Hi
After reading some previous messages on the forum I now understand that I should have set up a new year before I started entering the new items. I have never changed the financial year in Solar and I have now entered 2 years worth of accounts. Am I correct in saying that this is why the drawings figure calculation at the end of the 2 years is a cumulative figure shown on the balance sheet ? Everything was fine at the end of the first year but looking at the balance sheet figures after 2 years I am confused as some of the figures do not look correct ?
Not sure how to approach this and if the income and exp accounts are set to zero I assume this is only from the beginning of the next year and I will still have the data for the 2 years I have input ?
Hi Angela,
Firstly check that you have at least Solar Accounts version 2.9: To find the version number on Windows click menu Help > About Solar Accounts. To find the version number on mac click menu Solar Accounts > About Solar Accounts. If the version number is less than 2.9 you will need to upgrade your installation of Solar Accounts as described here:
http://www.solaraccounts.co.uk/download.php?flag=UPGRADE
Now to correct your financial year details:
1. Click menu Setup > Financial Year > Edit the current financial year.
2. Enter the start date of the financial year that contains your first transaction (ie. two years ago)
3. Click OK (or Save)
4. Again click Setup > Financial Year > Start a new financial year.
5. Click OK (or Save)
6. Repeat steps 4 and 5 until the 'current year' is correct
When you start a new financial year it does not delete any existing transactions - it simply adds a new transaction which transfers the balance of the income and expense accounts to the 'Retained Earnings' account.
Note also that the 'Owners Drawings' account is designed to be accumulative by default. If you want to only show the current year's drawings, rename the exiting account 'Owners Drawings This Year' and create a separate account called 'Owners Drawings from Previous Years', then at the end of each year record a General Transaction from 'this year' account to the 'previous year' account.
Regards,
