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received figs from accountant

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received figs from accountant

Post by sbrown1264 » 30 Nov 2021, 12:04

Hi again

As you might remember we moved from QB to SAGE. We only entered some o/bs as and when we needed to, so now we have been given a TB and a couple of pages of journal entries from the accountant now he has completed the year end. So I just want to check, do I reverse all previous o/bs i created and then post the TB and all the journals?
Is there anything else I am missing?


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Re: received figs from accountant

Post by brucedenney » 30 Nov 2021, 12:20

If your accountant has given you a closing TB then you need to calculate the opening TB (add up all the P&L and add/take form retained profits.

Once you have an opening TB from your accountant, you need to produce the opening TB from Sage.

The two should be the same and have nothing in the P&L (unless you have entered back dated transactions into last year that need to be in this year, in which case things get really complicated).

So do a journal in Sage that alters the balance of each account to match the accountants opening TB.

No idea what journals they are asking you to do are or if they are to be done before or after year end, it could be they are the opening balance adjustments? Have a look and see if they are the same.
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