Sage 50 accounts Question - opening balances

sage4me

Hi,

I have just joined a company that are using Sage 50 Accounts. They are on a Sales Invoicing basis. They have been entering the invoices on the system and entering the payments received from customers on the bank - but because they don't enter the suppliers on the account the have never reconciled the bank.

A few questions for all you super experienced sage users could I do the following and would it work.

• Enter a new Bank A/c as a code 1245 with the opening balance from the 31/01/10
• Enter suppliers with the opening balance of 31/01/10
• Set up my Nominal Ledgers as they have a few vehicles on leasing.
• They us a company credit card - but haven't put it up on sage.

The year end is the August - but they didn't close off the year end, so I'm not sure of the implications this would have in the nominal ledgers or the B/s or P/l brought forward.

Do I need to do anything else ?

Thanks in advance I really appreciate any help you can give me.

Sage4me ...

mickbyrne

As the year end is only August, I would try to get the info correct from 01/09/2009. Speak to their accountant and get Closing TB 31/08/2009 for opening balances.

Search the sept bank statement for cheques written before y/e. Post these cheques to the system. Mark all lodgements previously entered as reconciled (assuming that there are no unreconciled lodgements on 31/08/09. To a bank rec as at 31/08/2009. You should have a large difference as payments were never posted. Enter an adjusting item and post it to reserves b/fwd, normally code 3200 on Sage. The bank should now be correct. Enter supplier balances dated 31/08. You can now roll over the data set.

You should also consider bringing other opening balances from the balance sheet such as fixed assets, prepayments, accruals. etch

Regards,
Michael.

sage4me

Hi,

Thank you for the quick response. I appreciate it. So, just want to make sure I'm clear.

Suppliers :
Enter an opening balance on the 01 - 09 - 09
Write up any payments made in September onwards that were wrote up before the end of September.
Seeing as it is only 4 months I don't mind entering the payments made from September on.

Customers :
These are already in there from waaaaaayyyyy back.
Customer receipts are being allocated against the customers accounts - but not reconciled.

Bank :
Reconcile all Payments / DD / Lodgements / Interest Charges from 01 - 09 -09 onwards.


Then with the difference, enter the adjusting item into the reserves of b/fwd.

Tks in advance

hinault

sage4me wrote: »

Hi,

I have just joined a company that are using Sage 50 Accounts. They are on a Sales Invoicing basis. They have been entering the invoices on the system and entering the payments received from customers on the bank - but because they don't enter the suppliers on the account the have never reconciled the bank.

A few questions for all you super experienced sage users could I do the following and would it work.

• Enter a new Bank A/c as a code 1245 with the opening balance from the 31/01/10
• Enter suppliers with the opening balance of 31/01/10
• Set up my Nominal Ledgers as they have a few vehicles on leasing.
• They us a company credit card - but haven't put it up on sage.

The year end is the August - but they didn't close off the year end, so I'm not sure of the implications this would have in the nominal ledgers or the B/s or P/l brought forward.

Do I need to do anything else ?

Thanks in advance I really appreciate any help you can give me.

Sage4me ...

The company should be entering receipts (debtors paying your company) using the sales ledger module : this will automatically update the bank account and it will update the individual debtor accounts and it will ensure that the debtor control account at monthend is correct.

Regarding the opening balances : I would suggest that you get the financial accounts for the prior year end - and load the closing (opening) audited balance sheet account balances, in to SAGE.
(SAGE allows you to enter prior yearend balances : we got our SAGE supplier to do this in one instance).

When the opening balances are entered : then simply enter all of the transactions that have not already been entered, for the current financial year.

Hope this helps.

holymoses

HI Mick l i cannot see how to post a tread so i'm gonna jump in here and ask you a question in relation to sage hope thats ok (i'm new)i need to print a profit and loss report for 2008 do i need restore that year and print report and then restore 2009 i haven't changed to 2010 yet thanks

mickbyrne wrote: »

As the year end is only August, I would try to get the info correct from 01/09/2009. Speak to their accountant and get Closing TB 31/08/2009 for opening balances.

Search the sept bank statement for cheques written before y/e. Post these cheques to the system. Mark all lodgements previously entered as reconciled (assuming that there are no unreconciled lodgements on 31/08/09. To a bank rec as at 31/08/2009. You should have a large difference as payments were never posted. Enter an adjusting item and post it to reserves b/fwd, normally code 3200 on Sage. The bank should now be correct. Enter supplier balances dated 31/08. You can now roll over the data set.

You should also consider bringing other opening balances from the balance sheet such as fixed assets, prepayments, accruals. etch

Regards,
Michael.

hinault

holymoses wrote: »

HI Mick l i cannot see how to post a tread so i'm gonna jump in here and ask you a question in relation to sage hope thats ok (i'm new)i need to print a profit and loss report for 2008 do i need restore that year and print report and then restore 2009 i haven't changed to 2010 yet thanks

I use SAGE MMS (which is a new version of SAGE Line 50)

So you're version of SAGE is still in financial year 2009?

To print a P&L for 2008, just go to nominal ledger>reports>prior yearend profit and loss report

holymoses

yes i'm still in financial year 2009 but i'm only using sage instant and when i go to nom ledger then reports theres no option for prior year end ??
thanks for quick reply

hinault wrote: »

I use SAGE MMS (which is a new version of SAGE Line 50)

So you're version of SAGE is still in financial year 2009?

To print a P&L for 2008, just go to nominal ledger>reports>prior yearend profit and loss report

hinault

holymoses wrote: »

yes i'm still in financial year 2009 but i'm only using sage instant and when i go to nom ledger then reports theres no option for prior year end ??
thanks for quick reply

This might help you

http://www.screencastcentral.com/public/222.cfm

Siogfinsceal

MMS is not a new version of Sage 50, its a bigger product a step up from Sage 50 - it is now called Sage 200.

With Instant Accounts you have two options if you want to run a P & L for 2008. If you archived your data at year end you could go into the archive data. To check if you have an archive go to File - Open - Open Company Archive.

If you have not archived data then you need to take a backup of your data now, restore the 2008 backup, run reports and then restore your current data.

When you do your 2009 year end it might be worth choosing the option to archive the data so if you need to go back in 2010 its easier.

If you have support on the product give them a shout I have used them before and found they are very good for that sort of help.

holymoses

hi Siogfinsceal ok it looks like i'll have to restore my data for 2008 this is where i get nervous. i'm literally deletin all my company data for 2009 repacing it with 2008 printing my p/l then restoring 2009 is this right.(i have backed up to my external harddrive regularly). i have always used the sage helpline and they were great but i cannot afford the fee this year so thats why i'm seeking help from ye good people, god help me when i get around to starting my new financial year, ah i'll manage i guess. thanks for your help and damn this recession but keep smiling

Siogfinsceal

Yup. will Pm you

Mr Clonfadda

Hi Holymoses

You Could contact a Local Sage BP (Business Partner) who may be able to offer you a more affordable option for your support.
However there wouldn't be much difference on a contract for sage Instant. You have got the correct solution from the last poster though to your specific problem.
You can leave the yearend undone until your accountant is finished with your accounts though and it may save you this problem though