opening balances

[kenw6704]

Hi I have entered opening balances for creditors and debtors and removed these from the suspense account .I have entered opening balances for paye,ni,vat,bank balance, stock and fixed assets but dont know how to remove these from suspense,can anyone help

[brucedenney]

Journal them to wherever they should be.

[kenw6704]

thats the problem I dont know where they go can you give me nominal codes for the postings ,thanks Ken w

[brucedenney]

You will need a closing TB from the previous system.

Assuming you are not going to need to do any prior period reporting in Sage you need to make opening balance entries on each nominal code so they have the same balance as the closing balance from the previous system. The net balance on suspense at the end of this should be zero.

If it is the start of a new year then do opening balances on the balance sheet accounts except retained P&L all the P&L accounts can be set to zero and whatever is the balance goes to retained profit and loss.

[kenw6704]

sorry I still dont understand ,I am not an accountant.Can you give me the actual moninal codes to post to 9998 and there corresponding nominal codes.For instance my bank account opening balance has been entered but this ammount is still showing in suspence

[kenw6704]

Is it possible to give me examples of postings.thanks Ken w

[brucedenney]

I suggest you just leave it all in suspense until your accountant does your accounts.