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Junior Member
Group: Forum Members
Last Login: 6/06/2007 7:56:16 PM
Posts: 0,
Visits: 0
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I did not include our C/F Capital Loss when loading Opening Balances as at 1/7/03.
We now have 12 months of transactions in place in MySF. I guess it's too late to change Opening Balances?
Can I do a GJ entry with, say, 01/07/03 date, to get the C/F loss into the correct liability account? If so, does the opening C/F Capital Loss need to be allocated to Members, or not?
Thanks in anticipation
Elaine
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MySF Administrator
Group: Administrators
Last Login: 29/01/2012 4:16:49 PM
Posts: 208,
Visits: 958
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An opening Balance entry can be entered at any time. In effect an OB Journal is a General Journal which is forced to a 1 July date.
As to the second part of your question you will be entering a Negative Liability as the CF Loss so it is a Debit entry and the Credit would go against the Members accounts - split to each member proportionately
Regards
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