statements provided.  For example, if we receive statements for January through December, then the January balance will be the beginning balance for Rapid Write-Up purposes.  The initial month’s statement is our source of truth.  

If there is a discrepancy in the beginning balance, the firm should make an adjusting entry to account for the variance. For example, if we are contracted to provide an Annual Rapid Write-Up where the opening balances from the bank statement have not accounted for outstanding checks, then the firm should make an adjustment to ensure they are included in the beginning balance.