Forum

• # 73809
• Wed 24 Aug 2011 09:08 AM

Hello just hoping someone can help point me in the right direction or at least let me know if I'm heading in the right direction.

Senario:

Have taken on a short term client (inbetween his employed staff) The accounting year has just ended end of July and as of 1st August he is in the new accounting year - Limited company that is vat registered for your information. Last years accounts are being dealt with and are currently with his accountant. Up to and including last years  the accounts have been in very simple excel spreadsheets. The client has been advised (not by myself) to start using VT Transaction which they have brought and downloaded.

My job will be to set up VT Transaction (he is aware VT is not my usual choice of software but that I am familiar with it and can navigate my way around it). Once it is set up it will only be about 6-8 weeks accounts then he wants me to show the new employee how to use it and be available for ongoing support. 

My Question:

Opening Balances: Trial Balance

Obviously to get the accounts correct for this year I need to enter the opening balances, because I've not come accross this scenario I would like to know what is the best way to go forward. Now I dont have enough records to work out/produce a trial balance for last year. Would it be acceptable to ask the client if I can contact the accountant for this information seeing as he has all of the information for last year? 

Any help/advice on this matter would be appreciated. Sorry if a bit long winded but wanted to give you full senario. 

Thank You 

Aleatha

• 
  Quote
  

• # 73815
• Wed 24 Aug 2011 11:48 AM

Hi Aleatha,

I'm not familiar with VT Transaction so this may not be correct in this context; I would carry on and enter the new year transactions as they arrive and then enter the opening balances later when you have them.  You shoud ask your client to obtain them for you from their accountants, and explain that although the entries are correct for the current year the figures in reports will not be accurate until the opening balances have been posted.  You will possibly find that the client will give you a contact at the accountants to obtain the information from, just make sure you do not contact them without getting the clients permission! 

• Neil
• 
  Quote
  

• # 73822
• Wed 24 Aug 2011 03:52 PM

Thank you for the response Neil. That is what I had hoped for.

• 
  Quote
  

• # 73852
• Thu 25 Aug 2011 09:27 PM

agree with Neil, this will be easy to do in VT+, just set up with the financial year end and when you have the final balances from the accountant enter them on the last day of the last financial year using the 'JRN' journal function. 

• 
  Quote