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HELP with Sage Instant!

JonaBJonaB Just JoinedRegistered Posts: 9
Hello Everyone!

I have recently taken on a Volunteer treasurer role for our local scouts group. I would like to ask for your help regarding entering balance carried forward in Sage Instant.

The previous treasurer used a manual bookkeeping record. (not double entry - but basically a list of all receipts and all payments). During hand-over, I was given a Statement of Accounts from the previous tax year (Apr 2014) and the bank balance to be carried forward to this tax year. Now, this is a different scenario from what I have learnt in CMPA, because we usually enter opening balances from a trial balance. Since this is a charity, they do not owe money or owed money from last year so basically, I only have the money in the bank to start with. How do I set up the accounts in Sage? I would be very glad if you anyone will be able to help.

This might be too ambitious for me to do but I would like to be able use Sage on a regular basis so I do not forget what I have learnt. Shall I just continue what the previous treasurer did?

I will appreciate any helpful comment. Thank you.

PS. I have tried entering the the bank's opening balance but then it just resulted in a suspense account credit. I know I have to make a credit transaction so suspense goes nil, but what?


  • MarieNoelleMarieNoelle Trusted Regular Hampshire/Surrey borderModerator, MAAT, AAT Licensed Accountant Posts: 1,431
    If you have no other opening balances (i.e cash or debtors or creditors) the bank balance should represent Accumulated Funds Brought Forward (retained Profit & loss code?)

    Not familiar with Sage Instant but how easy is it to change the Chart of Accounts, i.e your income categories would have to be named as "donations"/"subscriptions or membership fees"/"fundraising events" etc…?

    P.S: I was treasurer for my children's school PTA and found an excel spreadsheet was sufficient to record the transactions and do balance sheet and income and expenditure reports. However I don't see why you couldn't do it on SAGE, as you say it is a good way to practice your skills.

    Hope this helps
  • JonaBJonaB Just Joined Registered Posts: 9
    Hello MarieNoelle,

    Thank you very much for your reply. I really appreciate it. Yes, I do not have any other opening balances to enter apart from the money in the bank. They have fixed assets (canoe and a minibus) but as the previous treasurer did not account for those in her previous books, I won't bother with it and make things more complicated. So is it just a matter of entering an opening balance for the bank (DR) and entering Accumulated Funds b/f (CR) to avoid a suspense account then? (Thank you very much, that was very straightforward.)

    It is fairly easy to change CoA on Sage Instant. I have started editing those today including categories for expenses. Also, because I didn't have any idea what accumulated funds were, I searched it and came across a very helpful page about Non-Profit Jargon. Thank you very much, there's indeed plenty to learn. As you have said, using Excel will be enough as it does the job. I'll just use Sage to double-check and do a bit of practise.

    Thanks again.
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