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?