hi guys welcome to accounting online today I will show you how to
post the opening child balance and individual bonuses for customers and
suppliers into each 50 accounts so this is my topic for today opening
child balance when we have individual balances for customers and
suppliers for this I will take you to my trial balance which has been
finalised as at 31st of May 2016 it shows you the opening balances for
different nominal codes starting from freehold property I have
highlighted the opening balance for decklist control account and
Claridge’s control account because I have the breakdown for these
figures if I take you to my second sheet you will see it here that is
fallacies are the customers benefit for 4 different customers and
creative bonuses are the supplier balances for 3 different suppliers
there are three ways of posting opening balances increase 50 counts
today I will show you the first method which is recommended by Sage and
for this reason are we go to choose and I will click on open balances as
you can see from this window it shows a step by step approach to post
the opening balances forceful customers then suppliers and then the
whole of the trial balance so the first step is I will click on this one
you say enter a B for date for your opening balances I will click on
this one and set my default date for the open balances the default date
for open balances is you can take it from your trial balance which is
here it says 31st of May 2016 that will go back and I’ll stand here 31st
of May 20 sixteen and I will click on save the phase date entered is
outside current financial year of course the new financial is starting
from 4th of June 2016 so current this date is going to the outside of
the current financial year and do you want to continue I will click on
yes it shows you the date here and the box is ticked the thing is we
have completed the first step when I will quickly go to you entering
open balances for your customers and I will see this window here what I
need to do is I will go back to my operation balance and then individual
diner to use for the customers so my first customer opening balance is
1/5 severe blue bar here and right there CC means CC date will be
reading here as I have set P state as the default date and that this is
going to be reference if you have the invoice number you can put the
invoice number manually here and external reference I’m going to leave
it here Department I’m going to leave it like this and this is going to
be English and a gross amount is going to be 1 5 6 a.m. okay second one
is going to be record general this one is going to me like 8 and the
same date and the amount is 680 it’s 6:18 and then I have C Mon
construct booth here if C is 3 6 5 really these expire their next one is
coalition money and it is going to be 0 and among s 715 you can quickly
check it against the open balances in your file which is double 6 4 0
and this is another six or 0 and I will click on save once it’s done
this box will be ticked and are we be going to be next step which says
opening balances for supplies if I go back and I receipt here the for
supply is SP electrical units to go and in here I want to show you
something this is here in type you can either post the credit dot or you
can post the invoice for the first one whose SP electrical is in words
which is 1 2 9 h this is 1 2 9 8 X 1 is going to be X 1 if you see it
here it shows you the credit note who number is 21 and here in verse
number was one two five eight ok one two five eight and credit note
reference was 21 so you can put 21 here and here you can select the type
add credit and Ahmad is 45242 in next balance is for moistens okay and
this is going to be 6 5 2 5 6 5 3 5 and the last one is so our own
limited simply create somewhere limited and this one will come here this
is 6860 800 and total is 1 4 1 8 1 this is 1 4 1 8 1 and I will click
on save okay the next step is this this is kicked because we have
completed the opening balances for supplies the next step is check the
customer and supplier open relative when I click here it will run me the
3d ports the first report is going to be aged debtors analysis the
second is going to be aged created analysis and the third one is going
to be open child values but only for the opening balances or the
creators and the and the debt is because we have only done the opening
balances for the customers and suppliers you can give a date range you
can leave it open because only the data for debtors and creditors
control account is in there and it click OK you will see open you will
see 3d ports here so first one is a genetic analysis the second one is
aided trade analysis and the third one is speedy trial balance now this
is interesting to see if you see here that is control account normal
code is 1100 x86 fix for euro which is exactly as in my PDF file and
greatest control account is one four one eight one which is exactly in
my PDF file if I go back and the remaining has been forced to you aim
the suspense account because we have to equal the credit side with the
debit side what you can do is I can I will save it as this single
document and I will save it on my desktop take care and I can write here
trial balance opening balances und 31st May 2016 let me save it once
I’ve saved it I can close this window and I will go back this process
take what it does reverse the nominal balances the next step is avoids
the nominal services in preparation for entering the trial balance what
stage would do as we could see it’s here.
Alike. I am working as Accounts manager in an Accountancy practice for over 3 years. My aim is to share my knowledge and experience with my fellow Accountants and bookkeepers. If you are looking for something but you can’t find, I can do customized video tutorials for you. I am always open to positive feedback, so please do like, share and comment on my videos. Don’t forget to hit a subscribe. Cheers…
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