Hi

Our year end was 31st Dec 2018. I started a new year and have been entering the new years, invoices payments etc, Our auditor has now audited the year end 2018 accounts and given me a list of opening balances. How do I enter these?

Thank You

Colleen Hewes

Hi Colleen,

Once you have entered all transactions for the financial year click menu
Setup > Financial Year > Start a new financial year. This will create an
end-of-year transaction that resets the balance of the income and expense
accounts to zero.

For other accounts (ie. Assets, Liabilities and Equity) you can set the
opening balance for the current financial year by double-clicking on the
account row in the Accounts list.

Thanks for the prompt reply.

I have done the end of year and P/L balances are at zero, so now I just I click on the account and change the opening balance shown to the Auditors opening balance

Colleen

Hi Colleen,

Yes that will update your account balances to be in line with your auditors
balances for the current year.

Thank you