You can input prior year information using the Comparative Entries option from the Input menu. Using this option, you can input:
Only closing balances for the prior year, or
Both opening and closing balances for the prior year. This is necessary if your client requires a Cash Flow Statement for the current year.
Input closing balances for the prior year
Open HandiLedger, then select the client and the current financial year.
Go to Input, Comparative Entries.
Read the information and then click OK.
If you do not require a Cash Flow statement, click Skip.
If you require the trial balance as at 30th of June, click Skip.
Read and review the display information, then click OK.
Input the client’s closing trial balance for the prior financial year.
When the journal balances, click Save and then Close.
HandiLedger will roll the client forward into the current financial year.
Note: The figures entered must reflect the accounts before the profit distribution. HandiLedger will automatically create a journal entry to record the profit distribution.
Partnership, Trust or Superfund?
You will need to input details of the members, partners, or beneficiaries and their profit distributions.
Following the steps above, click OK. You must now complete the details of each member, beneficiary, or partner and any profit.
Add each person by clicking the Person button and then New.
Each member entered must have the comparative year listed, click Year and then New.
Complete either the Amount or the Percentage column.
Click Save and then Close.
Important: Always give one person a distribution of 100%. This prevents any rounding problems. HandiLedger will distribute amounts to all other people. The person with a profit distribution of 100% will then receive any remaining balance.