Initial balance Mistery

[alcorjr]

Hi folks. I set up my Premium 2005, and set the initial balances for June 2004. I put in the movements for July. Then I had to put in some more initial balances for accounts that were forgotten (!!!)

As the initial balance window would only give me the options for initial balances up until Dec 31 2003, I wrote them there.

Ok, so far so good. Now I'm trying to put in the Initial Balance for "Fees Credited" a Cost of Sales account. I did the same thing as before, but the balance doesn't show in the Income Statement, although when I check in the Beginnig Balances window..........It's There !!!!!

WHAT GIVES ???????


Thanks for your help

[David Palmer]

If you are on a calendar year basis and you put the beginning balance in as December 31, 2003 it is not a part of 2004 and should not be included in the 2004 income statement.

[alcorjr]

Yes. Thanks. I figured that out after posting.
What I did was to create an Adjustment Other Assets Acc. and initialize it wit the balance I needed, as of 12/31/03, which was carried on to the next year.

I then made an entry as of June 30, 04, writing it off to

"Fees Credited" which is a Cost of Sales Acc.


Thanks a lot