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?
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.