Starting new book in Reckon One

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Hi everyone,

I am just starting out as a Bookkeeper and am new to Reckon One. I'm setting up a new book for a not-for-profit organisation that I volunteer with and I need some advise on the best way to go about it.

The financial year I'm using is 1 July 2017 to 30 June 2018 and I am using projects to track the costs and revenue for the events that the organisation runs. My conversion date is 1 July 2017.

I have entered a journal entry for my account opening balances, but I can't find anywhere to enter historical sales and purchases or customer opening balances to match the balances of my Accounts Receivable and Accounts Payable accounts. How should I go about entering these?

Also, we received a considerable amount of revenue in the last financial year for our events held in this financial year and also paid some expenses for these ahead of time. I want to be able to track each event's profit/loss so should I enter an opening balance for a Prepaid Income Liability account and then do a journal entry to transfer this amount to my income accounts? And do the same for a Prepaid Expense Asset and then transfer it to an expense account? This is how I was taught to do it in MYOB, but wondering if there is a better way to do it in Reckon?

Really appreciate any help with this as I really want to make sure I'm doing this right from the start.


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Posted 4 weeks ago

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John G, Official Rep

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Hello Hannah,

Welcome to the Reckon Community.

So you have open transactions, and transactions you want to track, from a period before the start of this Book.  

Such transactions do need to be entered into the book individually, so you should have the start date of the book the first day of the previous financial year.  You can then enter the relevant transactions under their original transaction dates.

This should take care of your Acounts Receivable and Payables accounts, but you will have an issue with opening balances for other accounts - you will need to adjust the opening balances of the relevant accounts for the transactions you are entering individually.  The total of the opening balance plus the individual entries to the account should then match the closing balance of your previous system and financial year.  

To handle the Prepaid Income and Expense accounts you should seek direction of your accountant or bookkeepers' association.  

Hope this helps.

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Thanks for your reply, John

That really helps :)

The only problem is that I have already set my start date as 1 July 2017 in my Reckon One book and it cannot be changed, so I'm not going to be able to enter the previous year's transactions under their original transaction dates. I did not realise that historical transactions couldn't be entered in Reckon One when I set up the book. Would it work to enter them in the 13th period instead? Does Reckon One have a 13th period option (ie *dd/mm/yy) like MYOB does?

Thanks again for your help,