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Stonestreet's avatar
Stonestreet
4 years ago

Setting Up accounts for a newly incorporated association transitioning from an unincorporated assocation

Hi Guys We are using AccoutRight Plus. We have been operating as an unincorporated association, but on 16th of February became an incorporated not for profit association. Our consititution (rules)...
  • Steven_M's avatar
    Steven_M
    4 years ago

    Hi Stonestreet 

     

    From an AccountRight point of view, you can enter opening balances for a company file through Setup>>Balances. You would be able to enter the account, customer, supplier and job opening balances through this method. Typically, you would be entering the same balances as of the first day of the conversion month (Setup>>Company Information -- Conversion month).


    In your case, it sounds like it is recommended that you speaking to your accounting advisor to the best course of action for your needs. However, it is likely a case of entering the balances as of February then re-entering any transactions in the company file that will bring that file up to date i.e. February to June transactions. The other option is to draw a line in the sand and enter the opening balances as of July and use that file going forward.

Steven_M's avatar
Steven_M
Former Staff
4 years ago

Hi Stonestreet 

 

From an AccountRight point of view, you can enter opening balances for a company file through Setup>>Balances. You would be able to enter the account, customer, supplier and job opening balances through this method. Typically, you would be entering the same balances as of the first day of the conversion month (Setup>>Company Information -- Conversion month).


In your case, it sounds like it is recommended that you speaking to your accounting advisor to the best course of action for your needs. However, it is likely a case of entering the balances as of February then re-entering any transactions in the company file that will bring that file up to date i.e. February to June transactions. The other option is to draw a line in the sand and enter the opening balances as of July and use that file going forward.

  • Stonestreet's avatar
    Stonestreet
    4 years ago

    Thanks so much Steven, that information was really helpful and much appreciated. 

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