Switching Accounting Software

M

MidlandsBase

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I am switching accounting packages at the moment. The new software is excellent, is cheaper and no ongoing maintenance costs unlike the one I am using currently. My year end is October 31st. There is no export facility from my current accounting package.

My question is when opening my new financial year in November and using the new accounting how do I account for all the nominal figures at year end oct 31st 09? For example, I will have closing balances for Accodomation, advertising, etc. There is no option to enter an opening balance so do I need to create an overall dummy account for the 2008-2009 figures and create payments to get close of year figures?
 
Produce a trial balance from old software then do a single multiple account journal into your new software...
HTH
 
Hi Crugers,
I presume though I will have to enter each overhead individually into the new software, e.g., have an opening figure for each expense and my sales?
 
Well unless theres an export function from your old software and an import on your new one - ie data output to CSV file or somthing along those lines.
Be wary using this though as if a line is out or anything you can end up with stuff all over the place.
 
Hi Andrew, there is no export from the old but I have since noticed that there is an option to enter opening balances for each line item on my trial balance so that should get me out of bother.
 
It would be your choice as to how much or how little detail you need.
You would need at least opening balances for each supplier if not details of each invoice due. Probably the same for your debtors. If you have the time I'd put in as much detail as possible. Nothing worse than not having information available in one place!
If it is the start of a new financial year for you, then your P&L accounts will all start with a zero balance anyway...
 
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