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Opening balances

https://forum.makingithappen.co.uk/viewtopic.php?t=3415

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Opening balances

Posted: 24 Oct 2016, 13:23
by cronos
Hi

I hope this is not a totally stupid question.

I have entered the opening balances for my debtors and creditors and reversed the entries by journal. I now have a completely clear trial balance. Am I correct in saying that when I now enter my sales ledger control and purchase ledger control balances I will need to include these debtors and creditors figures?

Regards

Robert

Re: Opening balances

Posted: 24 Oct 2016, 13:58
by brucedenney
The debtors and creditors will "accumulate" as you enter the outstanding transactions, the other side is a 999? account.

I would post all the debtors and creditors and then do an adjusting journal to make the TB in Sage match your previous TB.
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