Sage Opening Balances

I have a new client who is now registered as self employed and at the date of going self employed his bank is  minus £9.02.  I have always thought that the entry in Sage is DR/CR Bank and DR/CR Profit and Loss (as told by my tutor and old company accountant) but I stumbled upon a similar post recently and the answers were to post the opening bank balance to the suspense account. 

I just want to check which one is correct?

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Another suggestion I have

MrDSGrace |

What! These postings are a wind up arn't they?

Chris Smail |
Chris Smail's picture

I am only doing what my tutor

MrDSGrace |

But also, say he had £100 on

MrDSGrace |

Well yes!

Chris Smail |
Chris Smail's picture

NO!

MrDSGrace |

Opening Balances

johndon68 |

Thanks for your serious

MrDSGrace |

Minus balance on the bank

Craigie_Bhoy |
Craigie_Bhoy's picture

You would have been right

Chris Smail |
Chris Smail's picture

No other assets.  He simply

MrDSGrace |

Is this his only bank account?

Chris Smail |
Chris Smail's picture

You are correct re: bank /

Fred Smith |

Business bank account?

Kent accountant |
Kent accountant's picture

He doesn't intend to get a

MrDSGrace |

If you read my earlier posts

MrDSGrace |