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Balances Mid Year

  • 04-05-2018 8:16am
    #1
    Red2877
    Registered Users, Registered Users 2 Posts: 7 ✭


    Hi All

    Im looking for some help with opening balances. My accounts package crashed mid year so I started using a new one from Sept onwards. I have the balances from 31 Aug. I have put in opening balances but now I'm left with a huge amount in the opening balances control account. Any ideas on how I fix this?
    Thank you in advance.


Comments

  • #2
    Glass fused light
    Registered Users, Registered Users 2 Posts: 1,576 ✭✭✭Glass fused light


    Red2877 wrote: »
    Hi All

    Im looking for some help with opening balances. My accounts package crashed mid year so I started using a new one from Sept onwards. I have the balances from 31 Aug. I have put in opening balances but now I'm left with a huge amount in the opening balances control account. Any ideas on how I fix this?
    Thank you in advance.
    Your total trial balance for the end of August should have netted to zero when you add all the debits and credits.
    Cr (Sales)
    Dr (cost of sales)
    Dr (Assets)
    Cr (Liabilities)
    Cr (capital)
    ?? (profit / loss current and prior years)

    Have you correctly posted the individual items and are you missing an item?


  • #3
    Red2877
    Registered Users, Registered Users 2 Posts: 7 ✭Red2877


    Yes I haven't posted profit from last year. Can you tell me how do I post this please. THANK YOU


  • #4
    Glass fused light
    Registered Users, Registered Users 2 Posts: 1,576 ✭✭✭Glass fused light


    Red2877 wrote: »
    Yes I haven't posted profit from last year. Can you tell me how do I post this please. THANK YOU

    That will be specific to the system you are using , but it it's not in the setup, try a general journal or looking for how to do a prior year adjustment


  • #5
    TitianGerm
    Registered Users, Registered Users 2 Posts: 28,705 ✭✭✭✭TitianGerm


    Red2877 wrote: »
    Hi All

    Im looking for some help with opening balances. My accounts package crashed mid year so I started using a new one from Sept onwards. I have the balances from 31 Aug. I have put in opening balances but now I'm left with a huge amount in the opening balances control account. Any ideas on how I fix this?
    Thank you in advance.

    What was your previous and current system?


  • #6
    Red2877
    Registered Users, Registered Users 2 Posts: 7 ✭Red2877


    Thanks All - I have it balanced now - I hadn't included the retained profit. Thank you so much. :)


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