Hello,
I have been using Xero for most of the year and recently discovered that i much prefer Solar! I have decided to move some of my smaller clients across to this software however have hit a problem - My smaller clients financial year runs with the tax year so i have printed off a trial balance from Xero for the work i had already done and entered these as opening balances on Solar - this is all fine however when i pull up a profit and loss report, it only shows sales income that i have entered on Solar for the last couple of months and doesn't include the opening balances. Any ideas why this might be?
Many thanks in advance for your help!
Melanie
Hi Melanie,
Glad to hear you prefer Solar Accounts over Xero!
In Solar Accounts the opening balance is assumed to have been carried forward from the previous financial year, so setting the opening balance for the Income and Expense accounts will not affect the profit calculation for the current year. You will need to do the following:
1. Change the opening balance for the income and expense accounts back to zero,
2. Click menu File > New > General Transaction, and set the date to be in the first part of your current financial year
3. Tick the 'Multiple Accounts' checkbox and enter income in the From Account table and expenses in the To Account table
4. To make the transaction balance, add an extra line to the To Account with the account set to 'Balancing Account' and the amount set to the net profit for the first part of the year
Regards,
