Hello could anyone just refresh me please?
When starting a brand new company on Sage, so there is no TB am I right in thinking that I should post an opening Journal so that the Capital and Bank have their O/B against their nominal. The Ltd business started on the 1st January with just capital introduced into the business and with no creditor or debtor balances.
What date would I post the journal 31/12/12 or 01/01/13 and for example would I be right in saying credit Capital £100 (introduced by director) debit bank £100. Do you need to enter thing regarding the share values of the director or is the capital introduced that. Would you advise setting up a director current account and changing it in the COA. We will be using Sage Instant accounts and using a Flat rate VAT scheme. If you set the Sage up with the flat rate scheme will it compute the correct VAT liability each quarter?
Thank you
