We upgraded to a new Sage 50 system this year and I had a balance to transfer from the old system to the new. This was a business loan with 24 payments out of 36 still to pay. I entered the balance into nom code 2302. The same amount appeared in the suspense account and I cannot think how to get rid of it without confusing the whole accounts. Any suggestions? Step-by-step please!!!
Karen you really need to post opening balances for all the accounts, if this is after year end, there will only be balance sheet entries. Do you have a closing TB from the old system that balances? It will include the loan credit balance.
After posting the balances an equal amount goes to the suspense account. You think we can empty the suspense account by doing a journal. Where to? 1. Bank balance 2. Loan account
I'm suggesting if you post the opening TB then you won't have this problem of the suspense account, I'm assumingthere are other balances that need to be posted. If you need to get these from your accountant I would reverse the original journal you have made (dr loan, cr suspense) and just post the opening balances from the TB, in the meantime post the loan repayments as they happen.
Hi Karen. No you shouldnt just do a journal to take the balance out of the suspense and poast it to the bank as then your bank wont balance (presuming youve alreday done the bank rec and it includes the loan money coming through, as you mentioned that its 2/3 paid). As Tony and Rob have mentioned, you should have an opening trial balance from your old system which will all balance and there will be nothing in the suspense account. What system were you using before ? I think Sage has a facility of inputting balances from other systems - I think ??!! Other than that, you might just have to go back through and check all your manual entries again if thats what youve done.
Hello, I used to 'O/B' button when I, for example, set up customer records on the new Sage system as I was shown by my Sage tutor. This was supposed to do all the double entry for me automatically (and it did, but it put the equal amount into 9998 suspense so for each customer I then had to manually correct it to put the amount into 4000 - Sales). Doing that reduced the suspense amount so I was happy! But, the problems occur when I wanted to enter the amounts carried forward from an old accounts package to my new Sage package on 1st April 2010. The balance on the bank account I entered using the same O/B button on the records page. I did the same for the business loan. The O/B button seems to have been the cause of the problem!! I am not an accountant! I have carefully followed my tutor's method and Sage 50 for Dummies and I am now on the brink of heaving the thing through the window....
Putting creditors and debtors on via OB is fine but then it needs to be cleared down and you still have to put the TB on otherwise your control accounts wont balance. Can you print off a tb from the old system? Then enter this as you opening balance in one big journal.
But, the problems occur when I wanted to enter the amounts carried forward from an old accounts package to my new Sage package on 1st April 2010.
Karen is the 1st April 2010 the first day of a "new" accounting year?
Rob, I think, depending on Karens answer to the above, she may be confusing opening debtors and sales income. I don't understand why else she would feel the need to:
db suspense cr sales income
When as you've rightly said, posting last years closing balance sheet should clear suspense.
Btw - sorry Karen if I've misunderstood you.
-- Edited by ADAS on Friday 5th of November 2010 05:40:03 PM
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Tony
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