• From: Ghana, Accra
  • Registered: 12/09/2008
  • Posts: 28

Topic: Seting up Initial balances

I've tried to follow your instructions on setting up initial balances by setting the fiscal year 1 year before the current to read 1 Jan 2007 to 31 Dec 2007 and tried posting fictitious initial balances for trial purposes making sure that the debit and credit sides balance accordingly but this error message appears and says 'the entered date is not in fiscal year'

Kindly explain to me why that and suggest how I can possibly deal with this problem.

Regards.

  • joe
  • Administrator
  • Offline
  • Registered: 03/15/2007
  • Posts: 5,107

Re: Seting up Initial balances

Before you can enter journal entries on the fiscal year, you must go into company setup and select this fiscal year.

/Joe

3 Reply by Greenawise (edited by Greenawise 12/10/2008 05:14:35 pm)

  • From: Ghana, Accra
  • Registered: 12/09/2008
  • Posts: 28

Re: Seting up Initial balances

Well I've found it.

Thanks a lot
Cheers

  • From: Ghana, Accra
  • Registered: 12/09/2008
  • Posts: 28

Re: Seting up Initial balances

Still with regards to initial balances, the system fails to process if an opening balance of 0.00 is entered.

I'm setting up front accounting to suit a bible college, now the question is how does an inventory of say, tution(since it's abstract) fit into the system, and how do I handle actual inventory of say books (sold to students) and food stuffs (Used to feed students).

Thirdly, how do i reverse a wrong transaction already posted.

Finally, how do I enter foreign accounts in the chart of account since the home currency tends to be different.My home currency is the Ghana Cedi but I also want to keep a dollar account to moniter dollar payments.

Thanks for your courtesies.

  • joe
  • Administrator
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  • Registered: 03/15/2007
  • Posts: 5,107

Re: Seting up Initial balances

Normally I do not give any advise of accounting. You should talk to an accountant or look at the sticky topic about accountancy. There are some links to how to use accountancy.
There are so many ways of doing the structure.
There is no need to enter an initial balance of 0.00. You can do a reverse in 2 ways. Just counterbook an earlier journal entry or void it in the Setup tab.
In the bank/cash accounts you can have foreign currency accounts. In the general ledger everything is in you home currency.

/Joe

  • Registered: 01/09/2009
  • Posts: 12

Re: Seting up Initial balances

joe wrote:

Before you can enter journal entries on the fiscal year, you must go into company setup and select this fiscal year.

/Joe

Provided....the fiscal year is not yet in "Close" status...

Joelg

  • From: Ghana, Accra
  • Registered: 12/09/2008
  • Posts: 28

Re: Seting up Initial balances

Hi there,

Could you kindly explain to me the functionality of allocations. I've realized that when a customer is invoiced as a credit transaction and you log in to the customer's account to check transactions, you have the cost debited to the account alright but instead of the amount appearing at the balance (which is termed outstanding) column it goes under allocations.

This does not tell you right away what the customer owes. How can I fix this? Is there something am not doing right?

Thanks for your courtesies.