Help, accounts not setup correctly.

[crlrsheff]

I have started doing the accounts for someone, on checking through them I have found out that they have been not setup correctly. When the previous bookkeeper transferred the figures to a newer version of Tasbooks he has not entered the opening balance for Director's Loan account and also entered customers/suppliers invoices in the suspense account instead of opening balance. There is still a amount in the suspense account, this is from April 2006.

Could someone please advice me on how I can correct these transactions,as they go back five years.

Thank you, help would be very much appreciated.

 

[David Richards]

I have started doing the accounts for someone, on checking through them I have found out that they have been not setup correctly. When the previous bookkeeper transferred the figures to a newer version of Tasbooks he has not entered the opening balance for Director's Loan account and also entered customers/suppliers invoices in the suspense account instead of opening balance. There is still a amount in the suspense account, this is from April 2006.

Could someone please advice me on how I can correct these transactions,as they go back five years.

I was hoping someone else might answer this, as I can't really help you with this one - as it's more of a accounting question, rather than a TAS one per se.

Once you've worked out what journals you want to post, then I can certainly advise you how to post them. But in a complex situation like this I can't advise you what journals you need to post.

You could try asking on the accounts forum how to deal with this from an accounting perspective. Then if you're not sure how to post the journals, I might be able to help.