I start work for my first client on Saturday. They started using Sage instants this year after doing manual bookkeeping.
How do I enter the opening bank balance? I have Sage Instants myself but cannot see where/how to enter the balance.
I have been given the task of reversing off incorrectly posted purchase invoices, inputting purchase invoices dating back to April/May this year, no cash posted against receipts or payments made so a good old beefy task for my first client and I am so looking forward to it.
I want to leave with everything up to date including the bank balance. They have last years manual accounts to I just need to get the closing bank balance on the bank statement and enter it in.
Best to get the trial balance from last years accounts and post that.
To post the opening trial balance go to module/nominal/select the account (double click)/then enter the O/B in the opening balance box (top left hand corner).
For customers and suppliers I would enter the opening balances by the list of invoices outstanding at the start of year (you will probably need to get this from the accountant). Then enter these via module/customer or supplier/double click the customer or supplier/enter invoices in the O/B box (top left corner).
When you post the debtors and creditors control account from the trial balance you should post to 9999 as this is where the other side will be posted when you post the invoices individually.
For the bank I would just post accounts balance but you need to watch out for any outstanding cheques/lodgements as theses will already be through the accounts. You could alternatively post the bank balance as being the balance per the bank statement and the outstanding lodgements and cheques as separate amounts (will come back to the same bank figure).
