I am doing account for May 09 - Ap 09 The accountant has given me the trial balance as at 30 April 2008
Do I enter these figures in the necessary accounts using the date 30 April or as 01 May 08
Also on the trial balance is a dr figure titled 'Company B expense recharge' then in brackets (this should be transferred to the capital account
The two companies transfer monies to and from each other....I am assuming that Company A has given more to B than it has received....I hope I am making sense!
So if it needs to be transferred to the capital account would that be a debit entry in the capital account....I am a little confused dr capital and cr expense recharge? I haven't come across something like this before
If you are using the trial balance as opening balance figures, then you need to enter them as 1st May 2008. If you are using computerised accounts package, it may give you the option to load as opening balance, otherwise just journal as at 1st May 2008.
Yes, you are right with the journal to transfer the expense recharge. CR expense recharge and DR capital account.
I am using sage, think I will journal the o/bal figures, I am not a whizz at this as you can probably tell!
I attempted in the practice mode in sage to do the opening balance option and it puts the other side in the suspense account.....would the accountant just adjust this?
dr capital and cr expense recharge? I haven't come across something like this before
