Hi. Looking for some assistance. Recently took over a complete mess of accounts. Sage 50 had been set up on new PC but no info bought forward from previous one. Had payments/receipts in April which I had no data for, eventually got copies of invoices and posted 2013 ones as 1/4/2014. Have since received the correct trial balance from accountants etc and have b/f balanced for debtors and creditors control accounts for 2013/14. Have posted everything as opening balances but this is now throwing out my 2014/15 control accounts by the previous trial balance amounts. Is there an easy way I can amend this or do I need to credit off all the old invoices and repost somewhere else, how would I allocate the payments made in this financial year for them? Never been a fan of sage so sorry if being a bit thick.
What you probably should have done was post those payments and receipts to the purchase and sales ledgers as payments on account, not matched against invoices, pending receipt of the opening balances.
The problem with putting the copy invoices on is that, obviously, they're likely to be included in the opening balances - both in the sales and purchase ledger accounts and, depending on the VAT scheme in use and how the VAT cycle coincides with the company's year-end, possibly the VAT control accounts as well.
From your wording, and based on what would normally be expected from the accountant, the TB's debtor and creditor control accounts are just the overall balances; ideally, you need a breakdown of those balances - you might have to go back to the original data that was supplied to the accountant for that info, and/or liaise with the accountant if the balances have changed.
With that info, you post as opening balances the correct balance (possibly even invoice by invoice if you can) - and delete or credit those copy invoices you posted.
Be careful of how you do this, though - think it through first to ensure what you do doesn't screw up the VAT.
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Vince M Hudd - Soft Rock Software
(I only came here looking for fellow apiarists...)
Many thanks, was thinking along those lines but wanted to be sure. VAT exempt so no worries there. Finally getting into the old system I don't know what they went on to supply the accountants with at year end as nothing seems to tally up. Going to be a lot of journals at this year end I think.
Ive never had to do this before but shouldnt the invoices and b/forward balances you keyed have been set up the 31 March prior year, even if you opened a sage year up for that and only processed on the last day of the year, so that everything would roll forward. As Vince says - you now effectively have some double counting going on eg the invoices from 2013 loaded in the next year will over inflate the sales for this year.
Ive picked up one that had the same thing done to it, but only for a few entries but caused problems.
Can you start again or is there just too much?
Re the prepayments, but again either the above re-start will help or perhaps you could reverse journal and just start again - maybe do it manually rather than relying on the wizard and I would set up a spreadsheet to work it through so you can check everything is in the right place as you go along/when youve finished. Not sure of another way.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
