In some situations, the use of the program begins in the middle of the fiscal year. In addition to the comparative data from the previous period, the current accounting data can also be entered using the same technique. The entry can be made with a journal entry (Other) at the turn of the previous month, and then continue normal accounting from the beginning of the current month.
If comparative data from the previous fiscal year is brought in, these are recorded on the last day of the previous fiscal year. Then, when starting accounting in the middle of the fiscal year, the change balance is brought from the beginning of the fiscal year to the desired date, from which point the management of current accounting begins. If there has been no change in the balance on the account, no change balance is recorded.
If accounting has already been formed, for example, as a result of using ledgers, but these balances are also desired to be brought in as opening balances, mass cancellation can be done for the already formed entries. This can be done from the accounting report, entry browsing. The entries for the desired period are retrieved and the cancel entries button is pressed. Select all and press the "Cancel selected" button.
For example, a company started using Netvisor in March, but accounting was done in the old program until the end of August. The intention is to bring in the balances of the current accounting on the date 31.8. and continue using normally from 1.9. onwards. The accountant lists all entries between 1.3. - 31.8. and performs mass cancellation on them. After this, they bring in the opening balances with a journal entry on the date 31.8. and manually set the VAT lock on the same day. The VAT lock can be activated from fiscal year management.
Accounts receivable
We recommend that the old accounts receivable balance is recorded in the opening on a different account than the one used in the basic accounting information, the account used by Netvisor. When reference payments come for invoices that are not found in Netvisor, the payments can be easily recorded on the respective accounts receivable account. Of course, the same account can be used, but if there are many open invoices at the time of transfer, it facilitates tracking.
Accounts payable
The same recommendation as for accounts receivable.
Keywords: Accounting start, fiscal year, journal entry, mass cancellation, current accounting, opening balances, VAT lock, Netvisor, accounts receivable, accounts payable, comparative data
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