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Enter opening balances

Created on  | Last modified on 

Summary

In this guide we help you enter your opening balances in Sage 50cloud Accounts in easy bite sized steps.

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

  1. 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.
  2. On the menu bar click Tools and then click Opening Balances.
  3. Click the icon for the required option in sequence, and enter the relevant details:
Enter a default date for your opening balancesMore details....
Enter opening balances for your customersMore details....
Enter opening balances for your suppliersMore details....
Check the customer and supplier opening balancesMore details....
Reverse the nominal balances in preparation for entering the trial balanceMore details....
Enter the trial balance from your accountantMore details....
Enter the uncleared transactions for your bank account(s)More details....
Check opening balances against the trial balance from your accountantMore details....
Check your dataMore details....
Backup your dataMore details....

Other opening balances

Other areas you might want to enter opening balances for:


Correcting opening balances

For details of how to correct opening balances, please refer to the relevant article:



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