Initial Balance sheet Urgent
Hello
I have a client's initial balance sheet and income statement and we are going to LIVE,i am confusing what account head which i have to load through JOURNAL?because TRIAL BALANCE consist of income statement item(sale purchase expense) .these account balances will also be loaded or not on go live date?If these heads(income statement items) are not loaded on initial so how profit/loss will be added in balance sheet(in which account)?
I have already loaded opening balances of customer invoices and payables invoices and inventory balances through Misc transaction in subsidiary ledger
In opening inventory balances(DEBIT material CREDIT inventory AP accrual) but my initial balance sheet is showing ending inventory so we will adjust credit balances account INVENTORY AP ACCRUAL?
I have a client's initial balance sheet and income statement and we are going to LIVE,i am confusing what account head which i have to load through JOURNAL?because TRIAL BALANCE consist of income statement item(sale purchase expense) .these account balances will also be loaded or not on go live date?If these heads(income statement items) are not loaded on initial so how profit/loss will be added in balance sheet(in which account)?
I have already loaded opening balances of customer invoices and payables invoices and inventory balances through Misc transaction in subsidiary ledger
In opening inventory balances(DEBIT material CREDIT inventory AP accrual) but my initial balance sheet is showing ending inventory so we will adjust credit balances account INVENTORY AP ACCRUAL?
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