[Question] Opening new set of Accounts on Pastel for new company with bank entries in 2 different FYE

[RCS01]

Hi there,

I have opened up a new set of accounts for a brand new company but I am struggling with how to bring in the initial deposits into the account.

The initial deposit was made in the middle of January but their financial year only starts 01/03/2013.
How do I manage this? Do I bring those entries prior to 01/03/2013 into prior year?

My other question is this initial deposit was made by a director.
There are 2 directors and each have a 50% share.
Do I allocate these deposits that they make for the business to loan accounts?

Your help will be greatly appreciated.

Rosalie

[Dave A]

My other question is this initial deposit was made by a director.
There are 2 directors and each have a 50% share.
Do I allocate these deposits that they make for the business to loan accounts?

Probably safest to allocate them to the respective director's loan account making the deposit. If a portion or all of the deposit is actually for the purchase of shares, you could always reallocate them via journal entry later.

[RCS01]

Probably safest to allocate them to the respective director's loan account making the deposit. If a portion or all of the deposit is actually for the purchase of shares, you could always reallocate them via journal entry later.

Thank you so much I really appreciate it!

[dellatjie]

With regard to the fact that the transactions occurred prior to 1 March, you have to deal with the transactions in the prior year.

In your cashbook, you choose settings and then untick this year's transactions, and post the transactions on the correct date in the previous yearend. These transactions will then be shown as opening balances in your current financial year.