Opening balances Sage 50

Opening balances Sage 50

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I have entered the whole trial balance from the previous year as one journal.  The trial balance i have been given has no customer or supplier balances the previous accounts person used the nominal accounts only.  I would like to record customer and supplier activity but Iam not sure how to cleardown the opening balances so they they dont add to this years balances? i have looked on google and it mentioned a journal to clear the suspence account but i do not have a balance in my suspence account?

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By johngroganjga
21st Apr 2014 13:43

The opening TB you have used must surely have included sales and puchase ledger balances in total. That is where to put the other side of the entry you want to make to introduce the individual balances.

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By Rosalea
21st Apr 2014 21:37

Opening balances

If you used the sales and purchase ledger control accounts when you posted the opening balances journalyou should have had the popup telling you that postings to these accounts should be via the individual ledgers unless you are using an old version of Sage.  You have 2 options to put the opening balances on the ledgers.  You can type in the balance on each accountwhen you set it up.  Sage knows that this is an opening balance and treats it accordingly by using tax code T9 and posting to the suspense account.  The other method is to do a batch invoice posting of the balances using T9 and coding to suspense.  The total should match the value of trade debtors and creditors on the opening balance sheet so a journal to clear the original entries will sort the bookkeeping.  If you want to keep current year's figures clean you need to do all this with last years dates.  I'm guessing it's too late for you to treat Sage as though it were last year, do the postings and then do a year end rollover so that everything is in its proper place to start with.

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