Hi, I have just taken over the book keeping for a client where spreadsheets had been previously used for the year's figures.
I am entering all new financial year transactions onto Sage, however, the bank balance as per the balance sheet last financial year is the actual bank statement balance at year end, but there are 3 supplier cheque payments dated last day of the financial year that were not cleared in the bank until the new financial year and correctly these suppliers were not included in the creditors figures as they had paid before the year end. I have entered the bank o/b as the bank statement balance at year end minus the uncleared supplier cheque payments.
To balance the opening T/B am I correct in thinking that now the capital figure from the balance sheet will have to be adjusted with the same amount?
Hope somebody can help me out there.
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