This may seem a dumb question, but I'm a bit stumped! I have a client who has decided to move from QuickBooks to Sage (horray!!!) His year end was 31 Mar. I have run off a TB in QBs to post an opening journal in Sage of all his Balance Sheet accounts. However, how do I get all his outstanding debtors and creditors shown on the relevant Customer and Supplier Accounts? He likes to send his customers statements every couple of months, and some still owe him money from a while back, so I need to be able to run these in Sage, and have the individual invoices due showing. Any pointers would be much appreciated, as I am getting in a muddle thinking I may double up on the the values on the debtors and creditors codes if I'm not careful....
You would need to set up each customer and supplier account individually and then when you get to the end of the wizard, it gives you the option to have no opening balance or to enter opening balances as either a total or as individual transactions.
only thing im not sure of is how it will affect the balance sheet as you have already posted the opening balances.
I would imagine once you post the opening debtors and creditors in Sage your control accounts wont balance. Liz will have effectively entered the Debtors twice. So you'll need to post a reversing entry to suspense.
The "normal" procedure in Sage is that e.g Opening Debtors will
Dr Debtors Control Cr Suspense
So when the closing debtors control is posted from Quickbooks you would simply Dr Suspense, making it nil.
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.
Yes, as Tony says if you enter your individual invoices as opening balances the entries go to DR Debtors Control and CR Suspense. Then when you enter your TB opening balances you will have a double entry for the Debtors Control so you then need to post a reverse journal to CR Debtors Control and DR Suspense with the amount of the opening balance which will make the Debtors Control account correct and will clear the Suspense account.
