I’m moving my accounts to Bullet but instead of inputting 10 years of books I’m starting from 01/01/2016. But how do I account for the balance of my Equity?

I’m moving my accounts to Bullet but instead of inputting 10 years of books I’m starting from 01/01/2016. But how do I account for the balance of my Equity?

  1. jasonbutle June 25, 2016
    Also how I do account for Artists Exemption in wage - where USC/PRSI is due but PAYE isn't?

1 answer

Peter Connor Staff June 25, 2016
Public

Hi Jason,
We generally give people converting over the following advice:
Run a Trial Balance on your existing accounting software.
1) Enter all your currently outstanding invoices and bills into bullet (only the ones with payment due – not the paid ones).
2) Take a look at the Trial Balance on Bullet.
3) Figure out the difference between the original trial balance you got from your old software and the trial balance in Bullet.
4) Enter these differences as a big manual journal entry.
After the above, your trial balance on Bullet should be the same as on your old software, and you’re all ready to go.
In payroll Additions and Deductions will allow for your “Artists Exemption”.
I’ll find out about the Equity question for you now.
Pete

#answer-3618
  1. Peter Connor June 25, 2016
    Hi Jason,
    The balance of your equity would be input as part of the trial balance into Bullet - the equity value should appear in your existing trial balance/balance sheet. That's the value you'll want to bring over.
    John.
  2. jasonbutle June 25, 2016
    Apologies for my ignorance but could you explain how I would input the equity "as part of the trial balance"?
  3. Peter Connor June 25, 2016
    Hi Jason. We're not accountants so can't recommend items like that. We don't have liability cover for it.
    Your accountant will show you, I'm sure.

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