Enter a default date for your opening balances

Please enter the default date for your opening balances. If required, you can amend the date for individual balances.

This is usually the day before the date you want to start processing in Sage Accounts.

Enter opening balances for your customers

If you want to age transactions for debt chasing purposes, enter each transaction individually using the original posting date. If you're not interested in ageing the debt, you can enter the balance as a lump sum on the default date set for your opening balances.

NOTE: VAT Cash Accounting (UK) and Flat Rate - Cash Based (UK) - For your transactions to appear correctly on your VAT Return, you must enter transactions individually using the original tax code, net and VAT values. If you're interested in ageing the debt, enter the original posting date, if you're not, just post using the default date set for your opening balances.

1. Complete the Customer Opening Balances window as follows:
   

   A/C	Choose the required customer account.
   Date	The default opening balances date appears. If required, change this to the actual transaction date.
   Ref	The reference O/Bal appears.
   Department	Choose the required department.
   Type	Choose either Invoice or Credit.
   Gross - Standard VAT only	Enter the opening balance.
   Net - VAT Cash Accounting only	Enter the net element of the opening balance.
   T/C - VAT Cash Accounting only	Enter the required tax code.
   VAT - VAT Cash Accounting only	Enter the VAT element of the opening balance.

2. Click Save.

Enter opening balances for your suppliers

TIP: If you're using the CIS module, before entering your supplier opening balances, you should enter and reverse your subcontractor opening balances.

If you want to age transactions for manage payment purposes, enter each transaction individually using the original posting date. If you're not interested in ageing the transaction, you can enter the balance as a lump sum on the default date set for your opening balances.

NOTE: VAT Cash Accounting (UK) and Flat Rate - Cash Based (UK) - For your transactions to appear correctly on your VAT Return, you must enter transactions individually using the original tax code, net and VAT values. If you're interested in ageing the transaction, enter the original posting date, if you're not, just post using the default date set for your opening balances.

1. Complete the Supplier Opening Balances window as follows:
   

   A/C	Choose the required supplier account.
   Date	The default opening balances date appears. If required, change this to the actual transaction date.
   Ref	The reference O/Bal appears.
   Dept	Choose the required department.
   Type	Choose either Invoice or Credit.
   Gross - Standard VAT only	Enter the opening balance.
   Net - VAT Cash Accounting only	Enter the net element of the opening balance.
   T/C - VAT Cash Accounting only	Enter the required tax code.
   VAT - VAT Cash Accounting only	Enter the VAT element of the opening balance.

2. To save your entry click Save. 

Check the customer and supplier opening balances

After entering the customer and supplier opening balances, you need to check you've entered the correct values.

Use this option to run the aged analysis and trial balance reports to confirm the correct values.

1. Complete the Criteria for Batch Report window as follows:

   Exc Later Payments	Leave this check box clear.
   Transaction Date	Leave the first box as 01/01/1980. In the second box, enter the last day of the period prior to your starting date. For example, if you're entering your opening trial balance as at 01/08/2011, enter 31/07/2011 here.
   Inc Future Tran	Leave this check box clear.
   Period	From the drop-down list choose the period prior to your starting date. For example, if you enter your opening balances on the last day of your previous financial period choose Brought forward.
   Customer Ref	If you want to run this for all customers leave this as it is. If you want to run this for a specific customer or range of customers, use the drop-down lists to choose which customers you want to run this for.
   Supplier Ref	If you want to run this for all suppliers leave this as it is. If you want to run this for a specific supplier or range of suppliers, use the drop-down lists to choose which suppliers you want to run this for.

2. Click OK.

Reverse the nominal balances in preparation for entering the trial balance

When you enter your supplier and customer opening balances, these appear on your nominal ledger under the debtors and creditors control accounts. To stop these duplicating when you enter your trial balance from your accountant, you should clear these values first. This option automatically identifies the correct transactions to post.

1. If you want to create a backup of your data click Yes. If you don't want to create a backup of your data click No.
2. In the Opening Balances Reversals window, confirm the figures are correct then click Reverse.

Enter the trial balance from your accountant

Enter the trial balance as received from your accountant, ensuring that the bank balance contains both your presented and un-presented items.

1. Under Date, enter the last day of the period prior to your starting date. For example, if your start date is 01/07/2019, enter 30/06/2018.
2. Complete the Trial Balance Entry window as follows:

   N/C	Choose the required nominal code.
   Name	The nominal code name appears.
   Department	Choose the required department.
   Details	Enter any details.
   T/C	Leave this as T9.
   Debit	Enter the opening balance value.
   Credit	Enter the opening balance value.

3. Click Save.

Enter the uncleared transactions for your bank account(s)

Enter the individual transactions that haven't yet cleared the bank account here. When you run your first bank reconciliation each of these individual bank payments or receipts are listed ready to be reconciled.

NOTE: These transactions are marked as unreconciled and don't increase the bank opening balance, it's assumed they were included in the trial balance. If you want the uncleared items to affect the bank opening balance you should enter them separately as bank payments or receipts.

1. Complete the Bank Opening Balances window as follows:

   Bank AC	Choose the required bank account.
   Name	The bank account name appears.
   Date	The default opening balances date appears. If required, change this to the actual transaction date.
   Ref	The reference O/Bal appears.
   Department	Choose the required department.
   Type	Choose either Receipt or Payment.
   Amount	Enter the amount of the uncleared item.
   T/C	Choose the required tax code.
   VAT	The VAT amount appears.

2. Click Save.
   
   This posts either a bank payment or bank receipt to the suspense account and posts journals to reverse the affect on the nominal ledger

Check opening balances against the trial balance from your accountant

Once you've entered your nominal and bank opening balances, to check that you've entered the correct vales, compare the trial balance in Sage Accounts to the one from your accountant.

1. In the Criteria for Period Trial Balance window click the Period drop-down list and choose the period prior to your starting date. For example, if you enter your opening balances on the last day of your previous financial period choose Brought Forward.
2. Click OK. 
   
   The Period Trial Balance appears and should match the trial balance from your accountant.

Check your data

This runs the check data option to check if your data is error free.

1. If any errors are reported, please refer to https://my.sage.co.uk/public/mydata.aspx
2. Once complete, click Close.

Backup your data

Take and keep at least one backup of your data files. This ensures that in the future, if you want to check the vales or details of your opening balances, you can restore back to this point.

For more information about how to back up your data, read more.