Hi,
I've been trialing Solar Accounts using dummy data and do like the package and am also impressed with this forum for responding to user queries.issues so am looking to 'go-live' with Solar shortly.
We have been trading for almost five years now and have been using Excel for account tracking as our customer base was fairly static. However, we are now expanding and need to spend less time on the accounts and more on the business which is one of the reasons to use a dedicated invoicing/accounts package.
My question is on setting up Solar for the first time. What information will I need as
i) The new financial year is already underway
ii) Not all invoices from the previous year have been paid yet.
So what do I use as my opening balance for this financial year and how do I handle payments to go in the previous financial year?
(Sorry if this sounds obvious, I just want to try to avoid any issues later down the line)
Thanks.
Hi Kevin,
Glad to hear you like our software and support!
In your case just enter any invoices into Solar Accounts which were unpaid at the start of your financial year. The date on the invoices should be in the previous year and the Account should be 'Retained Earnings'.
Then go through each account in the Accounts list and set the opening balance to be the value of that account as at the start of your financial year. (If you don't have these figures, ask your accountant for a balance sheet report dated at the end of your previous financial year).
Finally, enter all transactions from the stat of your financial year. For payments of invoices dated in the previous year just record an invoice payment as normal.
Regards,
