I'm starting to use Solar Accounts from the beginning of this accounting year. (1st June 2011)
In order to obtain a report of the comparative figures for last year can I set up the first accounting year as y/e 31/5/11 and then enter the P&L Account & BS items (when they are available) on the 31st May 2011 and then start a new financial year from the next day.?
To do this can I enter the Supplier & customer /supplier unpaid invoices on the invoice dates falling in the year ended 31/5/11 year in order to establish overdue balances. If I do this I presume that the Accounts Payable & Accounts Receivable totals at 31/5 don't need to be entered separately. Am I right?
Before obtaining last year's accounts to do the above, is it OK to enter current postings?
Hi Jack,
Yes that's a good approach. Yes entering the invoices dated in last financial year will update the opening balance of the Accounts Payable/Receivable accounts.
When you come to enter last year's profit and loss figures you should create a General Transaction dated on 31 May 2011 to adjust the income and expense balances as described here:
http://www.solaraccounts.co.uk/forum/topic.php?TopicId=1141&Posts=1
To enter last year's Balance Sheet, it is simples just to start a new financial year (ie. starting 1 June 2011) then go through each account in the Accounts list and set the opening balance (ie. balance at 1 June 2011) to match your balance sheet figure.
Regards,
