I need some help, I am going to set up sage for a client, but i haven't got any opening balances, as the previous financial year accounts have not been completed as yet.
The current financial year is 1 April 09 - 31 March 2010 so no entries have been posted. My question is:
If i start posting data without opening balances how would I know that all my entries are correct, should I keep everything on excel sheet and once i have the opening balances transfer the data or there is a better and easy way of doing this.
I would like to thank you all in advance
Vas
-- Edited by vassy on Tuesday 6th of October 2009 09:53:46 PM
-- Edited by vassy on Tuesday 6th of October 2009 09:56:02 PM
You could keep records in excel if you wanted to but I would just start entering the information you have from April to date and when the opening balances become available to you you can put these in sage then. I do believe you can enter opening balances at a later stage in the financial year. If I remember rightly there is another thread in this forum about this subject.
I have just done this myself. I entered everything from 1st April, but I did have opening creditors/debtors and bank account, you will probably be able to find these somewhere. I then received opening balances about September and entered the remaining opening balances with no problems
Thank you very much for your reply, I have set up the Debtors and Creditors today, you are both right, there is an option to enter an opening balance at a later stage, as of tomorrow I will start posting all the invoices, I've got another question though, My client is an estate agent and he charge commission fees, If say the invoice was raised on 22 March and covers the period 22 March- 21 April for £1200 how would you calculate the commission of say 8%, as part of it falls into the current financial year, and another question what nominal code should I use for "Membership fees" "Credit reference agency" and "health care cover".
Hi everyone,
