The Book-keepers Forum (BKF)
The Book-keepers Forum (UK) -> Book-keeping Software -> Sage opening balances
Post Info TOPIC: Sage opening balances
djdnewman


Newbie

Status: Offline
Posts: 4
Date:
Sage opening balances
Permalink  

In short, Is it possible to start entering invoices into sage instant accounts without the closing/ opening balances from year end? 

Reason why is I have been handed a job doing the books for a local business, my first position in accounts as I'm studying with CIMA. So now I'm in at the deep end, and need to get up to speed fast. Info;

  • Turned over 1.4 m last year
  • VAT cash accounting
  • Year end 31 jan
  • No balance sheet 
  • last years accounts are on quicken and sage instant (accountant wants sage but owner likes quicken)
  • I have bank statements and outstanding invoices from last year plus febs invoices to input

Whats made it hard is they sorted me a computer out and new copy of sage and said they want to start this years fresh, the records look a right mess.

Do i start inputting what I have and wait for the Balance sheet to clear the backlog or could I do a year end on the other copy of sage and get the balances that way so that everything reconciles?

Any advice would be greatly appreciated.

Thanks,

Dan



__________________
FoxAccountancyServices


Expert

Status: Offline
Posts: 2021
Date:
Permalink  

You can start posting this years sales invoices in the interim, and you can add the opening balances later. Its advisable to get your debtor and creditor invoices in too, so you can apply payments against it.. depends if you are wanting to get the bank on before you get the figures, bt you will need them in ideally for the first VAT return.  There are ways to fudge but if you dont know sage very well, I wouldnt recommend you did it.

Also to consider... does the VAT period run in line with the year end??  What are the implications if not?



-- Edited by FoxAccountancyServices on Thursday 6th of March 2014 03:17:43 PM

__________________
djdnewman


Newbie

Status: Offline
Posts: 4
Date:
Permalink  

Thanks Michelle you put my mind at rest, and I suspect I'll be doing a lot of fudging so I'll be binging on sage till it comes out my ears.

__________________
FoxAccountancyServices


Expert

Status: Offline
Posts: 2021
Date:
Permalink  

Just take back ups before you start a new process, and then if you do anything wrong, you can just restore back, and try again :)

__________________
Page 1 of 1  sorted by
Quick Reply

Please log in to post quick replies.
The Book-keepers Forum (UK) -> Book-keeping Software -> Sage opening balances
Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  
©2007-2024 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: bookcertltd@gmail.com.

Privacy & Cookie Policy  About