Hi, we are new to this software and need to know how to add our assets. These have been purchased in previous accounting periods so they are not a new purchase ?
You may find the following posting helpful:
Click the arrow above to go to the quoted post.
hi thanks for the reply in this. when i try and enter a journal it says it needs to be the same figures, so is’nt this just moving it from one nominal account to another rather than adding an opening balance ?
They must always balance, obtain your previous years Accounts and enter the closing balances from your balance sheet as at the year end. You may need the trial balance for last year to obtain a full breakdown of the balance sheet items.
is there any way at all we can just add assets and their value without creating a purchase for them as we have assets worth more than what we have paid for them and want this to reflect on the bal sheet. for instance we have £4800.00 of fixed assets bought for £500, so the bal sheet is incorrect on here and dosent reflect the true value of the business. i have been told to right them off but whats the point in this?