Just enter a full set with the flip side as Opening Balance Contra's
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Flip side as opening balance contra's??? I have just started putting in opening supplier balances -
CR supplier - supplier account
DR Creditors - trade creditors
The opening balance contra accounts allow you to enter all of your closing balances from your last software which when the entire trial balance has been journaled the OBC should be zero.
Moving forwards from that then everything is entered normally.
If I pick up clients mid year I enter the last closing balances and reenter the transactions to date as that gives me an understanding of the business and I know that everything is correct (well, at least correct back to the accounts from the previous accountant).
Thats the way that I do it but others may have different approaches.
The way that you have done the above should have the same effect as the contras but simply missing out a step. You can do that with some accounts but not with others.
Using the contras you would have had :
Cr Supplier
Dr OBC
Dr Creditor
Cr OBC
Which of course isn't necessary but may be easier if you're just in opening balance auto pilot mode (which I quite often am... Entering opening balances is the closest I get to relaxation therapy, don't take that away from me, lol).
HTH,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Basically I am re-doing a years worth of accounts but I am starting with the last vat quarter as it's due Wednesday. The accountant has asked me to put the opening bank balance in at the beginning of the quarter - BUT I have no idea how to make this journal? what would the other side be?
The set of journals is the third post down (your may be slightly different to that list but you get the general gist).
I would have just pulled out the one post but I think that you will find reading that entire thread useful.
HTH,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
In VT you will find the current Opening Balance Contra value under creditors (just access it via the main ledgers screen).
Once a full set of balances have been entered it should be zero so will not generally appear in the accounts.
However, if you want to see it, open the balance sheet, go to the bottom left hand corner and click on options, tick "Display ledgers/accounts with nil balances".
kind regards,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
