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Re: Begginer dummy questions

The logic I would use to enter an opening balance.(which is not Ledger SMB specific) 

Pick a date to start, ideally a year end.
1) Enter all outstanding sales and purchase invoices and credits. (this can be to suspense or similar account) 2) Enter all fixed assets and FA depreciation totals - usually by a journal against suspense account 
3) Enter stocks & WIP (inventory)
4) Enter the bank opening reconciled balance. i.e. as per the statement from the bank This vcan be by a bank payment/receipt to suspense 5) Enter all outstanding bank transactions (items that have been sent, but not cleared) 
6) Add all remaining items by a journal
7) Suspense account should now be 0
8) Run a year end process for prior year.
9) check the trial balance
You should then have correct debtors and creditors figures without having to post directly to these accounts. (I always hated it when my accountant would "correct" the debtors or creditors figures directly in a journal... it would take me ages to reconcile them to the original invoices) 

hth

John


..hidden.. wrote:

After some studies and consultations it seems that I now know what I need.
I'll try to formulate it better:

I have beginning balance, that I have to enter.
As I understood I can do it either by Cash transfer or by General ledger transaction.
But can I do it in LedgerSMS so that I will have f.ex. AP account beginning balance formed from vendors beginning balances or even from invoices.
Than latter by accounting payments to vendor it will correctly links to/from vendor credit. Like it is after normal AP vendor invoice was created. 

Is that possible in LedgerSMB?

brgds
Janeks

On Sun, 19 Jul 2009 14:44:05 +0300
wrote:
> What I don't know from the point of view of double entry
>accounting is which accounts I have to use, F.ex. I have
>credit for purchase of some cables, that I used in our
>office cable installations.
> I ses in the AP / Add Transaction form two account
>fields. The fields available does not seem to be
>appropriate for this case. Probably I need to add new
>ones to the Chart of Accounts.
>
> brgds
> Janeks
>
> On Wed, 15 Jul 2009 12:43:50 -0700
> Chris Travers wrote:
>> On Wed, Jul 15, 2009 at 12:20 PM,
>>wrote:
>>
>>>
>>>
>>> But what if it is just as part of Credit of starting
>>>balance?
>>> It was bound with costs/services in previous system not
>>>in new.
>>
>>
>> Ok. Then issue an AR or AP Transaction and enter the
>>amounts owing there.
>>
>> Best Wishes,
>> Chris Travers
>
>

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