Sage 50 Help Please

Lee

I have just started practising working on Live Sage. The company started trading in November 2010 and I am entering all transactions from scratch. I have entered all the supplier invoices. Supplier contracts are on 30 day term. I now need to offset the supplier balances as these are upto date, I also need to enter the opening bank balance (when business started).

I have already messed up the sage bank current account. For some reason the amount i have entered is wrong. Tried 4 times and on each occasion the system was saving the details. The closing balance now showing is more than what it should be (negative balance). The actual bank statement is showing a positive balance. Could someone please help as I am now stuck.

*Hols*

Hi,

Do the supplier invoices need to be cleared by a payment? If so.......

Open BANK --> Highlight relevant bank account --> SUPPLIER

1. Enter payment ref (if you have one)
2. Place cursor the ‘AMOUNT’ column next to the invoice to be paid
3. Then select ‘Pay in full’
4. Do this for each invoice to be paid
5. Save once you are happy balance is correct

You can make error corrections and deletions in maintenance.

FILE --> MAINTENANCE

To enter an opening bank balance, you can do this using a journal:-

Open NOMINAL --> JOURNAL

DR – 'Bank account' with amount
CR – 'Captial account' with amount

Hope this helps!
H

cobbles

Sounds to me as if you have posted your journals the wrong way round the best thing to do is print off the bank and work out your debts and credits before you post on to sage using T accounts on a piece of paper, the problem with sage is if you make a mistake it is long winded to correct, remember to take a back up before you make the adjustments so if after posting they are still incorrect you can restore the back up, pain staking but sometimes neccessary if you are feeling bogged down with the corrections.

Luby

you can also try a bank reconciliation. Open bank, click on bank reconciliation, enter the final statement date and balance then select the ones which match to the bank statement, also a good idea to mark the bank statements which figures u have reconciled, any figures you don't reconcile and dont match to the bank will be errors allowing you to correct them