I've been to a client again today to do some more bookkeeping as they were behind. I have caught up with payments and posting Sales invoices.
What I wanted to do next was post in the opening creditor balances and also the bank balance from last year. I've clicked on Tool, but there is no option for entering opening balances. When I got home I logged on to my sage instants and the opening balance option is there.
Is there a reason why the opening balance option my not be showing on my clients system?
I'll be gutted if I can't do this as i feel like I am finally getting straight and comfortable with this clients accounts.
Are you just posting the opening creditor balances as invoices in the Supplier module? Or are you posting as part of an opening TB? Not quite sure what you mean when you say you clicked on "Tool" ?
Don't forget if you enter creditor transactions using the Opening Balance button (or any opening balance using the Opening Balance button) then the opposite entry is posted to the Suspense account. When you then get the TB from the accountant this will probably include a balance for the creditors control account, so after you have entered the complete trial balance you will have to clear down the suspense account by crediting the suspense account and debiting the creditors control account.
Sometimes the best way to learn by actually doing the job
Pauline
Edit: Also don't forget that if you enter the creditor opening balances as separate invoices and you are on standard VAT accounting, make sure that you use T9 as the tax code as the VAT may already have been accounted for in the previous period (you will have to check when the VAT periods are).
-- Edited by Stardoe on Sunday 9th of December 2012 06:05:43 PM
I have been trying to post opening balances as if they were from the TB. Don't yet have the TB though as last years accounts have not been done yet. My client had entered some of last years invoices which were unpaid at the year end. I reversed them off as they were from last year and it mean they would have been double counted. It looks like the "enter opening balances" function has been disable to prevent the client entering information through it. I've emailed the accountant so that I can get this re-instated to enable me to enter the opening balances. It's still a learning curve for me as this is my first client and I have never done opening balances before nor had anything to do with year end so looking forward to doing some of that. I already feel as though I am learning.