Opening Balances entered on wrong year

[djaxx79]

Hi Can anyone help, we rebuilt our sage early this year but some of last years sales have been put on as opening balances this year so when I run the profit and loss it includes £40299.52 of sales from last year can someone tell me hoe to move this fiqure out of my sales, I'm thinking I need to do a internal credit but not sure how to do it without allocating to a specific customer.
I tried to do a journal to the suspense account but it still effects this years profit, I need the figure gone from this year.
Please help as I am close to year end now.
Thanks

[brucedenney]

If the year end journal was not done correctly, you can do a manual journal backdated into last year to fix this.

After doing a year end I always rung a TB for opening balances and check that everything in the P&L is zero.

[djaxx79]

Hi I have tried to do a journal if I back date it to last year it does not effect the fiquire, if I do it for this year the fiquire goes into the suspense account, I tried to do an internal credit to a misc customer and that goes into the suspense account too.

[brucedenney]

It is unclear what your position is.

Is this a year end journal that has not cleared the opening balances after doing a year end when setting up

or

is it that you have opening balance items manually entered with the wrong dates (in this year not last year) to the wrong nominal codes (4000)?

If it is the later, then you can journal them out of the nominal code in the period they were entered and into retained profit and loss 3200 (they are part of the previous years p&l not this years)

A better way, but which probably would require too much effort would be to re-date the transactions to have the correct dates (in the previous year) and then do the journal to retained P&L on the last day of the previous year.

To make this mistake you could not have entered the opening balances using the opening balances routine, so one has to "worry" if VAT was correctly handled.


My way of setting up a new company is to start it in the previous year, enter all the opening balances using the o/b buttons in the Suppliers and Customers modules (Sage posts all the amounts to 9998) .

Once all the balances are in I would do year end, and then a journal to get everything in the balance sheet (apart from retained P&L) to match the old system.