I have just purchased a hair and beauty salon which was has been in business for some time now.
Im wanting to do all my bookkeeping on Sage and i am a little confussed.
When starting my accounts, do i use the balance sheet balances from the previous owner as opening balances for the start of my accounts and then put my expenses through as normal?
Also, if i bought the company for xxx amount of pounds, do i need to out that into the accounts as well?
First off congrats on your purchase. Secondly, the balance sheet from the previous owner should be ignored for your accounts purposes, so you are starting from zero, unless you bought a company via share purchase etc but thats getting complicated. Your purchase will include things like lease cost, goodwill, stock etc and these will be your opening figures paid for by your capital input/loans etc
These will be available from your solicitor who handled the purch.
Perhaps if you're only wanting to keep on top of things and still let your accountant handle everything else, i'd just be tempted to get going with your daily inputs and outputs. If you havent had any bookkeeping training you may end up even more confused otherwise.
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You could ask your accountant to prepare an opening balance journal for you to post into sage based on any info supplied by your solicitor. Your obvious keep to learn but you wont be missing out on anythink by allowing your accountant to draft this journal for you.
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