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Thread: Loading opening balances - Help!!! I need an accountants advice

  1. #1
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    Loading opening balances - Help!!! I need an accountants advice

    Hi

    I don't have a trial balance to work off. All I have is the following and would like to know where I post the following: (I work in Pastel). Could you also please explain what Trust investments are. I'm working on an Attorneys set of accounts. Also what contra account do I use once I know where to allocate these below.

    Annual Financial Statements:
    PAGE 1Assets
    Current Assets


    Trust Investments xxxxx
    Trade and other receivables xxxxxxxx
    Cash and cash equivalents xxxxxx

    Total Assets xxxxxx

    Equity
    Owners Capital xxxxxx

    Current liabilities
    Trust Creditors xxxxxx

    Total Equity & Liabilities


    Statement of comprehensive Income
    PAGE 2

    Revenue
    Rendering of Services xxxxxxx

    Other Income
    Interest received xxxxxxx

    Operating expenses
    Accounting Fees, Bad Debts, Bank Charges, etc. (These I understand!

    Loss for the year (xxxxx)



    STATEMENTS OF CASH FLOWS PAGE 3

    CASH FLOWS FROM OPERATING EXPENSES
    Cash used in operations ( xxxxxx)
    Interest income xxxxxx
    Net cash from operating activities (xxxx)

    CASH FLOWS FROM FINANCING ACTIVITIES
    Capital Introduced xxxxx
    Repayment of Trust Creditors (xxxxxx)
    Net cash from financing activities xxxxx

    Total cash movement for the year xxxxx
    Cash at the beginning of the year xxxxx
    Total cash at the end of the year xxxxxx


    NOTES

    2. Trade and other receivables

    Trade receivables xxxxx
    Prepayments (if immaterial) xxxxxx


    3. Cash and cash equivalents
    Bank Balances xxxxx


    Help from an accountant would really be appreciated.

  2. #2
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    Do you not have a detailed income statement? Can you not obtain a TB from whomever drew up the AFS?

    If not then you need only use the Income Statement, Balance Sheet and Notes

    If you do not need comparative figures, then you just post the balance sheet.

    If you do need comparative figures, then post all of the balances in the income statement, all of the balances in the balance sheet excluding retained income, plus the retained income / loss balance at the end of the preceding year.

    In both cases there is no contra account required.

    Trust investments are monies held in trust for clients, presumably banked. It is off-set by the Trust Creditors account.

    I don't understand why you don't have access to a trial balance. The AFS of attorneys with trust funds must, like estate agents, be audited (as opposed to a review) and it's inconceivable that they can't provide you with a Trial Balance. Similarly, to comply with law, you will need the detail makeup of the trust investments and trust creditors.

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