Sage Line 5o Opening Balances Upset Turnover Figures: Solution?
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mentorkeith
Registered Posts: 74 Epic contributor 🐘
Hi Sandyhood
When I completed my level 2 exam for Sage, I had an unanswered question. One of the tasks was to enter opening balances into the customers and suppliers accounts (after moving from a manual system onto a computerised one) by giving it a date which matched the 1st day of the financial year. I think it was 1st May. When I look at the turnover figures for the end of the month (even after month end procedures) I discover that the opening balances are included in the turnover figures. That is clearly wrong as it should only include invoices and credit notes FOR the year and not balances which are primarily turnover figures from the previous year.
I asked my tutor about that, but he still said you must enter the O/bals as 1st May. Is this a fault with sage line 50? It looks like it because bals B/D should have 1st May but this would upset Sage line 50 turnover.
Does it make sense to enter carried down figures as 30th April instead to resolve this problem or some other solution? Would that work?
When I completed my level 2 exam for Sage, I had an unanswered question. One of the tasks was to enter opening balances into the customers and suppliers accounts (after moving from a manual system onto a computerised one) by giving it a date which matched the 1st day of the financial year. I think it was 1st May. When I look at the turnover figures for the end of the month (even after month end procedures) I discover that the opening balances are included in the turnover figures. That is clearly wrong as it should only include invoices and credit notes FOR the year and not balances which are primarily turnover figures from the previous year.
I asked my tutor about that, but he still said you must enter the O/bals as 1st May. Is this a fault with sage line 50? It looks like it because bals B/D should have 1st May but this would upset Sage line 50 turnover.
Does it make sense to enter carried down figures as 30th April instead to resolve this problem or some other solution? Would that work?
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