I use one instance of Bullet for a company that has a year-end 30th November and I started using it in April, so I am backdating some transactions to 1st Dec.
In relation to the bank account – will the opening balance be taken as the balance of 1st Dec (the start of the financial year ?
I saw this question on opening balances at https://www.bullethq.com/community/question/how-to-setup-a-opening-balance-in-bullets-business-accounting-online/, but I still need a confirmation on the year-end date ?
How do I double-check what the year-end date is for my company
We don’t do year ends or year starts in Bullet. That’s a traditional accounting approach so you can write stuff down etc. The tax system is a from one point in the year to another, but from an accounting point of view we don’t work like that.
Most/All Small businesses just run week after week. You of course can run reports to get your “year end”.
Bullet will build your tax returns based on the date the data that is entered, everything else is just constantly running.
CRO should be able to give you ARD (Annual Return Date).
We can’t advise on that kind of information, your accountant might be able to help.
Bullet follows this approach. We always give you a live overview of your business, we generate tax returns based on the data entered during the tax periods.
Just to confirm we don’t do year end dates, that’s a revenue or tradition managment accountant function (which doesn’t help/suit small biz).
Let me know if that makes sense Richard?
Hi I think I get you, let me know if I don’t.
When you create a bank account you can add an opening balance, no need for journal entries. If you’ve already created the account you can click ‘Edit’ if you’ve already created it.
If you’re talking about someone someone giving you money then you can use the Money In > Loan/Grants.
Let me know Richie, if I’m not on the mark we can make this convo private can you can give me some context about what you’re trying to do.