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Starting new accounting year correctly.
Hi,
I'm sure this a complicated answer, but I'm trying to make sure I get FreeAgent set up properly before using it for the next accounting year, starting 1st Jul 09. I've been using it for a few months in this financial year so some of the items (invoices, expenses etc. are in the system.), but it seems this means things aren't balancing out properly.
Is there a way setting all the opening balances and ignoring what's been before?
Thanks,
Owen
I'm sure this a complicated answer, but I'm trying to make sure I get FreeAgent set up properly before using it for the next accounting year, starting 1st Jul 09. I've been using it for a few months in this financial year so some of the items (invoices, expenses etc. are in the system.), but it seems this means things aren't balancing out properly.
Is there a way setting all the opening balances and ignoring what's been before?
Thanks,
Owen
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Inappropriate?Hi Owen,
You could set up FreeAgent start date as 1st july 2009 and so any transactions before that date will be accounted for in freeAgent as opening balances.
Opening balances - youcan enter these on freeagent
Ignoring transactions - not really ( see comment above ) but you can delete them !
But to have a reliable Trial balance , Balance Sheet and P&L you need to enter all the opening balances at 30th June 2009 , and either adjust them for the transcations you have entered before - or delete the other transactions.
This might cause problems where you dont want to delete a transaction to keep the history, such as sales invoices , but is only relevant where the balance sheet is affected, i.e. a debtor balance at year end, so it depends on the transactions affected.
Does this help ? -
Inappropriate?Thanks Phil,
Yes, that does help. I had already set the FreeAgent start date as 1st July 2009, but I'm a bit out of my depth with this, so I might sit down with my accountant in front of Free Agent and get things tidied up.
Owen
