I am using the KFurniture data file and note the conversion date of Oct 2007, however the task requests to start data entry from 1st May in the current financial year. On page 11 of the assessment task it asks to enter opening balances using Balance sheet dated 30/04/XX (current financial year – 2018). When I go to enter opening balances however it states the opening balances are being entered from Oct 2007, the conversion month. The conversion month cannot be changed, so how do I date the opening balances using the balance sheet from 30/04/18? I have spent ages trying to work this out and even asked my brother, who is a chartered accountant. My brother advises that it doesn’t matter if I enter opening balances with the conversion date Oct 2007 as there are no other transactions in the data file, but obviously this is not ideal. Please help.
Hi i have had the same problem. I have spent hours trying to figure this out. Have they changed the file recently maybe. I have rolled over the year to be 2018 May as well and go to enter the opening balance and it says the same thing that you are entering oct 2007.
I put the question on facebook and someone asked if i have locked the period. But i haven’t done anything other then open the file and roll it over.
Glad its not just me having this issue.
You are not able to change the date of the opening balances. They will be entered as at October 2007. No, this is not ideal, but we do not have an updated data file as yet.
As long as you have rolled over and are using the correct financial year for your transactions, this will be fine.
Conversion month of the assessment related data file still remain as October 2007. There aren’t any data in this data file. Therefore has no impact to reports. Therefore please use the same data file , Rollover (If required) to the financial year that you are currently working. Record Opening balance using “Setup/opening balances “or Use General Journal option on “Accounts/Record Journal Entry”.
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