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Opening Balances after the year end in Sage

Jazzy16Jazzy16 Registered Posts: 7
in Chat and off-topic discussion
Hi There,
I have a question. (obviously) I am starting a new job and I have to takeover from an external accountant. She is to do the last month end and year end and to forward me the data. Now I have never done a year end in Sage myself and I know I have to restore the back up to Sage and then I am in the new financial year but I wonder if I a have to post any opening balances in the new financial year. Or Sage does this automatically? I have watched videos on youtube and I can't find any relevant information on this.

Many thanks

Comments

  • CeeJaySixCeeJaySix Well-Known Registered Posts: 645
    If you're restoring a back-up with the year-end process already run then the opening balances will already be in there.

    However, what's happening with records whilst the accountant is working on the Sage? Is it still in use? If so you won't want to restore the accountant's back-up as you won't have any of the transactions in there from the point when the original back-up was submitted to the accountant until now. Instead you'll need to post opening balance adjustments as a journal into the live Sage; the accountant should be able to provide these but if not it's relatively simple to work out. If you need any help there just ask.

    Not clear from your question, but if the accountant was doing all the bookkeeping as well, Sage should be up-to-date; if this is the case you can just restore their back-up and pick up on posting transactions where they left off.
  • NeillawNeillaw New Member RossendaleMAAT, AAT Licensed Accountant Posts: 277
    Sage will do this automatically, you could check the balances by printing the opening balance TB from the nominal print screen.
  • Jazzy16Jazzy16 Registered Posts: 7
    CeeJaySix said:

    If you're restoring a back-up with the year-end process already run then the opening balances will already be in there.

    However, what's happening with records whilst the accountant is working on the Sage? Is it still in use? If so you won't want to restore the accountant's back-up as you won't have any of the transactions in there from the point when the original back-up was submitted to the accountant until now. Instead you'll need to post opening balance adjustments as a journal into the live Sage; the accountant should be able to provide these but if not it's relatively simple to work out. If you need any help there just ask.

    Not clear from your question, but if the accountant was doing all the bookkeeping as well, Sage should be up-to-date; if this is the case you can just restore their back-up and pick up on posting transactions where they left off.

    Hi There,

    I appreciate taking the time to help. To answer some of your questions. I am not posting anything on Sage as I am waiting for the back-up from the accountant. I am supposed to receive it tomorrow. I have not used Sage since the back-up was sent to her. From what are you saying I do not need to do anything. I will start posting straight into the new financial year.

    Happy days
  • CeeJaySixCeeJaySix Well-Known Registered Posts: 645
    Yes, in that case you should simply be able to restore the back-up and post all the transactions from the start of the new year.
  • Jazzy16Jazzy16 Registered Posts: 7
    Thank you CeeJaySix
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