|
MJC_1988 said:
“
Hi,
I needed to make a correction to an opening balance as the sales account was undercast. If I tried making the correction through the journal it gave me a completely new transaction and the account didn't budge the way I wanted it to, so the only thing for it seemingly was to correct the balance with a single entry (all other accounts were correct). So surely I should have been able to use the 'corrections' module or change the opening balance in the COA/ledger wizard but it wouldn't allow me to do either.
Info: Using Sage instant 2010 trial, and entered opening balances via the wizard. The suspense account made no sense but I don't think that's neccessarily the issue here.
Any thoughts on this problem (other than me being an idiot)?
Thanks guys
”
Opening Balance entered on Sage is treated as a journal entry. Therefore any journal entries entered on Sage unfortunately can not be corrected using the correction facility.
Therefore to correct it, we use the journal to post the difference.
There are two ways of entering the Nominal Balances.
Entering the opening balances of each individual account which means that for every opening balance of the nominal ledger, the system post the other side of the entry into the suspense account.
Example, lets say we are told that the opening balance of purchase a/c is £250 when we enter the opening balance, we would enter the purchase account as a Debit entry therefore the system will automaticaly post to the credit side of suspense a/c of £250.
Once you have entered all the opening balnces, the suspense account should have a zero balance as the suspense a/c would be balanced off.
In your example you recognised that the sales was undercast therefore you would have a suspense account balance.
Therefore to correct it through the journal there should be a Debit and Credit entry.
To correct it through the journal you would correct the sales account on the credit side but we need to complete the other half of the double entry to make the journal balance which is to credit suspense.
Or you could just enter the sales account as a Credit entry as an opening balance which would automaticaly post the debit entry into suspense a/c.
Either way the suspense a/c will be cleared to zero balance.
Hope this helps.
Roy
Edited at 25 Aug 2015 12:39 AM GMT
|
