Hi all,
I'm just setting up my Sage instant accounts having taken over from outsourced accountants. When I've posted my opening balances for bank accounts and various current liabilities - using the option in the set-up of the account, not by journals - they have been posted to the relevant nominal codes as debits, but also to the suspense account as credits, so my trial balance after one month of transactions is balancing, but only because of a huge suspense account bill.
Does anyone know why this is?
Cheers,
Martin
Need more, need help now?
- - - - - - - - - - - - - - - - - - pay-as-you-go support - no contract - tenth of an hour billing - expert help - fast service - no call queues
Need integration?
- - - - - - - - - - - - - - - - - - with your shipping system - website - invoicing system - crm - cms - manufacturing - order import - back to back orders..
Need a report?
- - - - - - - - - - - - - - - - - - Excel reporting that pulls data from Sage - custom layouts - layouts that change adapt to your brands and/or for drop shipping.
Want web hosting?
- - - - - - - - - - - - - - - - - - Your own domain name - email - a shop - wordpress - woo commerce - ticket systems - help desks - forums - portals
- - - - - - - - - - - - - - - - - - pay-as-you-go support - no contract - tenth of an hour billing - expert help - fast service - no call queues
Need integration?
- - - - - - - - - - - - - - - - - - with your shipping system - website - invoicing system - crm - cms - manufacturing - order import - back to back orders..
Need a report?
- - - - - - - - - - - - - - - - - - Excel reporting that pulls data from Sage - custom layouts - layouts that change adapt to your brands and/or for drop shipping.
Want web hosting?
- - - - - - - - - - - - - - - - - - Your own domain name - email - a shop - wordpress - woo commerce - ticket systems - help desks - forums - portals
Sage Opening balances posted to suspense account?
-
martinburkitt
- User
- Posts: 4
- Joined: 01 Feb 2010, 17:26
- Sage Version: v2008 14 UK/Europe/Africa
-
brucedenney
- Site Admin
- Posts: 4664
- Joined: 28 Feb 2006, 09:56
- Sage Version: v30 UK/Europe/Africa
Re: Sage Opening balances posted to suspense account?
The suspense account represents the net opening position at the start of your accounts.
Assuming you have correctly posted all the other balance sheet accounts, the balance should be the same as your opening Profit and Loss for the year (3200) in which case you just journal it accross, if it is not, then you have missed something.
Assuming you have correctly posted all the other balance sheet accounts, the balance should be the same as your opening Profit and Loss for the year (3200) in which case you just journal it accross, if it is not, then you have missed something.
For just about anything Sage :- Discount subscriptions, pay-as-you-go support, application integration, reports, layouts, linked excel spreadsheets, analysis or any other help making life with sage easier/less time consuming Contact me.
Who is online
Users browsing this forum: No registered users and 1 guest