Hello,
Right now I am in a hot seat. I got this new job in a Marine Logistics Company. Since 2010, the company have been practicing single entry system using excel as a software. Now my first assignment is to migrate the whole accounting system to Peachtree Accounting Software which they have adopted to use at the last AGM and at the same time apply the double entry system of accounting.
Now my question is, am I going to start from 2010 before I can ascertain the prior year adjustments that will be brought forward as beginning balances in the Peachtree Software or I should only carry forward this years 2018 balances?
My most challenging scenario is the fact that they don't have the figure for Capital Introduced and some other faucets of the charts of accounts.
Please I just need a professional advice here...in order not to make matters worse. Thanks.
Right now I am in a hot seat. I got this new job in a Marine Logistics Company. Since 2010, the company have been practicing single entry system using excel as a software. Now my first assignment is to migrate the whole accounting system to Peachtree Accounting Software which they have adopted to use at the last AGM and at the same time apply the double entry system of accounting.
Now my question is, am I going to start from 2010 before I can ascertain the prior year adjustments that will be brought forward as beginning balances in the Peachtree Software or I should only carry forward this years 2018 balances?
My most challenging scenario is the fact that they don't have the figure for Capital Introduced and some other faucets of the charts of accounts.
Please I just need a professional advice here...in order not to make matters worse. Thanks.