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tiddles said:
“
ok this is a really stupid question and I was wondering if anyone can help
when inputting the customer and supplier details for task one, you also input their outstanding balance (one creditor, one debtor).
You then have to input the opening balances journal - part of which includes the amounts above. If you put in the journal, then it distorts the creditors and debtors control accounts. If you leave out those two debits and credits as part of the journal, then it does not balance.
It is obviously something blindingly simple and I am missing it big time!!
any help much appreciated.
”
Hi Tiddles,
I did this a while back using Sage Line 50. Sage makes it easy using the Customer & Supplier wizards.
Task 2 (i) Set up your customer accounts by entering the customer information provided into your accounts package (Name, Address, credit limit, opening balance) As you say only Lord Patrick Groves has an outstanding balance of £480 which you enter.
Task 2 (ii) Set up your suppliers accounts too. Only Tool Maintenance Ltd has an outstanding balance of £360 which you add.
Task 3 - Enter the remaining opening balances as at 1st January from the information shown below; you may need to set up or amend some nominal accounts depending on your accounting software
When you enter the remaining opening balances you don't have to enter balances for the Creditors & Debtors. You did this when setting up the Suppliers & Customers accounts. The Debtors (Lord Patrick Groves) and Creditors (Tool Maintenance Ltd) balances should already be there.
I hope that's a help?
Kind regards
Norm
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