new user for reckon accounting

jenny_9151212

hi There

We have used Reckon Accounts Premier as payroll system for years, now we decided to use reckon as accounts system as well. the version we have is Reckon Accounts Premier:Contractor Edition 2021.my question is should i set up an new company? where do i start? Also i had a look at chart of account in our Reckon, there are so many unnecessary accounts but i cannot delete them, the account number are so not in order. and if i create a new account, how do i give new account an account number? not sure if i make my question clear enough. thanks for your patient. looking forward to your answers or suggestions

Kris_Williams

You should be able to delete unwanted accounts by highlighting them and pressing Ctrl D. If there are subcategories you will have to delete those first. If the accounts have been used you cannot delete them just make them inactive.

You will have to go into preferences and turn on ‘use account numbers’, but sorry I’m not sure exactly what section it’s under.

‘if you don’t want any of the information in the current file you could start a new one, up to you. It might be worth speaking to an accredited trainer and having some personalised training to get you started

Acctd4

Agree with Kris but don’t setup a new Company as you’ll need to continue with STP Payroll 😁

As Kris said, you can delete any unused accounts & can also make now-unused ones inactive.

jenny_9151212

thanks so much for the quick reponds.

I have run into a new problem. how do I reset the balance to reflect the current financial year for every account rather than I only had a huge number just for payroll and bank. every other account will be start from zero from the day we use it for accounting system.thanks

cheers

Jenny

Kris_Williams

Do a journal entry, adjust bank figures and write off to retained earnings. Happy to chat if you need a more defined explanation 0415940843

jenny_9151212

thanks again Kris

what about payroll expense and payroll liability account? 😃

cheers Jenny

Kris_Williams

Expenses and Income will start fresh in the new financial year so you don’t have to worry, but anything on the balance sheet will have to be journaled out the same way as the bank accounts, just be sure that the liability is not meant to be there - e.g. from the last financial quarter

jenny_9151212

thanks a lot Kris. your suggestion worked. :)

However, i was checking on the payroll expense account, the total amount is the total for almost last 10 yrs. how come it not start from fresh? should i have done anything to rollover at end of financial year? thanks

cheers

Jenny

Kris_Williams

The payroll expense account is an expense account, correct, not a liability?

The figures will always be there if you select any period in the past, but this month or year etc should be zero

jenny_9151212

thanks Kris I need get my head around that we using Reckon not Nav anymore so there will be difference. in Nav the chart of account shows only net change of income and expense account for this financial year once you close off at end of financial year. not the total from last 10yrs. 😜

Kris_Williams

Sorry I only know about Reckon. You don’t have to ‘close off’ as such, just do any journals to reflect what the accountant does on the financials.

The Balance Sheet carries forward balances and the P & L starts fresh every year

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