I have started using sage as started a new company. Opening the cash bank accoutn balance using the bank details tab and entering balance in the OB field. This shows correct balance in bank, however in nominal account this balance is showing as a CR. Do I need to do 2 hjournal entries somehow or should there be a balance on there?
Im confused, can anyone help please?
rebeltarn
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Sage opening bank balance shows balance on suspense account
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brucedenney
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Re: Sage opening bank balance shows balance on suspense account
No
Creditors in the Balance sheet are things/people/organisations that you owe money too.
If your bank balance appears as a Creditor, then it is overdrawn, you owe them money.
I always think of the "Creditors meeting" (when businesses fold) to remind me that creditors are the ones owed the money.
Creditors in the Balance sheet are things/people/organisations that you owe money too.
If your bank balance appears as a Creditor, then it is overdrawn, you owe them money.
I always think of the "Creditors meeting" (when businesses fold) to remind me that creditors are the ones owed the money.
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