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Post Info TOPIC: Retrospectivey entering opening balances in Sage
mj


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Retrospectivey entering opening balances in Sage
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Hi

I wonder if someone could advise as to whether opening balances can be entered in Sage, after transaction postings have begun?

A new client wants to move their records onto Sage; they have just changed accountants and neither a TB or yr-end balance sheet breakdown is available yet. Would it be wise to hold off Sage altogether until the opening balances can be entered (my preference), or is it simple enough to go back and enter them later? I am not sure if the client may have already attempted some customer/supplier postings in the meantime.

Many thanks for any advice.



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Julie


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Hi,

Yes - its ok to start entering onto sage,  then just journal in opening balances when ready.

I have done this before and had no problems.

Julie

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Davey


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Yes i have also done the same Journal postings on sage bringing the Opening
Balances on at a later date. But you must remember that the items like Debtors
and Creditors will not have the Individual Balances of Debtors and Creditors
in the Ledger Accounts.

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David
mj


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Hi and thank you for your posts Julie and David.

Is it simpler, then, to use the opening balance buttons for each nominal, then print a trial balance to check all is correct, rather than a journal? If I am posting to the bank account before I have the OBs for the other accounts, I will have to enter the bank OB this way. Or is it not necessary to enter the OB for the bank before I start posting to it?

Thanks again for your advice.
Mary

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