Dear All,
my question is my company closed all accounts of 2011 so how to transfer closing balances of all accounts to next year what entry should i pass for this pls give suggestions its immportant and this company installing some new a/c software so i have to transfer closing balances of 2011 to next year 2012 in software . what entry should i hve to pass
If your company is shifting to new software then first of all you have to create all the ledgers according to the previous year's financial statement and while creating ledger you have to mention opening balances against it....every accounting software contains a feature of opening balance to be mentioned therin.
Yes i agree with Mr.Parul Saxena
You have to create ledger and feed the opening balance as per closing balance in previous year books.
Keep TB ready with you of closed balance sheet and then start putting opning bal in new software.
CAclubindia
