Opening balance issue
How do i add an opening balance in Solo version
Forum Discussion
3 Replies
G'day Geogerry
At the moment, Solo doesn’t have a dedicated field for entering an opening balance.
Many Solmates use Record Income or Record Expense to add transactions and reflect any prior income or expenses when setting up your accounts. The other option is to enter the individual transactions.
That said, I’m not an accountant either, so I can’t give financial or tax advice. If you’re worried this might impact your taxable income or ATO reporting, I’d definitely recommend checking in with a registered tax agent or financial adviser just to be safe. You can even invite them to your Solo account so they can have a proper look at all your records and give you foolproof advice on how this should be added. Just open your Solo app, tap More -> Share access, and add them from there.
If you get guidance from your financial adviser on what needs to be done, and need help on how to achieve that in Solo, just shout out and we'll come running!
Can i ask what did you end up doing? I have a MYOB Business but its honestly to big for what we need but has been running for sometime so need to have opening balances. Did you end up doing something
Hi Melby,
I am the treasurer of a Not Profit organisation and I was trying SOLO, the cut down version of MYOB. I ended up not using it as I could only select 10% for GST. Since we buy some food items, not all of which attract GST, so the GST is a specific amount as shown on an invoice, not 10% of the invoice. Also there was no option to add an opening balance. I could fudge that but the GST means SOLO is not suitable for us. Being an NFP, paying the full price is also not an option, we have to watch our spending.
Cheers.
Gerry Ligtermoet
Geogerry@icloud.com
