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ID #1003

The difference between Enter Opening Balances and Enter Last Year Figure

Description

The solution below is explaining the  difference between Enter Opening Balances and Enter Last

Year Figure.

 

Solution

1.  Enter Opening Balance is to key in the  opening amount for the  starting period (served as balance b/f for current year/period’s ledgers); Enter Last Year Figure is to key in the closing amount for last accounting year  (will be displayed as last year  figure in financial reports); both  needed to key in only once  when  start  using UBSACC. The figures will be auto-updated after  year end  process.

 

2.  When  keying  in  Enter Last  Year  Figure,  for example:  for  year  ended 31  Dec 2005,  we  take  the amount of Balance C/F as at 31 Dec 2005 for all ledger accounts (all balance sheet accounts and income/expenses accounts); BUT for retained earnings, the  amount of Balance B/F as at 01 Jan 2005 should be adopted.

Tags: The difference between Enter Opening Balances and Enter Last Year Figure

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Last update: 2010-11-08 06:06
Author: Noor Diyana
Revision: 1.1

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