I've been trying to help a client who has moved from Quickbooks to Sage.
Can anyone explain to me what Sage (50 Accounts 12) actually does when you enter items in the Opening Balance wizard which are unpresented at the end of the previous year?
There seem to be transactions going the wrong way on the Bank Reconciliation screen.
When you use the opening balance wizard Sage posts a DR and CR to the Bank, and a DR and CR to the suspense account. Sage requires these entries in the background so that the net result is NIL change to any balances. One side of the Bank transaction appears in the top part of the bank rec screen - this will be reconciled when it appears on your bank statement. The wizard also adjusts the last reconciled balance figure on the bottom part of the bank rec screen. When you post the opening bank balance from the Accountant's opening TB, the last reconciled balance is adjusted further, so that when you come to ado your bank rec, the opening balance should match your actual opening bank statement.
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Sheelagh Lyons Bookkeeping Clarity Making Bookkeeping Clearer
The answers I provide are meant as a general guide only and do not constitute advice.
Thank you Sheelagh. What had happened was that the bank statement balance had been put into the wizard, rather than the reconciled bank balance. This confused things as the opening 'reconciled' balance was then wrong. It makes sense now.
