Opening Balances

System
System Posts: 100,537 🤖 Admin 🤖
edited June 9 in General accounting discussion
Hi Luija,<BR>You are correct in thinking that you have to journal from suspense to creditors. If you have posted your opening balances as per TB and the purchase and sales ledgers you have in fact doubled up on the debtors and creditors. you need to clear suspense and post the other side to debtors and / or creditors. Hope this helps.<BR>Andrea.

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  • System
    System Posts: 100,537 🤖 Admin 🤖
    Opening Balances

    If you have the P&L and BS they must balance - surely?! - If the opening balances in Sage are wildly different to the balances on the P&L and BS i would journal out all the Sage opening balances (they will balance!) ie do the opposite of what the OBs are and then journal in all your OB taken from the P&L and BS and date everything the last day of the last financial year - Sage will remind you that you are outside the current financial year, just say fine to that. Just make sure that you give everything a decent reference so that you can remember in months/years to come what you did - for getting rid of Sage OBs say something like "reverse Sage opening balance" and for the new ones something like "Opening balance taken from P&L/BS". That way anyone who comes and looks at what you have done can instantly see what has happened. I always take a print out before I save the journals so that there is a hard copy.<BR>

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