[Question] ENTRIES TO START NEW COMPANY WITH ONLY BANK OPENING BALANCES

[Laetitia]

Hi

I have been trying in vain to try and process the above. Can't remember what I did years ago when I created another company from scratch.

The bank balances are Dec 2012, there are no other balances available so am going to create an account set for 2013. I have tried various ways but can't get it right.

1. I did an gl entry in general journals, Dr bank account gl nr, cr opening balance account 9990/004 with last year box ticked. Result is in 2013 view of TB bank accounts are debited in the previous year and also the 2013 period and the 9990/004 account is in credit. What happens with this credit amount in the suspense account?

Thanks so much to whoever is hopefully going to switch the light on for me!

Laetitia

[curare]

Hi
I hope the following will help You in setting up the Opening Balance in your Cashbook


Takeon Balances
taking on Company Balances is a two step process viz.
1 With the exception of the undermentioned Accounts(C,D,C,I) ,the remainder
of the Balancesheet Account is takeon in the General
Ledger Journal.
Procedure
Processing....Jnl....Gl Jnl.....Setting(click &uncheck current
year) Change Gl contra Account to 9990/001 Suspense Account
which u have to create.
The bootom of the screen will read"LAST YEAR"
Change from Period 1 to Period 12
Enter relevant Balances & change tax indicator to 00

C Cashbook
D Debtors
C Credotors
I Inventory

2 With the exception of the GL Jnl ,the above procedure is to be used for the following
Takeon
Cashbook Procesing...CashBook...Recpt/pmt..settings(refer above)uncheck current year ...change period
Debtors Procesing...Customer Jnl...Recpt/pmt..settings(refer above)uncheck current year ...change period
Credotors Procesing...Supplier Jnl...Recpt/pmt..settings(refer above)uncheck current year ...change period
Inventory Procesing...Inventory Jnl...Recpt/pmt..settings(refer above)uncheck current year ...change period

The Suspense Account in the Balancesheet must come to Nil.