Hi please can someone clarify this info below from a new accountant.
1200 Bank account Sage cr Iris dr Journals Dr
1703.25 85.38 1788.63
There are a few of them for different codes, altogether 10. I have done the journals using the 'Journals' column figures and sent it back to the accountant because they don't make sense. She is saying I haven't entered them correctly because the opening trial balance doesn't match the figures they sent me. I don't see how half of them could have been posted correctly and the rest weren't as they reflect exactly what I was given.
I am also getting warning messages when I do a data check in Sage for the creditors and debtors control accounts which when I ran an aged debtor/creditor report and a creditor/debtor report the difference that is causing the warning is the amount on the journals she sent me.
She is also saying the bank account can't be right because there is an opening balance of £1788.63 which is the journal she gave me.
Please help as I am getting very confused, I don't usually have trouble with journals but I usually just have the Journals column and if invoices or credit notes need posting they are on a separate sheet.
Accountants do have various ways of providing opening balance journals.
It looks as if the Sage column shows the figure on your TB when you handed the data to the accountant, and the Iris figure is their final TB figure. So they are telling you that you need to post a DR of £1788.63 so that your opening balance matches theirs. Have you checked they have the nominal codes right? If your opening balance on 1200 is now £1788.63 it looks as if it was zero before posting the journal, which is highly unlikely for a bank account which is in use.
Some accountants ask you to post opening balance adjustment journals on the last day of the financial year they have just completed, others want you to date it the first day of the new year. From what you are saying it looks as if they wanted you to date the journal on the last day of the year they have just completed. If you do that, you should then be able to print a new TB with date range "brought forward" and your figures should match theirs. If the figures don't match it is possible that you have recorded some more transactions dated in the last financial year after sending them the data for the year end work. There are some tricks to make it easy to find these transactions - let me know if you would like help with this.
Regarding the changes to the debtor and creditor accounts, you will need to know the details of the adjustments to individual supplier and customer accounts. I usually post the customer and supplier adjustments as invoices and credit notes the suspense account 9998, then post the journal entries to 9998 to clear the balance back to zero. This way you don't post a journal direct to the control accounts, but the control accounts and the individual customer and supplier accounts will be correct. I'm assuming the accountant doesn't want you to adjust VAT via the customer and supplier adjustments so your invoices and credit notes will have no VAT element.
I hope this helps.
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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.
First step would be to find out the last transaction number you used before sending the data to the accountant. If you closed the year end on your Sage at the same time, open the Company archive data file to check the last number, or have a look at the next number after the Sage system generated year end journal. Failing either of these two options, you might have to ask the accountant to look on their backup copy of your data or restore that backup on your system (make sure you take a backup of the latest data first)
When you have the transactions number, go to Financials, Search and set up a Search on transactions after the last one for the year, but dated after your year end date.
This will then show you a list of all transactions dated in the last year since you handed over to your accountant. If you want a printed report, you can generate the report with these parameters from NOMINAL > REPORTS > Nominal Activity excluding No Transactions report.
Depending on the transaction type and your Sage set up, you can either change the date of these transactions in Maintenance, or reverse and report in the current year. If there are any transactions of significant value you should advise the accountant in case he/she wants to change the year end figures.
__________________
Sheelagh Lyons Bookkeeping Clarity Making Bookkeeping Clearer
The answers I provide are meant as a general guide only and do not constitute advice.
