Opening Balance Upload Later

write2sourav

Hi,
My client cannot give the closing balance data for 31st March 2011 as on 31st March 2011. They want to start entry from 1st April 20011. After 2 months on 31st May 2011 they will be able to provide the audited balance figures as on 31st March. They are saying they will start making entries from 1st April onwards and on 31st May the closing balance of 31 st March will be uploaded at a back date.

Please advise whether it would be feasible to do that, or what can be the pitfalls and any workarounds to this.

AdamRoue

No problem with it, very common. Without the opening balances the first months accounts will be difficult to produce, that is all. Two months is unusal however. There is no need to wiat for the audited results, hopefully the adjustments will be monir and they can make these as audut adjustment journals. Get the opening balances in when the March period is closed as they submit them to the auditors and then make the audit adjustments in teh system, also shows the auditors the adjustments they made them make last year.