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Sage 50 Opening balances

Hello,

This sound stupid but here goes, when I enter the opening balance for a customer it asks me for the NET amount, I am entering these amount indivually so for example    customer 1  Invoice 1  November 7th 2012   £100,   my question is what happens to the VAT for this invoice? I'm moving from a older system, this customer has not yet paid, how will VAT be accounted for?

Any replies would be greatly appreciated.!

Info: Sage 50 Professional 2012, new system is not live yet.

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By she001
08th Nov 2012 12:33

O/bal

 Enter the opening balance using the O/Bal button in the customer records (button next to Balance box) You enter the gross amount of the invoice ie £100 + VAT = £120. Sage uses T9 for opening balances. The VAT is taken care of when you enter your TB. You need to get the opening balances right as they are pain to correct!! If you go to your help files in Sage, there is a more detailed explanation.

 

Just a thought, the example you give in your question dates 7th November, you sure it's an opening balance?

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09th Nov 2012 14:55

Opening Balances

Hello,

That was just a training example I was using, the £100 for invoice 1 on 7th november(this amount did not include VAT), thanks for your help, we are using STD VAT.

Regards

 

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o/bAL

Also, check you are not cash accounting for VAT because if you are you need to set the ledger accordingly and analyse out the net & vat when entering the o/balances for it to pick up it on the vat return

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