I've taken on a new client who needs the accounts finalising for april 2012- march 2013 however before the accountant can do that they have indicated some problems which need addressing first.
The year end accounts for 2011-2012 were done on a different software so starting from 1st april 2012 all opening balances etc needed to be entered onto the new sage software.
1) How do I find out what opening balances have been posted already?
2) The suspense account doesn't balance however im sure once all the opening balances have been entered this should be nil?
3) How do I find any mis-postings or duplicates?
4) Also the accountant seems to think that with regards to the opening balances, the opening debtor and creditor balances have been posted to the profit and loss account? How do I check this?
Any help or advice would be great as im not completely sure of the sage software?
please only post questions under one category to save discussions related to an answer becoming disjointed (I've already tidied up the duplicates).
All of the regulars on here simply hit the recent posts button rather than looking at specific categories so questions get answered no matter what category they appear in.
I don't field the Sage questions but someone will I am sure be along imminently to point you in the right direction (although its a Sunday so you may not get your answer until tomorrow morning when people are back at their desks).
kind regards,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Normally, the opening debtors/creditors are entered as individual invoices/credits as at year end, and posted to suspense. The debtors/creditors nominal balance brought forward would then clear the suspense account. If they are on cash accounting, they should be entered T0/T1 as appropriate, so that the vat is picked up. Otherwise, T9.
Also, I would post the opening bank balance firstly as per the bank balance, then individual journal entries to make up the book balance, this makes it easier to reconcile.
However, until the opening balances are entered it wont really make a lost of sense, as you will be paying suppliers where there is no invoice etc.
