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Add an opening balance

Created on  | Last modified on 

Summary

How to add an opening balance to your bank accounts in Sage Sole Trader.

Description

In Sage Sole Trader, you can only add an opening balance for your bank account. You can’t add opening balances for customers, suppliers, or other accounts.

This is because Sage Sole Trader is for simple record-keeping. It focuses on tracking your income, expenses, and bank activity, rather than managing full account balances.

TIP:

If you need to record opening balances for other accounts, consider upgrading to Sage Accounting (Start, Standard, or Plus) here: sage.com/sage-accounting. 

Watch our video:

Resolution

When you enter an opening balance on a bank account it shows in Draft transactions, where you can review and save.

  1. From Banking, find the bank or credit card account you want to add an opening balance to.
  2. Select Actions then Add opening balance.
  3. Select Balance or Overdrawn balance and enter the Amount of the opening balance.
  4. Select Save opening balance.

NOTE:

You can also enter an opening balance when you create the account, as part of the setup steps.