Hi We are changing from Farmplan accounts software to sage at the same time as our year end and to complicate things, have merged 3 accounts into 1. We dont yet have a trial balance from the accountants but was wondering if there is a way to enter bank balances on Sage to be going on with as I cant seem to find out how to do this. I see that I can use the wizard to start a new bank account and this lets me enter a balance and the reverse side of it would go to the suspense account. If I do this, instead of using the default bank accounts on sage, is everything going to be correct? Thanks
As you say given you dont have a trial balance if you enter the opening balance through the new account set up the other side will post to suspense. So the trial balance balances. So if you have a positive account balance the entry would be
Dr Bank
Cr Suspense
and vice versa if it is overdrawn.
If you include the necessary balance in order you can start posting then when you get the trial balance from your accountant then you would post the bank balance on their trial balance to suspense and this should cancel the suspense account to Łnil. Assuming the balance that you start with on your bank and the bank balance on your accountants trial balance is the same at the start of the year.
If different you would need to revert to your accountant to find out the reason. That could be due to a number of things like outstanding cheques/lodgements, correction in the previous year, etc.
