Before you start
Sage recommends to start using Accounting Start at the beginning of a new accounting period.
Here are the steps to follow:
- Enter the start date in the settings. Go to Settings, select Accounting Dates & VAT, and enter your Accounts Start Date.
- Submit your final VAT return using your previous system.
- Print the trial balance from your previous system.
- Create records for and bank accounts in Accounting Start.
Information you need
- Balance for each bank account from your bank statements
- Balance of each ledger account from your trial balance
How it works
You can enter opening balances all at once or at different times. This depends on your preference and situation. If you don't have your trial balance yet, you can still enter opening balances for banks. Later, you can add the remaining values from the trial balance when available.
How to enter opening balances
Once you’ve done this, you can enter opening balances for the following:
How opening balances are recorded
All transactions must conform to double-entry bookkeeping rules. So opening balances must have both a debit and credit value.
The category entered or linked to the bank record records one side of the transaction.
You record the other side of the transaction against the Opening Balance Control (9998) category.
Adjust your opening balances
If you've made a mistake, you can edit or change an opening balance at any time.
How you make the change will depend on the type of opening balance and its status.
Read how to change an opening balance for a bank account >
Read how to change an opening balance for a category >
When you adjust an opening balance, the system adjusts the corresponding categories. It records any discrepancies found between the total debits and credits across all opening balances in the Opening Balances Control (9998) category.
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