How to check company year-end

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Lads, 
I use one instance of Bullet for a company that has a year-end 30th November and I started using it in April, so I am backdating some transactions to 1st Dec. 
In relation to the bank account – will the opening balance be taken as the balance of 1st Dec (the start of the financial year ?
I saw this question on opening balances at https://www.bullethq.com/community/question/how-to-setup-a-opening-balance-in-bullets-business-accounting-online/, but I still need a confirmation on the year-end date ?
Thanks
Richie
 
 
How do I double-check what the year-end date is for my company 

2 answers

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Peter Connor ⋅ Staff May 7, 2015
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Hi Richie,

We don’t do year ends or year starts in Bullet. That’s a traditional accounting approach so you can write stuff down etc. The tax system is a from one point in the year to another, but from an accounting point of view we don’t work like that. 
Most/All Small businesses just run week after week. You of course can run reports to get your “year end”.
Bullet will build your tax returns based on the date the data that is entered, everything else is just constantly running.
CRO should be able to give you ARD (Annual Return Date).
We can’t advise on that kind of information, your accountant might be able to help. 
Bullet follows this approach. We always give you a live overview of your business, we generate tax returns based on the data entered during the tax periods. 
Just to confirm we don’t do year end dates, that’s a revenue or tradition managment accountant function (which doesn’t help/suit small biz).
Let me know if that makes sense Richard?
Pete 

#answer-1584
  1. richiebowden May 7, 2015
    Cheers Pete,

    Understand where you're coming from with the small business approach. I may not have been clear in my question. Let me re-try

    If I started using Bullethq for a company in April 2014 and I want to set an opeing balance as of 1st Dec 2013 in my bank account - should I use a journal to debit the bank account on 1st Dec with the opening balance amount and credit owner's equity (where the funds came from).

    Hopefully this is clearer.

    Regards

    Richie
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Peter Connor ⋅ Staff May 8, 2015
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Hi I think I get you, let me know if I don’t.
Bank Account
When you create a bank account you can add an opening balance, no need for journal entries. If you’ve already created the account you can click ‘Edit’ if you’ve already created it. 
Equity
If you’re talking about someone someone giving you money then you can use the Money In > Loan/Grants.
Let me know Richie, if I’m not on the mark we can make this convo private can you can give me some context about what you’re trying to do. 
 
 

#answer-1590
  1. richiebowden May 9, 2015
    Thanks Peter.

    One final question on your comment. I started using Bullethq for one company in April 2014 and I created a bank account then. If I add an opening balance now will that be dated on the date in April 2014 when the bank account was created ?

    If so, I need to 'create' an opening balance for 1st Dec 2013 and can I do that via a journal entry ?

    Regards

    Richie
  2. Peter Connor May 11, 2015
    Hi Richie,

    I'll get John to come back to you on this today.

    Pete
  3. john_bullet May 11, 2015
    Hi Richie,

    The opening bank balance is more for the display purposes on the bank accounts overview screen (it affects the "Bullet" figure beside each account); it doesn't appear on any management accounts. You'd add a manual journal entry to set an opening balance for a specific date that you want to appear in your management reports (trial balance, balance sheet etc.)

    Let us know if there's anything else we can help with.

    John
  4. richiebowden May 16, 2015
    Peter / John,
    Many thanks - I will work ahead with the journal entry.
    Have a good week-end.
    Richie
  5. Peter Connor May 18, 2015
    Thanks Richie, I'd a great one :)

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