DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

New user, can I input previous years entries?


#1

New user, can I input previous years entries? Didn’t do accounting previous years so trying to make it up.


#2

Yes, you can. But that’s a lot of work for little or no return. After you’ve established your desired chart of accounts (under Settings), you can go to Reports and view the Opening Balances report. Figures in that report are clickable and, thus, editable.

Easiest way to get going is:

  1. Set your start date, that is, the day you will begin using Manager. Generally, this should be the beginning of a financial reporting period, but any date can be set.

  2. Determine which accounts had balances on that date and edit the Opening Balances report accordingly.

  3. Enter outstanding sales invoices and purchase invoices as of the start date to properly set Accounts payable and Accounts receivable.

From that point onward, Manager will be up to date, just as though you had gone back to the beginning of your company’s operations and entered every transaction.

LATE EDIT: Some of the procedures I described may just have been changed. In version 15.4.90, you can now set opening balances for all accounts as they are created. I haven’t experimented yet to see how that may affect what I told you. But it won’t change my basic message, though it may affect where you input the opening balances.