Step 5 - Entering year before last - Limited Company tutorial (ELTD)

Since FRS 3 was released Accounts Production has required 3 years figures for the following balance sheet items:

Intangible assets - cost
Intangible assets - amortisation
Fixed assets - cost
Fixed assets - depreciation
Fixed asset investments - cost
Fixed asset investments - amortisation
Share capital
Other reserves

These items must be posted into a posting entry for year before last or Accounts Production assumes that a revaluation or some other recognised gain or loss which has not affected the profit and loss account has occurred and generates an error message to this effect at the foot of the statutory profit and loss account.

Click on the magnifying glass at the top of the screen, next to the original posting entry field.
Click New to add a new posting entry
Enter the Description as 2006 Posting file.
Click on the magnifying glass next to the Account period end field. The Accounting Periods panel will appear. Select the period ending 31/3/06 and click OK.
Select Previous account period end date, Enter date and select add, then enter 310305. Click OK and OK again.
Click OK again to accept the post file entry screen.
Select Posting | Post.
Start a batch of document type 11 and enter the following postings.

Nominal Description	A/c No	Dr £	Cr £
Freehold property - cost	512/1	100,000
Freehold property - dep’n	512/21		3,000
Machinery and equipment cost	523/1	23,000
Machinery & equip’ dep’n	523/21		8,883
Motor vehicles - cost	525/1	12,000
Motor vehicles - dep’n	525/21		6,939
Share capital 1	966/1		1,000
Sales - balancing figure	1		115,178
		135,000	135,000

All the required postings have now been entered so you can exit the Posting option.