retained earnings and accounts payable/receivable

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  • Updated 10 months ago
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Hi

I am setting up a new account in Reckon Accounts Plus 2016.  For other accounts I have set up the default Opening Balance Equity returns to Nil once I have all the balances set up correctly. This time it is out by the Accounts Receivable minus the Accounts Payable amount. When I click into the Opening Balance Equity Account I can see all my other balances but not Accounts Payable and Accounts Receivable balances. Is there some journal I am meant to do to bring these amounts into Opening Bal Equity? 
Thanks
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K Cossey

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Posted 10 months ago

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Kevin Russell, Accredited Partner

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You need a customer or a supplier to post to receivables or payables. You need to enter the opening balances for the dwbtors and creditors. Call me if you get stuck

Kevin t:0407744914
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K Cossey

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Thanks for helping. Yes, that's how I entered my oping balances for accounts receivable and payable. I created a customer and a supplier and set the opening balance at the 1/04 to be the amounts owing. Maybe I should have dated it the 31/03?

I'll try that. ..

Nope that didn't work. The two balances show in the chart of accounts but they don't appear anywhere i the Opening Balance Equity Ledger. Are they meant to?

I'm a bit of a newbie so I'm probably missing something basic...
Thanks again
Karen
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Kevin Russell, Accredited Partner

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Of the balance date is March 31at then that is the date of the opening balance. They wont be in the opening balance equity account at all