This is my second year of using Solar. It's a great product for someone like myself who struggles with accounting even though I'm just a sole trader! I have failed to grasp the importance of having the balancing account at zero and only discovered this by accident looking at answers for another query. My balancing account figure at the end of my first year was several thousand pounds and now at the end of this year it has increased by almost another thousand. I think that it is an issue with opening balances/retained earnings when I set the system up (from what I can glean from other answers) but when I click on Account Activity there are no transactions whatsoever so I'm stumped as to how to rectify this. Any help would be greatly appreciated.
D
Hi David,
Glad to hear you like Solar Accounts!
The opening balance of the Balancing Account is automatically calculated by Solar Accounts based on the opening balance of all the other accounts. To reduce the balance of this account to zero just increase the balance of one of the other Equity accounts (eg. 'Owners Capital')
Regards,
