I have entered a wrong Current Account opening balance but have only discovered this after having posted lots of customer and supplier transactions.
Do I have to start from scratch or is there a way to change it? HELP!
Thanks
, Janet
Janet McGinlay
Replies (1)
Please login or register to join the discussion.
Opening balances
You need to be careful with opening bank balances, supplier and customer C/Fwd.
If this is the first time you are creating compurised (Sage) records, it is often necessary to verivy the previous bank statement against the last reconciliation
Make sure that you know what bank cheques/credits were outstanding at the end of the year.
Also, make sure you check supplier statements, and agree ALL outstanding balances with suppliers. They will soon scream if they have not been paid.
1) Reverse the original entry
2) Enter reconciled balance
3) Enter outstanding cheques and credits separately, so that you can use the bank reconciliation properly
If in doubt ring me on 07801 301121