Summary
Description
Opening balances represent the financial position of your business on the day you start using Sage 50cloud Accounts.
Typically opening balances consist of information such as:
- Outstanding customer transactions.
- Outstanding supplier transactions.
- Nominal Ledger Trial Balance figures.
You're likely to have opening balances even if you're just starting your business. You must enter accurate opening balances in order for Sage 50cloud Accounts financial reports to give a true picture of your financial position.
Resolution
Preparation
Before you can enter your opening balances into Sage 50cloud Accounts, you must have the following:
- List of any outstanding customer invoices and credits.
- List of any outstanding supplier invoices and credits.
- Trial balance from your accountant.
- List of any uncleared bank payments and receipts.
Once you have this information you're ready to enter your opening balances.
NOTE: When using standard VAT, any transactions that you haven't yet included on a VAT Return should be entered separately outside of the opening balances process and should not be included in your opening balance figures.
Enter your opening balances
- If you use the Foreign Trader module to trade in foreign currency, you must enter your foreign customer and supplier opening balances manually before entering your main currency, also known as base currency, opening balances.
- On the menu bar click Tools and then click Opening Balances.
- Click the icon for the required option in sequence, and enter the relevant details:
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Other opening balances
Other areas you might want to enter opening balances for:
- CIS module - subcontractor opening balances.
- Charities - fund opening balances.
- Stock - stock opening balances.
Correcting opening balances
For details of how to correct opening balances, please refer to the relevant article:
- Correct a customer or supplier opening balance
- Correct a nominal opening balance
- Correct a bank opening balance