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no-middle-name


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New Year Balance sheet
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Hello, another Newbie hoping to get help. Thrilled to find this site, looking forward to learning and hopefully being helped out of some of my 'Senior Moments' which seem to happen so often..

 

I use Sage Instant. Year end is Dec 31st.

 

Closed January and find that the balance sheet shows more partners drawings than just January, it seems to include 2010 total, also.  Reloaded last year and it did not happen then, what have I done wrong, this time, please.



-- Edited by no-middle-name on Tuesday 22nd of February 2011 02:16:00 PM

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Wella


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Hi

Welcome to the forum

When you say drawings, are you talking about a seperate partner Drawings a/c? on the balance sheet?

If you are, then I think you may not have journaled them into the partners current account after the year end to clear them down.

HTH
Bill



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no-middle-name


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Thank You, Bill.

My Sage goes so far then the accountant takes over, and he'll give me adjustment figures when he has completed the 2010 accounts.

The TB adjustments he gives me are then dated January and that's why last January looks different to this January, do you think I understnad know?

Thanks for your patience

Janet





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Wella


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Hi Janet

Did you have to make a journal adjustment to transfer the Drawings a/c to the Partners Current, or Capital a/c's?.

If you did, you may have used the wrong date on the journal (01/01/2011).

Bill


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no-middle-name


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No, Bill

I soldier on after a simple year end procedure and then, once the accountant has finished the proper accounts, with necessary tweaking, he gives me adjustment trial balance figures which do the necessary transfers (well that's how I see it?).

I think your previous answer helped me to see that my January Balance sheet will adjust itself once he gives me those adjustment figures.

Does that sound feasible?

Janet

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Wella


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Hi Janet

Sorry, I see where you are coming from now smile

You are continuing to enter current year data but have not yet received the accountants year end adjustments. In that case yes, once he has supplied the necessary adjustments, the Drawings a/c should drop to the current year postings only.

Bill

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no-middle-name


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Thanks for your help, Bill,

Another instance where my poor grey cells needed someone else's input to work. Feel silly for having to ask, now, but I expect lots of us say that.

So pleased with this forum, all your experience and brainpower to call upon, I shall be back with another query before very long.

Thanks again and kindest regards

Janet

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