Hi, I am new here and would like some advice on how to start using Sage for a company from the year ending March 15 balance sheet.
I have used the opening balance on the bank account for the bank and cash accounts which have posted to bank and suspense, what do i need to do now? There is stock and tax balances and capital but i am not sure how to go about this in Sage.
Any advice greatly appreciated. Thanks in advance, Sam
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Starting Sage from balance sheet
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brucedenney
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- Joined: 28 Feb 2006, 09:56
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Re: Starting Sage from balance sheet
What you want to do is, enter the opening balances on the bank accounts and all the supplier and customer accounts these should be dated the last day of the previous financial year.
Then take the opening TB for the new year and make an adjusting journal in sage to bring all the balances in line with the opening TB dated the last day of the previous financial year.
Only got a closing TB?, just add up all the balances on the P&L and add them to the retained P&L. The P&L accounts should all be zero.
Then take the opening TB for the new year and make an adjusting journal in sage to bring all the balances in line with the opening TB dated the last day of the previous financial year.
Only got a closing TB?, just add up all the balances on the P&L and add them to the retained P&L. The P&L accounts should all be zero.
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