my employer only purchased sage 50 this month and I am inputting all receipts & payments for august & sept. I missed to set up the opening balance on the account before posting the payments and receipts. Is this something I can set up now or is it too late?
You can still do it... (in fact, you'll have to do it at some point, or your Sage data will not be correct) (Has your employer got an accountant - who can give you the correct opening balances to use?)
Ive got the bank statement infront of me but can't see where I can input the opening balance on sage. it just shows the current balance after the posts that I've input already. if I had done it from the beginning when the account was nil it would have let me input the opening balance in account set up.
Personally, I would do all your opening balances (for all the other balance sheet codes) as a journal (in one go), so that you know that it "balances". If you try and put one or two opening balances it, it becomes a little messy. For similar reasons, I don't use the OB functionality whereby you put individual opening balances on the nominal codes and bank accounts (even when Sage lets you)
That said, if you need to put an opening balance into the bank account, you could do it as a transfer against, say, the "Directors Loan account" BUT you'd have to remember that you did this, so that when you come to do the rest of the opening balances, you know what you have to adjust for in respect of the bank/DLA, otherwise your year end accounts would be incorrect.
Another thought, as you are putting in August/September - is 1 August the start of your employer's financial year?
yeah first of august is start of financial year. ok, so if i were to enter the o/b from the bank statement to the account as of the 01st august, where exactly will i do that. when i double click on the account, in my case 1200 is main account, its just giving me the current balance and not letting me edit this.
You need to do a journal to the bank account code 1200 (the other side being the DLA or may be the suspense account, 9998).
MAKE A NOTE of what you've done.
That said, I strongly recomend you speak to the accountant who is preparing the year-end accounts (assuming there is one), as you will need to enter the rest of the opening balances, otherwise your Sage data will be incomplete, to say the least, and they will be best placed to advise (particularly with specific codes/amounts)
