Forum Message

Opening Balance & Accounts Payable

Hi there,
I've just purchased this & am setting up my accounts for this year (switching from a package called DIY accounting). I had set up the opening accounts Ok with figures from my Accountant, and set the opening balance of Accounts Payable to £103.97, (which was mostly for train tickets & meals bought just before my year end).

However now I need to record the payment to the suppliers, so I set up Suppliers with opening balances in last year, but this changes the Accounts Payable figure, which I don't think is correct! Should I have set the opening balance for Accounts Payable to £0?

Thanks!
Daniel


Posted by Daniel Jowett on Oct 26, 2012 5:22 PM BST

Hi Daniel,

Yes Solar Accounts is designed to change the opening balance of the Accounts Payable account when you add a purchase invoice dated in the previous financial year. Just go back and set the opening balance to £103.97 again.

Cheers


Posted by Mark McLaren (Solar Accounts) on Oct 27, 2012 9:32 AM BST

Thanks Mark, that's perfect!


Posted by Daniel Jowett on Oct 29, 2012 10:35 AM GMT