Hi, I'm probably sounding like a total idiot and people are thinking how in the hell do I have any clients now.
But really, I am finding it difficult to remember anything using so many different softwares!! everyone is on something different, I've always used Sage and excel, then stopped using Sage for years and then it was VT, excel, Xero (hate it) and now back to Sage again for some clients.
I've just entered my opening balances from last years balance sheet into Sage, the thing I'm scratching my head over is the opening trade creditors and getting the balances into the supplier accounts.
Trade creditors £14, 957.39 - this bit's all fine, I've entered this figure with the opening balances from the balance sheet.
Now I need to get it out of trade creditors into this accounts
Credit card (business) 633.68
Supplier 1 166.19
Supplier 2 3,050.52
Supplier 3 1,107.00 (885.60 subcontractor and 221.40 CIS Tax from unpaid subcontractor invoice)
Customer 1 10,000 (a sales deposit paid in advance)
I get that I can DR trade creditors and CR the credit card, but I'm not sure about the suppliers and customer account.
Thanks in advance
Rachel
-- Edited by rachel_mclean on Tuesday 31st of March 2015 12:08:04 AM
Bruce has a useful library of the Sage help on opening balances on his site here.
Instead of entering the £14,957.39 as Trade Creditors I'd be inclined to enter the balances as you have described them: Cr £633.68 as a balance on the Credit Card account; Cr £4,323.71 as balances on three supplier accounts in the Creditors Ledger; and, Cr £10,000.00 as a balance on a customer account in the Sales Ledger. That way the balances will be in the correct accounts from the start. The trick is to enter all the amounts to which you refer in a way that exposes all the open item transactions making up the balances. The preparations recommended in the Sage guidance are worth following.
Thanks Ian, I don't understand how I post directly to to the suppliers account? so if now I made a journal from the trade creditors to each of the supplier accounts I don't know how I would do this apart from making an invoice and using the nominal code as trade creditors?
It covers this on pages 10 and 11 of the 2013 Opening Balances guidance from Sage. There's a special opening balances process that allows you to introduce balances to customer and supplier accounts at an appropriate level of detail.
Tools | Opening Balances takes you to this:
Regards,
-- Edited by Onion4Sage on Tuesday 31st of March 2015 10:28:09 AM
now. 
