In 2015 due to a bad handover and an inexperienced person entering data on the system we lost the integrity of the data and only used it for sales data since last summer. Now I want to resume using it with a fresh start for everything other than sales in Jan 2016. Can you offer advice as to the best way to do this? Maybe open another company and enter an opening balance sheet ? Journal in amendments to get the proper opening balance sheet?

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In 2015 due to a bad handover and an inexperienced person entering data on the system we lost the integrity of the data and only used it for sales data since last summer. Now I want to resume using it with a fresh start for everything other than sales in Jan 2016. Can you offer advice as to the best way to do this? Maybe open another company and enter an opening balance sheet ? Journal in amendments to get the proper opening balance sheet?

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Peter Connor ⋅ Staff January 10, 2016
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Hi Suzanne,
Ok so there are a couple of things. The main thing is that you’re accounts matches your bank.
There are also a number of ways you can migrate. Do you just want a clean slate from your last tax return or do you want all the historical data too?

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  1. suzannecarroll1 January 10, 2016
    Hi Peter, I think we ideally should keep the historical data but really just in case as it is very unreliable for 2015 apart from the sales figures. So i guess a clean slate but if we ever need to go back and look at the data it's still there
  2. Peter Connor January 10, 2016
    Cool. We'll you can just add a new company to start.
    Then decide if you at what point you want to enter data from. If you're paying VAT the best thing to do is from the end of last tax period.
    So I'm port your bank details from then. Any money in Bullet will ask you you to create invoices, and any money out Bullet will ask you to create Bills.
    You can create a bank account with an opening balance.
    That's really it. From that point all all the mid year tax returns Bullet creates will be good.
    Do you use payroll?
  3. suzannecarroll1 January 10, 2016
    Thanks Peter, We don't use payroll. Will there be any additional charge for adding a company? Also, will I be able to enter opening creditor and debtor balances?
  4. suzannecarroll1 January 10, 2016
    Sorry, I should have said at a customer/ creditor name level?
  5. Peter Connor January 10, 2016
    No you can have a million companies if you want. But, if you want to be abel to jump between the two within the dashboard you'll need to add the multi user app, it gets added automatically and only costs €4.99pm with an unlimited amount of users.
    The easiest way to add opening balances. Is to add a invoice with the opening balance for each customer and mark it as paid. But, your bank rec should do this for you.
    Does that make sense?

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