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Superannuation Opening Balance

I am setting up a new Reckon Accounts Premier 2020.

I need to add an opening balance for the Superannuation payable amount from the previous software package. If I enter an amount into the opening balance of the account the transaction is:

DR Superannuation Payable & CR Opening Balance Equity

I am assuming that once all opening balances are entered that the Opening Balance equity should equal the old files equity amount?

Comments

  • Acctd4Acctd4 Accredited Partner Posts: 936 ✭✭✭
    edited February 9

    Hi Jonathan

    If you are using Payroll, you need to enter all Payroll opening balances via the "Setup YTD Amounts" feature (under the Employee dropdown menu)  This will ensure the amounts post to the correct liability/expense accounts accordingly (assuming your Payroll Items & accounts are setup correctly!)

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    Reckon Accredited Partner (AP) Bookkeeper * Regd BAS Agent (No: 92314 015) *

    ICB-Certified Bookkeeper * Seasonal Tax Consultant since 2003

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    0422 886 003

    [email protected]

    https://www.accounted4bs.com/

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