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winkle


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Another Q about Opening Balances
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Hello smile

I am a little stuck woth opening balances on stock

I am doing the bookkeeping for 08/09, I have the previous years P&L & B Sheet

How do you enter Opening Stock? If you enter an opening balance sage puts the credit in the suspense account.....I am not sure about this one....do I not enter it and let the accountant sort it? Or would the accountant sort out the suspense account? Or is there somethiing else I am missing? (feeling a little thick to be honest!)

Could someone please explain this one for me
This is my first attempt at doing another set of books at home

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RobH


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Easiest thing to do would be to request an opening balance TB from the accountant, he should expect that from you.

Rob

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Rob
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BudgetB


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All of the Opening Balances ultimately tie up together and balance each other out, so you need to enter everything as shown on the closing TB for the previous year in one big journal and then it'll work.

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Jenny

 

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winkle


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So if I have set the financial year date, I should date the journals the previous year end date?

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RobH


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Yes, the figures will carry forward onto the current year, if the accountant says use the first day of the year it will make no difference as it will only be Balance Sheet items but just put in the narrative 'opening balnce'

Rob

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Rob
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winkle


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Thanks guys......my little mind is happy now :o)

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