Option 1 – Using both Bookkeeping (BK) and Accounts Production (AP) from the start of the financial year


Step 1:
Upload the previous year’s Trial Balance (TB) directly into Accounts Production (AP) and allocate income and expenses to the respective funds using the Edit>Explain option.

 

Step 2:
Enter the previous year’s closing balance sheet figures as opening balances for the current year in the Opening Balances screen. Post current-year transactions in the Bookkeeping (BK) module.
Once the transactions are posted, the current-year TB will be generated based on the opening balances and current-year transactions.

 

Step 3:
Navigate to AP > Import Trial Balance from Bookkeeping. As the prior-year TB has already been imported in Step 1, you can now generate comparative annual accounts using both years’ TBs in AP.

 


Option 2 – Using Accounts Production (AP) only

Step 1:
Import both the previous-year and current-year TBs into AP for their respective periods. Allocate income and expenses to the respective funds using the Edit>Explain option.

 

Step 2:
Generate comparative annual accounts in AP using the TBs for both years.

 


Option 3 – Using Bookkeeping (BK) and Accounts Production (AP) from the middle of the financial year

Step 1:
Upload the previous year’s TB directly into AP and allocate income and expenses to the relevant funds using the Edit option.

 

Step 2:
Enter the previous year’s closing figures of balance sheet as opening balances for the current year in the Opening Balances screen.
Post current-year transactions up to date for the respective funds using journals or the Opening Balances screen in the BK module.
After posting these entries, a current-year-to-date TB will be generated based on the opening balances and transactions entered.
(If transactions are entered through the Opening Balances screen, income and expenses must be allocated to the respective funds.)
You can then continue using the BK module to post transactions for the remainder of the year to generate a full current-year TB.

 

Step 3:
Go to AP > Import Trial Balance from Bookkeeping. As the previous-year TB has already been imported in Step 1, you can generate comparative annual accounts using both years’ TBs in AP.