When to base on an existing set of accounts

When creating a set of accounts you’ll have the option to base a set of accounts on an existing set. This topic explains the implications of this option.

When you choose to base on an existing set of accounts

• Basing on an existing set of accounts is intended for clients who aren’t using a bookkeeping application like Accounting.
• You won’t be able to populate the Trial Balance from Accounting
• This will calculate the brought forward Nominal Account balances based on the comparative period data.
  • For example: The Profit and loss account – Brought forward is calculated based on the prior period Profit/(loss) balance plus the Profit and loss account – Brought forward.

Sets up the current period Trial Balance so that the starting position of the period matches the closing balances of the previous accounting period.

When you don’t base on an existing set of accounts

• Designed for clients who are using a bookkeeping application like Accounting where the Trial Balance is fully up to date.
• You will be able to populate the Trial Balance from Accounting or import via a CSV file.
• The current period Trial Balance is empty and ready for you to populate.