Can I start using Sage without a trial balance?

I am attempting to set up a new Sage system for our business (bearing in mind I am not an accountant and am learning as I go!).  I am using Sages opening balance wizard to get everything set up.  I understand the steps (and reason) for entering supplier and customer opening balances and then reversing them to remove the suspense posting.  I also understand the neccessity of entering a trial balance to have an accurate balance sheet at the start of the year and in turn how this will then affect having accurate financial records throughout the year.

 

My two questions are;

 

1 - Can I start using Sage without a trial balance?  Our accountant has not yet given us the trial balance for last year but the boss would like me to start using Sage as soon as possible.  Can I start entering this years invoices and expenses into Sage and then put the trial balance in at a later date so as to retroactively correct the balance sheet?

 

2 - If I can start doing this how can I enter my opening bank balances?  The company has several different bank balances as well as a credit card and business loan.  When I attempt to set up our opening bank balances I get the double entry posting to the suspense account.  Would this be corrected when I enter the trial balance or do I need to do a journal entry to correct this?  If so what journal entry would I need to post?

 

Many thanks!

Comments
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Yes

Chris Smail |
Chris Smail's picture

Reason?

petersaxton |
petersaxton's picture

Peter

Chris Smail |
Chris Smail's picture

I would start posting entries

Fred Smith |

Agree with Fred

Kent accountant |
Kent accountant's picture