Overview                                                  
What you need to know
System requirements 
Upgrades
Version history

Getting started
Introduction
Setting up a new client
Creating your first accounts - step by step        
Final accounts production checklist
Console toolbar

Using First Choice Final Accounts    
Chart of accounts
Accounts description file
Special account codes
Posting file data entry
Transferring opening balances
Importing trial balances
Using the client data screens
Printing the final accounts
Using Quick View/print
Dealing with fixed assets
Creating/filing accounts for Companies House

Other Topics
Periods of accounts and comparatives
Final accounts creation options
Cashflow statements for limited companies
Final accounts validation
HMRC Live validation
The trial balance import wizard
How the software handles iXBRL
The iXBRL viewer
Submitting accounts to HMRC and Companies House
Exporting self assessment data to tax packages
The Clients directory screen
Installing import conversion files
Final accounts formatting options               
Limited Company abbreviated accounts                                                                     
                                                                         

Transferring opening balances

Note: Opening balances may have already been transferred by default when the posting file was created. Do not transfer them again.

This toolbar function automatically calculates the closing balances from the previous period and inserts these into the current posting file. Profits/Losses from the previous period are added to the appropriate account (Proprietor's or Partners' Capital accounts, or Limited company Profit & loss account).

When to use the function
This can be used anytime during the lifetime of a live posting file, but normally you would transfer opening balances when you first add a new posting file before you start entering the new period data. 

When not to use the function
Do NOT use this function if you are importing a trial balance for the current period which already contains opening balances from the previous period.