This is my first post on this forum. I am doing some bookkeping job as a freelancer for some local businesses. I am using sage50. I have posted £3000 instead of £2000 as opening balance for drawing .I have tried to reverse the entry via Journal but the amount of £3000 still being showed up in the TB. I would appreciate if anybody could guide me how to do the correctio or do I need to delete the posting altogether and make a new posting.
How did you post the opening balance? Via the Opening Balance button on the account or as part of a total Trial Balance via journal? If it was via the opening balance button you need to do a journal to reverse the entry - i.e credit drawings £3000 and debit suspense account £3000 and then post the correct entry. Or you could just post the difference as a journal, i.e. debit suspense with £1000 and credit drawings with £1000.
Come to think of it, you probably didn't enter this as a complete Trial Balance, as if one figure was entered incorrectly it wouldn't have balanced and Sage wouldn't have let you save it.
