Hi,
I'm Selena. I'm writing about a problem I'm experiencing with a company's bookkeeping.
We are in the accounting business and one of our clients joined us during their financial year. I inserted their previous accounts as opening balance. However, they don't appear in the profit and loss sheet as they are supposed to. How can I solve this problem?
Best regards
Selena Ferrari
Hi Selena,
When you enter an Opening Balance for an account, Solar Accounts assumes this balance has been carried forward from the previous financial year. Therefore setting the income and expense opening balances has no affect on the current year's Profit and Loss report. Instead, do the following:
1. Set the opening balance for the income and expense accounts to zero,
2. Create a new General Transaction (click menu File > New > General Transaction) dated on the first day of the financial year
3. Tick the 'Multiple accounts' checkbox
4. In the From Accounts table, enter the income accounts and their associated balances
5. In the To Accounts table, enter the expense accounts and their associated balances
6. In the To Accounts table, add an extra line for the current profit allocated to 'Balancing Account'
7. Click OK to save the transaction
Regards,
