TAS Basics - Opening Balances

Emoyeni

I've been meddling with this software over the past few weeks to get a feel for its interface etc. I've also been referencing the PDF manuals that are available with the download.

I'm struggling with the processing of opening balances.

Initially on setting up my Dummy company I set the financial year to Jan-Dec 2009 which equates to what I will want it to be for my real data. Then I just started plugging away simulating initial owners equity introduced, sales, expenses etc etc...

However the manual suggests that I should enter opening balances through journals but if I do this (using last day of previous year) I get "date is not in your current financial year"...if I enter it within my current year (2009) using the 9999 analysis code I get the owners equity showing as an Opening Balance liability and the capital introduced doesn't appear in my assets in the dashboard, which suggests maybe I need to do a cost roll to update the system?


So my questions are - is there anyone out there who is/has using/used Basics who can guide me in the setup process wrt O/B.
Is it necessary to enter opening balances or is my initial method OK, it certainly seemed fine in terms of balance sheet, P&L etc.

Thanks.
Emoyeni.

Herbalist

Hi, you are getting the 'date is not in current year' message just as a warning to alert you that you are posting into a prior year. It is not an eror it is just in case you had nto realised the date. You can click through and proceed to enter.

You can then enter your opening balances for customers, suppliers, bank accounts and analysis codes.

Emoyeni

Well feck me. Don't I feel an idiot.

It's all these years of being conditioned by windows dialog messages so I assumed I was goosed.

Thanks.:o

Emoyeni

Hi Herbalist.

I just sent a PM but not sure if it worked as it's showing 0 in sent messages. Let me know if you got it or not.

Thanks.

Herbalist

Yes PM recieved

Slasher

You may have looked at this already. If not, it may be helpful:

http://www.tassoftware.ie/tassoftware/support/faq.asp#q16