2011 Opening Balances

[Rika]

What would be the better solution to capture 2011 opening balances? I still have to capture the 2012 financial year.
The previous bookkeeper did the VAT201 submissions but I am worried that I will not balance once I have captured all periods. The 2012 tax assessment must still be done as well.

Please help. I am at my wits end.

[prettypegagirl]

I would suggest you capture the 2011 balances on the last day in the previous financial year, via a general journal. If you have a Trial Balance work from that - No Contra Accounts will then be neccessary. Post the Customer, Supplier and Bank Balances to a Opening Balance suspense account, then you can bring them in from the respective cashbook/supplier or customer journals directly to the correct customer/supplier (using the suspense account as the contra account).


I assumed you are using Pastel, hope this helps, shout if you need more help

[Rika]

Thanks - this will help.

I will be using the Year End 28 Feb 2011 final Trial Balance. But how do I open the previous year on Pastel?

[Neville Bailey]

Hi Rika, you can process journals into the prior year by clicking on the Settings button at the bottom of the journal and then unticking the box named "This Year Transactions" and then press Close.

You will then see the words "Last Year" in red at the bottom of the journal.