I've got the opening balances to enter as a journal these include the debtors control account figure. I was wondering if I removed the debtors control account figure from the journal would I then remove the same amount from the profit & loss account figure? Then I would use the opening balance figure button for the customers which will then go to the debtors control account. Is this correct or is there an easier way?
Is the Debtors figure one Balance or separate invoices for each customer
If they are separate invoices then I would enter them one at a time to the customers account as there opening balance. Then you will have the same figure for the total amounts you have entered for each customer in your suspense account. Then do your journal putting the opening balances in .but missing out the debtors control account figure. Then on the last line use N/C 999 suspense accountto CR or DR your journalwith that figure to balance it and word it Adjustment to opening balance
Hope this helps
Martyn
-- Edited by nautica on Wednesday 2nd of February 2011 02:45:03 PM
If I entered the Debtors figure in the journal then it is just one figure but I want it broken down and post to the customers. But don't want to enter it as a journal then post the balances to the customers because it will be double the amount in the debtors control account then.
Hi Martyn, there are no creditors so nothing to enter in the creditors control account. Is there any way of not entering the debtors control account figure in the journal?
-- Edited by Suffolker on Wednesday 2nd of February 2011 03:12:16 PM
You wont be entering it in to your journal just enter you other balances missing out the debtors control account figurethat will be in your suspense account after you have entered all you r customers opening balances from there invoices
Thanks Martyn but if I left the debtors control figure out then the opening balance figures journal won't balance and therefore won't let me post it. Have been looking at the Sage opening balance help pages and it says the following:
Debtors value When you add your customer balances to the customer records Instant Accounts automatically adds the value to the Debtors nominal account. This means that the opening figure for Debtors is done at the same time. You have two choices, you can:
Leave the balance updated to the Debtors nominal account. If you decide to leave the balance, when you come to enter your opening figures directly to the nominal accounts in the Nominal Ledger you must use the opening balance button found on each nominal account record. This means opening each nominal account you have a balance for and adding its value with the exception of the debtors nominal account. If you don't omit the Debtors nominal account your Debtors figure will be inflated and your Nominal Account will not balance.
Clear the balance on the Debtors nominal account by reversing that value, before entering all of your nominal account opening balances. When you come to enter your opening figures directly to the nominal accounts in the Nominal Ledger you can then add the Debtors figure you have prepared for your opening figures. This is particularly useful if you found your customer balances and your Debtors figure do not match and you believe the Debtors figure is accurate. If you are familiar with and prefer journal entries you may find it easier to enter your opening figures directly to the nominal account using the journal entry method, rather than opening each nominal account separately.
So will it be right if I enter the opening balance journal which includes the debtors control account figure. Then enter the 3 customers amounts as opening balances. Then do a journal that debits the debtors control and credits the suspense account?
I dont think you are getting what I am saying lol you will balance your journal by using the suspense account after you have entered your customers invoices
-- Edited by nautica on Wednesday 2nd of February 2011 08:54:34 PM
When you enter the opening balances for each Customer. Sage posts the double entry as:
Dr Trade Debtors Cr Suspense
When you post your opening journal, the Dr balance you'd normally post to Debtors Control you need to post to Suspense instead. This will nil the suspense account and leave you with a Trade Debtors balance that equals the opening TB.
That's assuming you have an itemised Trade Debtors list and there isn't any opening balance for Creditors or Bank accounts.
hth..
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Tony
Responses are intended as outline only. Formal advice should be sort from your Institutes Technical Department or a suitably qualified Accountant.
Enter full Journal as specified however the Debtors figures to 9998 account (DR). By using the O/B a CR automatically be create in the 9998 a/c and therefore balance figures.
-- Edited by Donna CBK on Friday 4th of February 2011 12:01:56 PM
-- Edited by Donna CBK on Friday 4th of February 2011 12:02:20 PM
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