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axl2derv
axl2derv Registered Posts: 172 Dedicated contributor 🦉
in General accounting discussion
Hi,

Might seem like a silly question but when you are entering the opening (b/f) balances, where does the other side of the double entry go? On Sage, they where put in the suspense account by the accountants who look after my boss's company. I have been so used to manual accounts that I became stuck at this point. I know for the bank account balance, you would credit capital account and debit bank but I’m suck when it comes to the other opening balances such as sales and purchase ledgers.

Thanks

Carl

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  • deanshepherd
    deanshepherd Registered Posts: 1,809 Beyond epic contributor 🧙‍♂️
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    Not sure why you have put VT in the title but..

    - If you have last years TB then it should balance already.
    - If you have last years accounts then you can post from those entries.
    - The previous years P&L can be posted to the reserve or capital account.
    - If you are trying to construct a comparative balance sheet where one was not prepared in the previous year (unincorporated entities only) then I would tend to do as best I could and then post the balance to the capital account.

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