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Opening Balances - Sage

Hi, we are currently restructuring our nominal list so have created a new company in sage and will be copying everything across and as I have never done this before I just needed a little bit of information.
We will obviously have opening balances on the bank and also on the supplier and customer sides which it tells me it will put into the suspense account and the relevant code for creditor/debtor control accounts.
I just wondered does the amount that goes into the suspense a/c stay there for the remainder of the year or is there a reversal which needs to be completed?
Many thanks for any help
Lisa

Comments

  • CeeJaySixCeeJaySix Well-Known Registered Posts: 645
    Nothing should hit the purchase or sales ledger with the opening balances, or you'll end up with a control account that doesn't tally with your aged debtors/creditors listings. Instead, all your trade debtors and creditors should go to suspense.

    You can then use the invoice routines (sales or purchase) as normal to restore individual customer/supplier balances; you simply change the normal P&L code on each invoice to the suspense n/c. This will clear down the balance on suspense and restore your ledgers as you post the invoices.

    If you use Sage for credit control etc, you may like to post each invoice for each account separately (run the detailed aged creditors/debtors from the old records to help) so you can date them; if you don't need this info, you can lump all outstanding invoices into one 'opening balance invoice' per customer/supplier.
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