Hi,
I have a number of Opening Balances for Customers and Suppliers to enter in sage. I used Supplier
Record window to enter the O/B for suppliers. Sage allocate T0 Tax code to them.
Is that correct?
Many thanks for your help.
Replies (5)
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not what I'd expect, but might be right
There's not enough info in OP to be sure.
T0 will mean transactions could be included in first VAT return run on Sage. I would, normally, setup opening balances with T9 postings.
If you're not VAT registered it won't matter (but if you've told Sage your not VAT reg'd then it should use T9 for everything!), if the transactions behind the opening balances have already been processed for VAT then you will want to be careful when doing the first VAT return and check it only includes what you expect it to.
What's the end date?
Is the end date 28/02/15?
I would recommend not entering balances but entering the individual invoices, etc. You then use the correct date and invoice number and can manage the ledgers going forward.
T9 is the correct code.
Another point with the bank account
It makes it easier to continue the bank reconciliation if you enter the balance per bank statement as one of the entries in the opening balances and any reconciling items separately.