I suggest you check which exact invoices where outstanding at the beginning of the year, and check HOW you booked the payment of those invoices. (Chances are you coded the payment to costs) Then correct that by booking the payment debit on Accounts Payable instead of debit on costs or wherever you put them.
(Assuming you paid those invoices by now. Otherwise they are well overdue and you will be receiving very unfriendly letters etcetera..) BTW: Bank and AR versus AP and common shares? No 'Retained Earnings' on the credit side as well? Common shares is a normally a fixed amount (x shares at value y) and NOT a 'balancing account'. Your friend may know more, but does he know enough? Accounts are no joking matter, ask anybody who ever went bankrupt! Grtz, Paul -----Original Message----- From: [EMAIL PROTECTED] [mailto:sql-ledger-users-bounce@;freelists.org] On Behalf Of Marius Kjeldahl Sent: Thursday, October 31, 2002 11:10 PM To: [EMAIL PROTECTED] Subject: [SL] Re: Tax question.. Ok, sorry for being clueless. I've had a deeper look into stuff, and what I am seeing appearing on the balance sheet is identical to what I put in as the incoming balance (or whatever it is called) for the beginning of the year (because I have no outstanding payments). Basically, at the start of the year my bank account and AR is debited and balanced with AP and common shares. I did this on instruction from a friend of mine who knows more about this than I do. Then it seems AP remains the same amount as at the beginning of the year. Which makes me a bit suspicious; should it not be zero? Should I use another set of accounts than AP and AR to balance the ingoing balance for a year? At least I am learning by asking these annoying questions.. ;-) -- Mvh, Marius Kjeldahl
