How do I enter opening balances to nominal ledgers

Accounting
1

Hi,

I’ve taken over part way through a financial year for a community club. The last treasurer handed over a P&L and that’s all dated 29.11.14. I need to enter the opening balances for the nominal ledgers from this date, but having tried to enter them it states that debit and credit don’t balance. I’m puzzled as to how I enter this info and quickfile to accept it.

Once the nominal ledger balances are input from this date I can then enter everything from the 1st Dec 14 to date and get caught up.

Can anyone help please? Am I doing anything obviously wrong?

Any help would be appreciated!

Thank you
Susan

2

You’ll need to go back to the previous treasurer and ask them for a balance sheet as well as the P&L. The balance sheet nominal accounts (assets and liabilities) would normally be the ones that would balance up against the P&L nominals.

3

There’s a special type of journal you can use for entering opening balances to nominal ledgers. You can also import from a CSV file.

Entering opening balances

4

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