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Junior Member
Group: Forum Members
Last Login: 6/06/2007 7:56:14 PM
Posts: 0,
Visits: 0
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I had a struggle with Opening Balances, and eventually found it was simpler than I thought. Chris was amazingly patient, and in the end it went well. I am not an accountant, and until now had been using an administrator for the fund, which meant it took a little while to dig out all the information I needed. So I thought I'd put up here what worked for me, in case there are others in my situation.
Key points were a) comprehending that assets and expenses are debits and liability and members are credits; b) realising that I can use ANY of the accounts in the Load Opening Balance screens, not just those labelled "O/B". (May sound stupid to real accountants, but ... !) and c) realising that there are many ways for debits and credits to equal each other.
In the end I created a spreadsheet in Excel to note the a/c #s I was going to use, and what was going into them, and after that it was very easy to enter into MySF. I've posted in the 'Help' forum re creating the shares as assets when they have history. I found it was simpler to put in the shares to Opening Balances at asset creation value (1151 a/c # series), and then, after running the revaluation at 30/6/03, to put in the revaluation values (a/c #s 1171-75 for me), in one king hit after creating the assets. The spreadsheet was good here, because the revaluations are by class, not individual. After I'd created the assets and revalued I ran the Asset report which made it easy just to copy the values into the Load Opening Balances screen and to check them, and also to calculate the 'class' revaluations. Then other expenses went in per their a/c #s.
Finally, instead of mucking around divvying up the assets into the members opening amounts, (our member distribution is asymmetrical) I just entered the members equity as credits which I took straight from the members report at 30/6/03, scattered around 3020, 3030 and 3170, and made sure it and the liabilities came out the same as the assets and expenses.
The spreadsheet was handy, apart from checking values, just to help straighten out what went where, and ensure the numbers made sense.
I had alot of phone calls with Chris to help me along the way - but I thought I'd like to see stuff in this Forum which may help me, so I decided to post this even though some of it may look a bit dumb - in the hope that I am not the only one who didn't rocket through in one easy stride!
Overall, I think the software's great.
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Junior Member
Group: Forum Members
Last Login: 6/06/2007 7:56:14 PM
Posts: 0,
Visits: 0
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Troubador,
I agree with your concluding comments.
Overall the software is miles ahead of anything out there that I've some across.
I too have spoken to Chris (I think on less technical issues) and the level of support is fantastic.
In our own ways we've all tried - deliberately or otherwise! - to break the software. I recall the first time I deleted an asset ...... scary. And the package has room for improvement re instalment warrants, etc. But that's what development is all about.
Chris & team - thanks & keep up the good work!
PS the upgrade is coming soon?
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MySF Administrator
Group: Administrators
Last Login: 16/05/2012 7:43:33 PM
Posts: 213,
Visits: 978
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We are in the final trows of testing - It looks like early next week at the latest.
I will keep you posted
Regards
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Junior Member
Group: Forum Members
Last Login: 6/06/2007 7:56:15 PM
Posts: 0,
Visits: 0
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I am just so impressed with ALL the functionality of MySF.
I can now actually plan the performance of the Superfund rather than focusing on "Complience"
Chris has been ever so patient in me getting to understand the operations and functionality of the program.
I think I,m now on top of it.
Its really going to be fun to hit the "End of Year".
One of the points is being able to generate the "Tax Liability" instead of waiting for the the news form the "professions" in September/October.
Bank Reconciliations are a breeze.
Congrats to ALL involved
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