Opening Balances in Sage 50 Accounts Part 2

Video Cast:

STEPS:

okay our next step is the diversity nominal balances in preparation for entering detailed balance so what sate would do in this step is so all the balances which we could see in the child balance if I could show you here here take you yeah so these balances for debtors control account and creditors control account and so specific suspense account with videos so we won’t be able to see any balance in the child balance if I quickly close it and I should go to nominal codes and I show you the balances here you will be able to see D this is the crater’s control account and current liabilities this is that is control account and this is total overheads but if you drop it down and then you can see the balance in here in this expense account and it quickly collapse it and I will go back to the same file which is open balance and I will compress and this one is here I will click click on this one here is the nominal balance and we want to take a backup of your data before reversing your customers and suppliers open balance I don’t want to so just click on know so it shows you the opening and closing balance but this is the reversal journal see that is control account is on the credit side and suspense account which was previously a fading on the debit side it is also on the credit side the data same and it says opening balance reversal and this is the balance as our debit and credit side is equal I’ll click on divorce date entities outside current connection here yes because this is 31st of May 2016 and I will click on yes so if I close it now and I take you to the nominal codes see there are no balances in the debits and credits but if you if I take you to the overheads and then suspense account previously there was some balance so if you double-click and you do the activity you will be able to CD this one that he was so on this is very versatile so you could see the reversal of the balance in here similarly you can see the activity for that is control account and very just control account so our we go back and open then this is yes and the next step is this is the last step in fact enter the child balance from your accountant so I will click on this one and if it will show you the window really can post all the balances which are coming from your the final trial balance so my final trial balance is here so the first one is free whole property you can put here there is it a one zero in sage knowing code nominal codes start with zero zero one zero it gives the normal code for fixed assets so in here you can just copy this thing you can write here if you want to write here something you can write here opening balance dang caps and then the open balance for this one 880 and put it here the next one is quantum machining of course you don’t charge any depreciation on property next one is funding machinery so this one is easier this one little bit it to 0 this is also all be and amount is 50000 the next one is accumulated depreciation so this is the quantum machinery depreciation which is really good if you want the precision will be charged through profit and loss it starts with normal towards 8 so you can check it later there this one expanding machinery and to a final six to eight nine zero six next is of this equipment which is the reserve on this is officer SS right here and amount is 13 five serum 13 5zv and then it is accumulated depreciation for office equipment we have amount six five seven eight fifty six five seven eight next step is furniture and fixture stardom in double zero and this is double zero for ceiling and amount is 4550 five members and then we have double 0 for 1 and this is 2700 because here x1 is talk this is we sorry this is the open stock in profit loss and this starts with fifty two hundred yeah so you see the opening swapping loss because the clothing store for the last year because we are in store for the new year which will be appearing in profit and loss the amount is six point two five four five six one two five four okay next this is Duchess control account that is control account is 1100 you can put them there because we have with the balances individually and there were some opening child balance but then we divorce it so there wasn’t any figure in the child minute as I showed you previously but it takes 4 double zero for the next one is Bank current account which is 1200 and amount is it will do 504 this is a 504 the next year’s cash account which is 12:30 I’m treating it as a petty cash tip and also put that into the cash register and this one is 400 next account is P payment and this is the rows 103 in amount is a one-in-five set of money prizes in X amount you create this control account eg is 2100 because a 1/4 1/8 112-181 next amount is vhe control account so this is going to be tt-02 so this is weekly level if we count on this one is five six two eight five six two eight and you may be having in some cases we may be hanging the individual accounts for sales tax control account and purchase sex control become so you can put put them separately but the effect will be going into the utility becomes okay the next one is ke ke is the one long zero and this mode is two six two five six five two five six five we have national choice which is w1 one amount is 1 2 5 0 95 year and then we have neck radius which is typical diem and about a 9 to 3 0 9 2 3 0 we have is debtors account decals account is two to1 and the amount is 7 9 9 10 5 7 9 9 and 5 next one is Reyes says normally code is 4000 it could be coming on tech side this is 5 10 so 5 10 and this one is here and then we have Portuguese closes is 5 7 which is default no mean code for Portuguese we won seven nine eight five six one seven nine eight five six and then we have equipment high equipment how okay what I can do here is I have this sage nominal code file exported in Excel from sage so I can just quickly do control app and I can write here equipment search with higher and it says it’s gone aha this is double seven double zero so I will go back to my page you know right here the salmon the reason the amount is here 3,500 and you said maybe 3,500 and we have weights weights we can see from here you see general rates and then here the amount is double 293 vm w nine-30 next is advertising advertising sorry realizing starts with 6260 201 and then the amount eight seven double 5:07 double v vm next normal Cody stop sell these staff salaries you need to put that into…