I wonder if someone could advise as to whether opening balances can be entered in Sage, after transaction postings have begun?
A new client wants to move their records onto Sage; they have just changed accountants and neither a TB or yr-end balance sheet breakdown is available yet. Would it be wise to hold off Sage altogether until the opening balances can be entered (my preference), or is it simple enough to go back and enter them later? I am not sure if the client may have already attempted some customer/supplier postings in the meantime.
Yes i have also done the same Journal postings on sage bringing the Opening Balances on at a later date. But you must remember that the items like Debtors and Creditors will not have the Individual Balances of Debtors and Creditors in the Ledger Accounts.
Is it simpler, then, to use the opening balance buttons for each nominal, then print a trial balance to check all is correct, rather than a journal? If I am posting to the bank account before I have the OBs for the other accounts, I will have to enter the bank OB this way. Or is it not necessary to enter the OB for the bank before I start posting to it?
