I just started using First Edge for my small business. I had used Quicken in the past but didn't care for it and didn't stick with it. Had then dropped back to just manually tracking things... not good. My business is an LLC and my year starts on 1/1. I decided to start First Edge on 12/1 to get all my statements from December in so that by 1/1 all would be correct. I am coming up on the point where I'll be getting January statements. I've not done any reconciliations yet. I'm kind of confuse on what the next step should be. Should I close out 2008 with that one month and then start 2009? Or should I just reconcile the January statements and proceed with 2009 and not worry about the stuff that was entered for December to get going?

The idea that you have to close the fiscal year in a hurry because you are now in the next year comes up on this board many times.
Everyone who wonders about this please understand that you DO NOT have to close your past fiscal year(s) just because you are making newer entries. Only close your fiscal year when you are 100% sure you are done with everything for that year... months or even over a year later is okay. MYOB lets you keep on making entries and pulling reports. The only limitation is that some reports only can do "Last, This, & Next" year reports with "This" meaning the fiscal year the books are still in.

The hardest part can be getting the books up and going. It needs good closing (month or year) info from you previous bookkeeping methods. For your situation starting on 12.1.08 would mean reconciling your Dec bank statements first then reconcile Jan 09 onward. Don't worry about closing 2008 until you have all the right entries and any adjustments for the end of 2008 even if that is months down the road.

Depending on how much you have done in your books you may want to consider that "as practice" and start over with 1.1.9 as your conversion month if it feels like a better place to start. Either way it can all be adjusted and worked out whenever you start.. it just takes the right #s in Setup: Balances: Opening balances etc.


Dan

This message has been edited. Last edited by: Dan R,

Make sure that the fiscal year ending is December, 31 by looking at the Income Statement. Other than that, you don't have to worry about closing the fiscal year so quick.

Thanks guys... I will proceed as I am. I have the right fiscal year in there and I should be OK since I was pretty sure I got the 12/1 info into the system correctly.