Opening Balances Assistant

Is your business VAT registered?

Do you have an accountant?

Is your business VAT registered?

Are you switching to Pandle from the start of a new VAT period or part way through?

Is your business VAT registered?

Is your business VAT registered?

Are you switching to Pandle from the start of a new VAT period or part way through?

Simply run a 'trial balance' report from your previous accounting software and enter the debits and credits into the Pandle opening balance wizard.

Before doing this it is important to ensure

everything is correct in your old softwareThis includes ensuring your bank balances have been reconciled, your balance sheet items have been checked for mispostings (such as VAT, wages and PAYE) and the receivables and payables reports show the correct outstanding invoices at the switch date

or you will be bringing old errors into Pandle.

It is always preferable to start new software from the start of your financial year so it is not spread across two systems. If you have an accountant it is a good idea to ensure they have finished the year end and have entered your year end adjustments in your old software before entering your opening balances into Pandle.

Go To Pandle

As you have an accountant it is recommended that you start Pandle from the start of your financial year. Once your accountant has completed your year end accounts they should be able to provide you with a ‘trial balance’ report which you can copy into Pandle’s opening balance wizard.

Go To Pandle

Are you switching to Pandle from the start of a new VAT period or part way through?

Are you switching to Pandle from the start of a new VAT period or part way through?

Simply run a 'trial balance' report from your previous accounting software and enter the debits and credits into the Pandle opening balance wizard. Before doing this it is important to ensure

everything is correct in your old softwareThis includes ensuring your bank balances have been reconciled, your balance sheet items have been checked for mispostings (such as VAT, wages and PAYE) and the receivables and payables reports show the correct outstanding invoices at the switch date

or you will be bringing old errors into Pandle.

It is always preferable to start new software from the start of your financial year so it is not spread across two systems.

If you have an accountant it is a good idea to ensure they have finished the year end and have entered your year end adjustments in your old software before entering your opening balances into Pandle.

Go To Pandle

Changing accounting software part way through a VAT period is not ideal but it can be necessary if your VAT period staggers your financial year end.

To enter your opening balances firstly run a 'trial balance' report from your previous accounting software and enter the debits and credits into the Pandle opening balance wizard. Before doing this it is important to ensure

everything is correct in your old softwareThis includes ensuring your bank balances have been reconciled, your balance sheet items have been checked for mispostings (such as VAT, wages and PAYE) and the receivables and payables reports show the correct outstanding invoices at the switch date

or you will be bringing old errors into Pandle.

As you are starting Pandle part way through a VAT period you should run the first part of the VAT period in your old software, enter the opening balances in Pandle and run the final part of the VAT return in Pandle. The combined amounts will form your VAT return and the totalled figures should be submitted through 'bridging software'.

Go To Pandle

Moving from spreadsheets to software without having an accountant is never going to be an exact science as spreadsheets can be in any format whereas accounting software is structured.

However, you can enter your bank balances (debit if positive), the value of your assets (debit) and your liabilities (credit) at your switch date. It is unlikely the debits will equal the credits in your opening balances but you can post the difference to either capitial introduced or drawings if you're a sole trader or the director's loan account if you have a limited company.

Go To Pandle

As you have an accountant it is recommended that you start Pandle from the start of your financial year. Once your accountant has completed your year end accounts they should be able to provide you with a ‘trial balance’ report which you can copy into Pandle’s opening balance wizard.

Go To Pandle

As you have an accountant it is recommended that you start Pandle from the start of your financial year. Once your accountant has completed your year end accounts they should be able to provide you with a ‘trial balance’ report which you can copy into Pandle’s opening balance wizard.

Go To Pandle

As you have an accountant it is recommended that you start Pandle from the start of your financial year. Once your accountant has completed your year end accounts they should be able to provide you with a ‘trial balance’ report which you can copy into Pandle’s opening balance wizard.

As you are starting Pandle part way through a VAT period you should calculate the first part of the period in your spreadsheet, enter the opening balances and run the final part of the VAT return in Pandle. The combined amounts will form your VAT return and the totaled figures should be submitted through ‘bridging software’.

Go To Pandle

Moving from spreadsheets to software without having an accountant is never going to be an exact science as spreadsheets can be in any format whereas accounting software is structured.

However, you can enter your bank balances (debit if positive), the value of your assets (debit) and your liabilities (credit) at your switch date.

It is unlikely the debits will equal the credits in your opening balances but you can post the difference to either capitial introduced or drawings if you're a sole trader or the director's loan account if you have a limited company.

Go To Pandle

Moving from spreadsheets to software without having an accountant is never going to be an exact science as spreadsheets can be in any format whereas accounting software is structured.

However, you can enter your bank balances (debit if positive), the value of your assets (debit) and your liabilities (credit) at your switch date. It is unlikely the debits will equal the credits in your opening balances but you can post the difference to either capitial introduced or drawings if you're a sole trader or the director's loan account if you have a limited company.

As you are starting Pandle part way through a VAT period you should calculate the first part of the VAT period in your spreadsheet, enter the opening balances in Pandle and run the final part of the VAT return in Pandle. The combined amounts will form your VAT return and the totalled figures should be submitted through 'bridging software'.

Go To Pandle

As you have an accountant it is recommended that you start Pandle from the start of your financial year. Once your accountant has completed your year end accounts they should be able to provide you with a ‘trial balance’ report which you can copy into Pandle’s opening balance wizard.

Go To Pandle

As you have an accountant it is recommended that you start Pandle from the start of your financial year. Once your accountant has completed your year end accounts they should be able to provide you with a ‘trial balance’ report which you can copy into Pandle’s opening balance wizard. As you are starting Pandle part way through a VAT period you should calculate the first part of the period in your spreadsheet, enter the opening balances and run the final part of the VAT return in Pandle.

The combined amounts will form your VAT return and the totaled figures should be submitted through ‘bridging software’.

Go To Pandle