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Post Info TOPIC: Posting Opening Balances in Sage
GemmaMc


Newbie

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Posting Opening Balances in Sage
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Hi There,

I am just starting out with Sage and entering Opening Balances from a clients previous annual accounts.

The O/B's =

1) £3000 capital

2) £6144 creditors (made up of £64 to the bank, £700 trade & £5380 other)

3) - £9144 loss

I have posted the £700 trade creditors & cleared the suspense account. I am now entering the Opening Balances in a journal entry however I am inputting Capital & Creditors as CR's balances however, because the P&L Account is a loss I thought I also had to put this as a CR. Obviously when I do this it then doesn't balance as I have nothing on DR side??

What am I doing wrong?

Thank you

Gemma

 

 



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matt123


Senior Member

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Posts: 319
Date:
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The retained earnings would be on the debit side.

So the journal when you have a loss would be

CR Profit/Loss (Your DR expenses are a higher value than your CR income therefore you've made a loss)
DR Retained Earnings

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Matthew
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