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How to transfer closing balance in sage line 50

How to transfer closing balance in sage line 50
 

Hi,

I am Using sage line 50. I have no previous experience of transferring closing balance from last year to this year. As my employer has not maintained sage properly in previous years, it need to be adjusted. After year end , if i get P&L and balance sheet from accountant, how to transfer it or what steps should i follow to see my uptodate balance sheet in my system.

Many Thanks

Abdur  

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09th Jul 2012 02:41

Depends what you plan to do

If you are going to carry forward balances and start using Sage properly from the start of the new year you need to look at what the balance sheet should be at the year end, compare it with the Sage balances and enter the differences.

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By Nadine
hjhooper
09th Jul 2012 13:36

Correcting Sage Year End Balances

petersaxton wrote:

If you are going to carry forward balances and start using Sage properly from the start of the new year you need to look at what the balance sheet should be at the year end, compare it with the Sage balances and enter the differences.

Remember that adjusting entries should not be made to the control accounts but to the suspense account instead and adjusted via the debtors/creditors/P&L ledgers

Another important point.....take a backup before you start and when you're not too sure of the effect of an entry, that way if you make a mistake you can restore and start again :)

 

 

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