starting balances

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pondball
Posts: 61
Joined: 03 May 2010 09:47
Product: Gold
Region: Canada
Location: Ontario
Contact:

starting balances

Post by pondball » 26 Apr 2011 00:13

I'm not an accountant... guess you've heard that one before in this forum :o

I've been relying on a very old version of MYOB to get me through the years... and while I am years beyond trial balances that actually balance, I do try and keep a solid set of books.... for a non-accountant... we have been audited once over the years with a comment that we are probably not claiming enough as opposed to claiming off anything and everything... so I feel pretty good about that

last year I bought MWG5 with full intentions of setting up a proper accounting system and never used it once! things got too busy and it was well into our business year when I got started and I just didn't have the time to learn another system... I am in the same boat now and have just purchased MWG6... so here we go again... except I've spent more time with the tutorial and manual this year...

my dilemma now is that I want to set up MWG6 without having closed out a year properly... in years...

• I have funds that I collected from sales in 2010 that I did not deposit until 2011
- do I try and figure out exactly how much it was and put that in as a starting Acct Recvble?
• I have owner's investment that has built up (large) over the years as we have not taken out any salaries... ever
- this would be from things that we have purchased through non-business VISA but never paid back to us through the business
• I was also 2 quarters behind in HST payments (since caught up this past month)
- do I simply start the year out with a negative balance in (some tax related account)?
• I think I understand how some other payables will work... there is a month period prior to our end of year date where I can put some of these totals into then clear them off once they are entered in the new business year

I know I can easily post a starting Bank Account Balance (at least I have that to go on)... its the others that I am concerned about... if I'm going to start afresh with MWG6 then I would like to do it right... and no, we are not big enough a business to be able to afford a full time accountant even though I know some of you are going to say that would be doing it right! :) we do have a very good accountant who does our yearly taxes but this is obviously not the time of year to be approaching him with any questions of this nature... nor does he use MWG6

any help would be greatly appreciated... I'd like to get started before our own major selling season gets rolling

gerryc
Posts: 18
Joined: 27 Mar 2010 07:27
Product: Datacentre
Region: Canada
Location: BC, Canada

Re: starting balances

Post by gerryc » 01 Jul 2011 10:51

Take a look at the link below as it does help in getting a file started. However it may be best to contact the support desk as they may be able to point you in the right direction ... best of all it's free.

http://moneyworks.ca/articles/v6-quickstart-guide

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