Forum Message

Opening Balances after data input

Hi, I started using Solar as a trial and entered transactions and invoices before entering opening balances. I liked Solar so much I bought it and continued to use it. Now however I have to enter the opening balances for the last years accounts. I changed the Financial year date to last year and entered the balances which have put a large amount on the Balancing account. How do I get the Balancing account back to 0 and show last years profit & loss? Hope you can help. Thanks Sophia


Posted by Sophia Kavanagh on Jun 14, 2011 5:33 PM BST

Hi Sophia,

You will need to enter the income and expense balances as a General Transaction as described here:
http://www.solaraccounts.co.uk/forum/topic.php?TopicId=1141&Posts=1

If you are still left with a non-zero balancing account, you can reduce it to zero by increasing the opening balance of one of the other equity accounts (eg. Owners Capital).

Regards,


Posted by Mark McLaren (Solar Accounts) on Jun 15, 2011 10:57 AM BST