ArtsMagna Business Management Software

Hi Adriano,

How is it going?
In regards to the general ledger. I have been just talking to the accountant. He has a copy of the profit/loss balance sheet and he noticed that the accounts had reverted to an opening balance of $0.
He said that for the bank accounts and credit card accounts... GST accounts there should have been an 'Opening Balance'. None was brought through from the last quarter of last financial year.

My questions to you are:
1) I do not recall ever having entered an opening balance for any account when we started the accounts?
2) If not how do we fix this up? Can we still simply enter the details? Is this a simple process or would you require the data file?
3) Does the program automatically bring forward the opening balances?
4) If none was ever entered will it not bring the 'opening balance'
forward?

Regards

Daniel Newman

Hi Daniel,

To answer quickly to your question about the opening balances .....

ArtsMagna has an automatic End of Financial Year procedure that once run will close all Balances at 30/6 and reopen all balances at 1/7. You need to make sure that your balances at 30/6 are correct, once you are we can run the procedure and you will have your opening balances at 1/7.

We might go through this and the invoices next week.

Regards,
Adriano