This explains how to enter the opening balance for a supplier.

The opening balance is the total value of any outstanding invoices or credit notes. To do this, you can manually enter your supplier opening balances or you can import them.

Before you start

• Check your VAT Scheme and Accounts Start Date is correct. See the article Set up financial year, accounting dates and VAT
• Check you've created a supplier contact. See the article Create a supplier contact
• Gather a list of any outstanding supplier invoices and credit notes

Enter opening balances

Enter each outstanding invoice as a separate opening balance or enter it as a single amount.

Entering them separately makes it easier to match to payments you receive later.

1. From Settings, choose Business Settings.
2. In the Opening Balances section, select Supplier.
3. Check the Accounts Start Date is correct and change it if required. This is the date you started using Sage Accounting. All opening balances must be before this date.
4. Select New Opening Balance, then complete the details.
5. • Type - For outstanding invoices, choose Inv. For outstanding credit notes, choose CRN.
   • Date. Enter the date of the invoice or credit note. This date must be before the Accounts Start Date.

   • Total - the outstanding amount of the invoice or credit note, 

     If you use the Cash Basis VAT, enter the 

     Net and 

     VAT Rate

Outstanding payments

Enter any outstanding payments for this supplier as credit notes. Allocate these to the relevant invoice at a later date.

Multi-currency suppliers

If the supplier uses a different currency, enter the

• Total. Enter the amount in the customer’s currency.
• Exchange rate. Enter the rate used for the original transaction.

Check your balances are correct

Use the Aged Creditors report to check the total amount each supplier owes you.

1. From Reporting, choose More.
2. Choose Aged Creditors.
3. Enter your account's start date and then select Calculate.

The report shows the total amount owed for each customer and the total.

The Aged Creditors report