Hi All
As I have just completed the 2023/24 End of Year accounts, my accountant is asking me to adjust the opening balances of a couple of accounts so that 2024/25 starts with the correct numbers.
But where do I do this?
TIA
geoff
Hello @avoncliffe
You can edit the bank account opening balances by viewing the accounts > Options > Setting
For other opening balances you would do this with a journal (Reports > Journals).
By definition the opening balance on each nominal at the start of 2024/5 is the closing balance at the end of 2023/4. If you want to “adjust the opening balances” then that means making a journal dated on the last day of the 2023/4 year that adjusts the relevant accounts appropriately, before you run the final year end journal to clear down your P&L.
As with everything in double entry book keeping, that adjustment journal must balance, so if the adjustments your accountant has asked for do not balance then you’ll have to ask them where to put the difference.
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