Just a quick question to stop myself from going round in circles... I have just entered the opening balances for a client which I received from their accountant as an opening trial balance. I entered all of the figures with the exception of the P&L account brought forward, but the figure for that account currently seems to be sitting in the Balancing Account. My understanding is that the Balancing Account is always supposed to be zero... if that is the case, where can I transfer the balance to in order to show the opening P&L account brought forward?
Kind regards
Hi Jennifer,
Yes, the Balancing Account balance should be zero. The simplest solution is to set the opening balances of the Income and Expense account to match the figures on your trial balance report - this should set the Balancing Account to zero. However, you won't be able to use Solar Accounts to produce a Profit and Loss report for the period before the date of the trial balance report - you would need to get the P&L report for that period from their accountant in addition to the Trial Balance report.
Regards,
