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MaryChristina


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Opening Balances
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Hi all,

Hoping someone can hep with what is probably a basic question but I don't want to muck it up so thought I'd get some advice.  

I've been given a set of opening balances for a client who has just moved from Quickbooks to Xero.  While I have no problem with the technical aspects of the software and I've added the bank account, creditors and debtors balances no problem (and reconciled them with outstanding invoices), its just the rest of it I'm unsure of.   

Do I just add them all (P&L and BS) or just the balance sheet figures?     

All advice gratefully received.   Thanks

MC 



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MarkS


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Would just put on the balance sheet balances.



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Mark Stewart CA

http://stewartaccounting.co.uk/

Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
Onion4Sage


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Hi Mary Christina,

If there are any P&L balances you'll probably want to aggregate them and add them to the retained earnings balance. It's not unusual for a set of "closing balances" to be presented as "opening balances" - the difference being that the transfer to retained earnings hasn't been performed on the closing balances, whereas it has on the opening balances. Then it's just as Mark says.

Regards,



-- Edited by Onion4Sage on Tuesday 28th of April 2015 09:35:12 AM

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Ian

Ian Brown FCA
Onion Reporting Software Ltd

www.onionrs.co.uk

Sage accounts in Excel. No set-up necessary. Free 30 day trial.
MaryChristina


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Hi Mark/Ian,

Thanks so much for the reply's, much appreciated.
As a result I was able to have a more informed conversation with the accountant and I'm now confident in what I have to do.
Hooray for the BKN forum

Regards
Mary

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ClareB4


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Just to throw a spanner in the works... if you want to see year on year comparisons when you run reports then it's worth entering them all into the Comparative Balances screen. If the year on year doesn't matter to you then balance sheet only

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Bruton Young Bookkeeping - www.brutonyoung.co.uk
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