Enter opening balances to make sure you have a true picture of your finances when you start using Accounting Start. This includes opening balances for:
Sage recommends to start using Accounting Start at the beginning of a new accounting period.
Here are the steps to follow:
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.
Once you’ve done this, you can enter the following:
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.
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.
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.