Can someone help with transferring from paper to Sage please? The EOY figures were not available and I set the date for the year as 1 Jan (I know that to be correct) and entered OB for the bank accounts with the date as 1 Jan and the balance in the account on that date. I am now told that was wrong and I have to change everything and redo the years accounts to date as they should have been entered as 31 Dec. No other OB have yet been input.
If you are transferring balances from paper to SAGE then you must have some opening balances. Whether these are you own balances at the end previous year or the accountants balances then you must have some opening balances.
You would start you year as being the first date of financial year. If you year end is 31 Dec 2012 then your start date would be 1 January 2012 (assuming a 12 month period).
You would then enter your opening trial balance and date as 31 December 2011 as a jounal. If you have any trade debtors or trade creditors or bank accounts you would journal these to say 9998 suspense. You would then need to post on the opening balances for the debtors and creditors individually using the customer and suppliers module and using the OB function under the relevant customer and supplier. This means that the debts and credits are correctly included from an ageing purpose and also enable you to match receipts and payments in due course. The other side of the entry would be to 9998 to cancel out the trial balance control account total for debtors and creditors.
You would do the same for the bank. The bank balance entered may not be the same as the actual bank statement figure due to outstanding cheques and lodgements. You would need to know what the outstanding cheques and lodgements brought forward were in order you could adjust for when you do the bank rec.
Not the easiest thing to explain. Easier to actually do.
Thanks for this. I used the actual bank balances as at 1 Jan and entered outstanding invoices (that hadn't been paid through the bank account but were dated prior to 1st Jan) into the new Sage with the actual invoice date. This was to enable me to be able to then reconcile statements with the amounts when they showed up on the accounts.
I now need to adjust the paper EOY figs to reflect these entries I have made or else I will need to completely restart the year's accounts and with over 2000 entries to date would prefer not to have to do so. Is what I am proposing possible?
All i think you need to do is run your brought forward trial balance and ensure that the balances agree to the EOY figures. Note that will only be balance sheet figures as the profit and loss account will have been rolled into the P&L reserve.
