Hi, I have just finished year 1 of my husbands accounts and they have been okayed by the Accountant. However, he has given me a list of opening balance adjustments to start my new year with - he says they need entering as journal entries.

Do I just start my new financial year and then alter the opening balances of each account? Will this affect the previous years figures. Help!!

Regards Zoe.

Hi Zoe,

Yes, the simplest approach is as follows:

1. Click menu Setup > Financial Year > Start a new financial year. This will reset the balances for income and expense accounts to zero.

2. Open each account in the Accounts list and set the opening balance to match your accountant's figures. This will not affect your previous year's Profit and Loss report, but it will change your end of year Balance Sheet to match the opening balances for the current year.

Regards,

Thank you very much for your very prompt help :)

I am delighted with Solar Accounts and will be purchasing in the next few days. It has made my life so much easier.

Regards. Zoe.

Hi Zoe,

No problem - glad to hear you like our software!

Regards