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

[Karen2014]

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.

[CLIVE-TRIANGLE]

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.