Opening Balances in Sage 50 Accounts Part 1

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Opening Balances in Sage 50 Accounts Part 1

How to do! Steps

Steps:

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.