Fixed asset opening balances

Sarah-Lou

Feel I should know this but cannot drag info out of the recesses in my brain!

I have a sole trader who went over to using Sage during the last financial year, just occurred to me that the fixed asset balances hadn't been added. Of course when I add them their corresponding entries are in the suspense account.

Can anyone advise how I should have done this so they aren't sitting in the suspense account. Thank you )

Sarah-Lou

Newbie

if its a straight move to sage the opening balances journal should balance correctly, otherwise if a transfer of entity im thinking capital account

Sarah-Lou

It is just a straight move over. I've entered the balance as opening balances and the equalling transaction is the suspense account. These were paid for during the last tax year in cash so there is no credit to input. I can't seem to clear the suspense account.

Feeling very stupid about this. Thank you.

Sarah-Lou

Sarah-Lou

Urgh this is driving me nuts. Please if anyone can help me to get this right I'd be really grateful.

I have £2431.00 in the suspense account which is from opening balances of fixed assets. These were purchased either cash or via the business bank account.

Client did not use sage before tax year 2010/11. If I put o/b for the fixed assets it puts them in suspense account (as above) if I do a journal before the above tax year ie bank account/fixed assets the bank account figure is wrong.

I feel I am being very stupid here but I cannot get this right

Sarah-Lou

Bluewednesday

If you transfer the all the balance sheet opening balances to Sage the suspense account should zero down. What else did you have in the balance sheet i.e. debtors and creditors?

Sarah-Lou

No creditors. One debtor (£250). Everything else is fine apart from the fixed assets (which hadn't been entered at all) so there were no fixed assets previous to this year or depreciation.

I am feeling so stupid (and so frustrated!)

Bluewednesday

I'm not sure I understand, were the fixed assets added this year?

Sorry can see that they were, I take it they were paid from the bank? If the bank balance is correct then the assets must be in another balance somewhere, perhaps purchases? Otherwise the accounts wouldn't have balanced.

As another thought, is the profit and loss account correct?

Emrhino

I might being a bit simple but why can't you just cr suspense a/c and dr fixed asset accounts on first day of current year?

groundy

If all balance sheet opening balances have been entered including accum profit, then suspense should be nil. I always hand write the journal to ensure balances before entering opening position on SAGE.

Gem7321

Sarah-Lou wrote: »

there were no fixed assets previous to this year or depreciation

So there aren't any opening balances for fixed assets, if there was no balance c/fwd last year you can't have a balance b/fwd this year. You need to find where they were originally posted to (must be p&l if the rest of the BS is ok) and adjust through that account.

Sarah-Lou

I am so stupid, so unbelievably stupid you wouldn't believe it.

I am soooo soo stupid I almost don't feel like posting my error here.

I hadn't entered any of the opening balances for any of the nominal accounts other than the bank accounts *draws up cv and looks for new career*

For some reason I had just presumed they were there (which is pretty damn stupid as I set Sage up lol)

It now is all perfect ) Amazing isn't it sometimes the most obvious answer is the one you don't actually miss.

Thank you

Sarah-Lou

Bluewednesday

Easily done, we've all made stupid mistakes (still put things on the wrong side and wonder why it doesn't balance) well done for being brave enough to let us know the answer, it was bugging me why it wouldn't balance!!!

Gem7321

Sometimes you just can't see it for looking! I have days like it and find it best to take a break and do something else for a while then come back to it and normally it's glaring at me! Well done for sorting