In short, Is it possible to start entering invoices into sage instant accounts without the closing/ opening balances from year end?
Reason why is I have been handed a job doing the books for a local business, my first position in accounts as I'm studying with CIMA. So now I'm in at the deep end, and need to get up to speed fast. Info;
Turned over 1.4 m last year
VAT cash accounting
Year end 31 jan
No balance sheet
last years accounts are on quicken and sage instant (accountant wants sage but owner likes quicken)
I have bank statements and outstanding invoices from last year plus febs invoices to input
Whats made it hard is they sorted me a computer out and new copy of sage and said they want to start this years fresh, the records look a right mess.
Do i start inputting what I have and wait for the Balance sheet to clear the backlog or could I do a year end on the other copy of sage and get the balances that way so that everything reconciles?
You can start posting this years sales invoices in the interim, and you can add the opening balances later. Its advisable to get your debtor and creditor invoices in too, so you can apply payments against it.. depends if you are wanting to get the bank on before you get the figures, bt you will need them in ideally for the first VAT return. There are ways to fudge but if you dont know sage very well, I wouldnt recommend you did it.
Also to consider... does the VAT period run in line with the year end?? What are the implications if not?
-- Edited by FoxAccountancyServices on Thursday 6th of March 2014 03:17:43 PM
