Hello

I have just taken on a new client that HAS to use the cloud based E-conomics accounting software (its a franchised business so they insist!)

He has a limited company that was incorporated 3 years ago that does about 4 invoices in/out a month and completes VAT returns.  He is using this same company for his new venture but wants to keep the books separate, so he completed the last VAT return with both 'divisions' and did one VAT return and will split the VAT refund/payments between the two divisions idc.

So the last VAT return includes about 20 payments relating to his new venture. I have no invoices for most of these and they havent gone through the new Venture Bank account, so thought the best way to deal with it would be to enter 'opening balances' for the items already paid and his Accountant can sort this and the merger at the end of the financial year.

BUT - E-conomics doesnt appear to have an opening balance funtion, only Journals and this is where I came unstuck as Im used to the ease of using Sage.

CAN YOU HELP?  

I need to create opening balances for the following eg using debits and credits:-

1) Franchise fees    (2) Stationery purchase           (3) fixtures and fittings               (4) Unform purchase

HOW do I do the debits/credits  - I ONLY have PURCHASE invoices

eg

1) know for expenses to DEBIT the NET eg stationery n/code 7500  - BUT WHERE DO I Credit?

2) Fixed Assets - DEBIT net to Franchise fee N/code 1060?  Credit where?

3) Debit (??) VAT element of all these invoices to 2202?  Credit where?

4) When VAT is refunded I will need to debit Bank and Credit 2202?

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To further complicate matters two of the purchase invoices have been paid through the new Venture Bank account so can you advise how I process these.

Please please can someone help me with a very simple, idiot proof guide.  Oh dear - its Friday again!!!!!!!!!

Thanks in advance

Chesh