Recording expense opening balance

[Daniel Trezub]

Can't you just record a past transaction for a random date in the past,
let's say Jan, 1st?
If the date is not that important, but the value and account are, I'd do
that.

=====
Daniel
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2009/10/3 Doug Laidlaw <laidlaws at hotkey.net.au>

> On Sat, 3 Oct 2009 04:29:41 pm maljam5 wrote:
> > How do I record an expense opening balance. For instance, if I set up an
> > expense account for 'phone bill' and I know that I have already spent
> $500
> > year to date, what transfer account would I use to record this amount so
> > that at the end of the year I can print a report on the total spent for
> the
> > year?
>
> By definition, you can't open your books with an expense already incurred.
>  As
> I see it, you have two options:
>
> (a) Open your books as at the beginning of the fiscal year and in "phone
> bill"
> record an expense item "Expenses to date".  I am not sure what you do with
> the
> other half of the entry - it can't go to Cash, of course.  It could go to
> "opening balances".  The advantage of that is that you have a complete
> fiscal
> year for tax purposes.  Alternatively, you can record the complete history,
> if
> there are only a few transactions.
>
> (b)  When my accountant set up my books, there was a balancing item
> "Preliminary expenses."  You could open your books as of today, and for the
> $500, debit Phone Bill and credit "Preliminary expenses."  That item would
> be
> written off at the end of the year.  I imagine that it would go in this
> year's
> Balance Sheet, but it is really part of your profit and loss.  "Preliminary
> expenses" would be transferred as one item; if you have expenses that
> belong
> to Gross Profit and others to Net Profit, you would need one account for
> each.
>
> If you have an accountant doing your tax, that would be the best person to
> ask.
>
> HTH,
>
> Doug,
> Not an accountant.
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