Hi
I am currently using the free trial and am confused about entering my opening balances.
I know what my Creditors & Debtors were on 31 March so I want to enter the Opening balances as at 1 April.
I have entered all the Suppliers & Customers and their balances but it appears to have entered everything as at the current date and as a reult is showing in my current P&L and Balance sheet.
What have I done wrong?
Hi Anthony,
When you enter an opening balance for a customer or supplier, Solar Accounts automatically creates an invoice on the current date. If the opening balance relates to a previous financial year, go to the Transactions list and edit the 'Opening Balance' invoice as follows:
1. Set the date to be in the previous financial year
2. Change the Account to 'Retained Earnings'
This will ensure the opening balance invoice does not appear on reports for the current financial year.
Cheers,
