How to assign year start values to assets, liabilities and capital accounst

Accounting
1

I am in the process of setting an account for a club. I started the bank assets based on closing/opening balances as at 1st Aug 2019 but now need to add other assets, liabilities and capital accounts to feed the Balance sheet. Everything seems to take me towards ‘journals’ but not being an accountant not sure the impact of doing this. Always happy to look online if link supplied.
Thank you,
Nigel

2

Hi @NDG1944

It may be best to check this with your accountant just to be sure they are recorded correctly.

Are you able to give us any more information on the assets, liabilities and capital accounts? For example, have you purchased the assets? Is the liability a loan?

3

Here’s a link to an article that maybe of help Bringing in bank balance from old system

“Rename this single starting journal as your “Trial Balance” and then add your other nominals that have balances you will get an overall opening of your account in the one place.”

4

Firstly, the original account data is maintained in an Excel Spreadsheet and that is massaged into an Account & Report document for ourselves and Companies House.
Secondly, I have already setup the Bank (x4) and assigned an opening balance after selecting the opening balance button. I note that the contra entries appear in the Suspense account but a correspondent in the link mentioned this but didn’t describe a solution?
I have already uploaded two months of transactions/statements to these bank accounts.
The balance sheet items are: Land & Buildings, the bank accounts, cash account, club closing stock, loans from members and the Reserve and cumulative P&L.
Have I gone past the “Trial Balance” option . I don’t particularly want to wipe the slate clean wanting to make sure that the set-up is as clean as possible so that the treasurer can pick up the reigns after I have completed the technical bits.

5

Sorry. Forgot to mention that the Account & Report document is produced by our accountant.

6

Hi @NDG1944,

You can still import a TB even if you have transactions dated after this. You can set the date of the TB to whenever you need to.

Hope this helps

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