exam help with opening balance

abbiet
abbiet Registered Posts: 2
hi
I am sitting my UACS Foundation Exam soon and I'm having problem with the dates on my opening balance.

On Kaplan it tells me to put the accounting start and end date in the financial setting e.g 1/8/2017. which I have done and it then put the date of the last accounts (31/7/2017) for my opening balance as this is what has been carried over from the last accounts! and this is how it is shown on all of Kaplans mock test answers and the book.

however when I've done the mock test on here (AAT) the answers show that I should have my opening balance date the 1/8/2017?? the start of the accounting should also be 1/8/2017

so my question is which on is right and the one that I need to do on my exam?? (as I do not want to fail!)
also what do I put in my account starting date?

hope someone can make sense
THANKS Abbie

Answers

  • Casu
    Casu Registered, Users Awaiting Email Confirmation Posts: 102
    first one
  • marven19
    marven19 Registered Posts: 12
    So the opening balance should be the last day of the previous month? So say your accounts start on 1st June the OB should be 31st May?
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