I needed open new file for existing company, as the old one was running many years.
I need some advise as I don't work in accountancy and I just do bookkeeping up to trial balance.
1. I opened new file and imported list of suppliers/customers and chart of accounts.
2. As in old file I had some bills which has not been yet paid I entered them as a bills to each supplier putting them on members equity accounts (date - the end of financial year).
3. To each customers which hasn't paid invoice yet I made general journal, using the same account as mentioned above - members equity (date- the end of financial year).
4. The next step is prepayments on suppliers. In old file I entered bills on prepayments account (date- the end of financial year), I am not sure how shall I transfer them to new file?
5.After closing last vat period (ending date the same as the end of financial year) I received some vat invoices with expenses incurred in last financial year, so I added them both in old and new file. Can I credit them without vat? Am I doing right?
6. Then I am gonna transfer figures from balance sheet only.