could someone please advise me as to which of the following are correct..i am entering opening balances for suppliers and i have conflicting information.1.. in the sage level 2 couse folder it says when entering the supplier opening balances, Select O/B button(supplier information)Ref (i understand this)Date (i understand this)Type.. here it says to enter INVOICE 2.. in the sage user guide it says when entering supplier opening balance..Select O/B button(supplier Information)Ref (i understand this)Date (i understand this)Type.. here it says to enter CREDIT(copied from sage hand book) .... if your supplier owes you money, you would select "INVOICE" from the drop down box. This would create a negative balance. If you owe money you should select "CREDIT".Could someone please tell me if i am to enter "INVOICE" or "CREDIT" for my suppliers opening balance when i owe them money.Thank you Rachel.
Hi Rachel,If you are entering Supplier opening balance using the OB button on the Supplier record you would choose Invoice if you owe the Supplier money and Credit if they owe you money. Creating a credit on a supplier account will result in a debit entry to the supplier account.HTHPauline
HI Pauline,thank you very much, that is what i was thinking, but with the sage manual saying the opposite i thought i had better check.thank you again,rachel
Rachel M said:
“with the sage manual saying the opposite”
> Hi RachelI do not use either method for entering opening balances On sage for suppliers, customers or the bank as entering the balances this way hinders reporting and allocating later on I post all the invoices to each account using the correct references dates etc posting the opening balances to suspense 9999 when posting the opening TB i posted the relevant debtor, credit and bank balances to suspense 9999 suspense net off to zero and the opening transactions are correct in the relevant accounts.Kind regardsStuart> > >
Hi Stuart,You are able to enter individual invoices using the Opening Balance button with the correct references etc. though aren't you? The opposite entry automatically goes to suspense, then when you enter the full TB you have to reverse the entries in the creditors/debtors control and suspense so that they are not counted twice. Although when you post the creditors/debtors control opening balances you could post them to suspense nominal instead I suppose which means you wouldn't have to reverse anything.Pauline
