I really need help please my books are a mess -
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christinestewart64
Member Posts: 2 ✭
I have lots of entries in for 2010 to 2012 that were never reconciled and we never needed to lodge tax returns for as we were on wages - now that we are back to subcontracting I am trying to update my file ready to do tax returns it keeps showing me all these old transactions and an old account balance - how do I get rid of them all or close off all those old transactions so I can just start anew from July 1 2013 - I am happy to start a new company file but can I import all the current transactions or do I need to enter them all individually again ( 2 years worth)
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Comments
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The best thing to do would be to start a new data file and start afresh
You could do a sneaky (not really recommended) and reconcile the bank to the balance at 30/6/13, as you finalise the reconciliation it will give you a 'reconciliation discrepancy' (probably massive) just accept it and move on.
If you don't write cheques or use cash and do everything via EFT and get your customers to do EFT transfers as well then your General Ledger will equal you bank account on the same day every time, makes things that much easier
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thank you - do you know if I start a new file can I import all the transactions that are already entered fro 2013 on?0
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The HELP section says you can but I'm not sure I'd even try, but that's me2
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hi If you still have issues, and you are a subbie, and have to lodge tax returns as well for few years back ,we can help, i can get extension with ATO if you have overdue Returns, and work out at a concession rate. let us know.
Cosmic Accounting Group
Accountants and Tax Agents 22397009
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Yes you can, export to excel the ones you want then import into the new file.
But I also suggest a mixture of what has been suggested, just put in dummy entry 30Jun13 to make bank rec balance to closing balance, then work with old file for 13/14, 14/15 to get to your accountant fast, or export these transactions and hand the spreadsheet to the accountant.
Then start a new file for this financial year 15/16, you can then just import the chart of accounts, customers, suppliers lists etc.3 -
Kristine, if you still interested, all we need your bank statements and or your invoiced you raised , we will wrap up the books in RA and if you have not done ITR for some time and you are taxable , then its important to seek late lodgement extension from ATO. and minimise penalties and interest.
best bet is you to call and discuss .
Cosmic Accounting Group
Accountants and Tax Agents 22397009
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Hello,
I have a query along the same lines. I took over the administration for a business who basically just did nothing, half entered invoices, part numbers entered then never charged to the customer correctly, The bank account on Reckon never reconciled, random payments never in line with invoices or statements due etc. Because the business is over 6yr old I can't really open an entire new company file, so I started new bank accounts and set everything up correctly as at 1 July 2015. The problem is I cannot reconcile the previous bank accounts and too much information is missing or incorrect to even try. My accountant confirmed that I could do this.
There are times where I have gone back to old payments and updated them to the correct file, payment etc and I have had to remove the transaction from the 'Deposit' journal in order to change the account the payment came from. Probably not the best way but all of the information is actually still the same only it is on the clients account when it was previous a misc cash account or billed to the wrong account altogether.
Can I just make these bank accounts inactive? even if I have to 'bank' all of the 'undeposited' funds knowing that it will never balance just so that that portion is done. Would there be any issues with doing this?
Thank you0
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