I am at the start of processing the bookkeeping for a limited company. The accountant is currently sorting out the last 2 years accounts due to previous bookkeeping/accountancy problems. I have been waiting for the opening balances for the last year end but after talking to the accountant, these may take up to another month.
I have always used existing software or started from scratch when processing computerised entries.
Can anyone advise me how I would tackle starting posting the transactions without opening balances?
Just enter the transactions as per normal and journal opening balances later. You will no doubt have payments and receipts that will need to be posted on account, but when you get the O/bals you can enter the sales and purchase ledger and hopefully the debtors/creditors will match!Hopefully.
Just to make sure, what you are saying is that I can process the transactions and enter the opening balances later. As it is a new financial year, I can process the sales/ purchase transactions including payments and receipts on account for the new year and any that relate to the previous year and when the creditor/debtor balances are available and keyed, these should then balance to the amounts owed to suppliers and owed by debtors. Judging on the state of the books for the last 2 years, this is highly unlikely! Sorry to have to check this but I want to get it right as I feel Sage is not the easiest package to start making corrections.
