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Post Info TOPIC: Prepayments in Sage
Samilou67


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Prepayments in Sage
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Hi I have a company that I need to record opening balances for in Sage. One of the customers prepaid £2000 at year end, how do I record this in Sage as an opening balance?

Thanks

Sam



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Sam
FoxAccountancyServices


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Post your opening £2k balance to an adjustments bank account - £2k credit. Do a customer receipt to clear - then you have that balance sat in the customer account and the adjustments bank account is back to NIL

You will have to consider VAT before doing this, if applicable

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Samilou67


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Hi Michelle what would be an example of an adjustments bank account, do I just amend one that is already set up?

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Sam
FoxAccountancyServices


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Posts: 2021
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Yes, Sam... In the bank section - just rename an unused bank account to "Adjustments bank account". Its basically an account you use for adjustments - a dummy account to get what you want out of Sage.

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