Splitting books by bank account for Auditors

Hi, our bank accounts changed during the year which included a trust account was added which is now our main account.

Our auditors now want separate set of books for the current account and a separate set of books for the trust account.

All accounting work for the financial year has been completed and year end done.

Is there a easy way of copying a set a books and then deleting transactions not pertaining to that account and reversing opening balances which do not apply to that specific set of books.

Please assist. Greatly appreciated.

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Hi Ian,

Unfortunately there is no easy way to accomplish this, as you cannot delete entries once they're posted.

I can help however as I have have created an Excel-file for myself for management account purposes to extract detail from the TC-database.  This includes individual transactions stored in the db.  From this detail information we should be able to create two sets of trial balances in Excel.

You will then need create two separate sets of books in TC and enter opening balances for each.

Let me know on manahcount%%@%%gmail%%.com  (remove the obvious incorrect chars)

r

You can handle multiple bank accounts in one set of books and pull different reports. Simplest by posting EXCLUSIVELY to different accounts from each batch. One (or two) batches per bank account.

Follow Accounting Made Easy to understand this.

It actually depends on how many bathces he has posted. If there are a few you can unpost, modify and repost to the correct allocations. Works on $ 50 per hour.



Retief Kotze said:

Hi Ian,

Unfortunately there is no easy way to accomplish this, as you cannot delete entries once they're posted.

I can help however as I have have created an Excel-file for myself for management account purposes to extract detail from the TC-database.  This includes individual transactions stored in the db.  From this detail information we should be able to create two sets of trial balances in Excel.

You will then need create two separate sets of books in TC and enter opening balances for each.

Let me know on manahcount%%@%%gmail%%.com  (remove the obvious incorrect chars)

r

Yes, Philip is right: it depends. I haven't used reverse batch posting much, so did'nt consider that as an option. That can work. Then you can create a copy and start the different sets or the normal and 'trust' bank account from there.

Having two sets reduces the chance of posting to incorrect accounts. The 'trust'-account should not form part of your balance-sheet report in any possibility if you want to create true "separation of assets".

At first I too was scared of reversing batches. Once you know that it actually works it opens a whole new world.  Very adictive - dangerous. Use backups. See access control for the audit trail.

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