|
|
Hi all,
I have just ordered my level II Computerised exam and will be using Sage Instant Accounts.
I am just having a look at a mock paper and I see that there are some opening balances to put into the programme - I have searched through my textbooks and whilst studying, I started a company up from scratch, so am not sure how to put an opening balance into the programme.
Does anyone know how to do this?
Thanks in advance!
Claire
|
|
|
Hi Claire
Am about to book my Level II comp too!
I'm not sure if this method is correct but I did it all via journal entries (although you need to make sure debits=credits).
If I'm incorrect in this, I'm hoping someone on the forum will point us both in the right direction!
Good luck on your exam.
|
|
|
Hi,
If this is for a nominal, highlight the nominal code in question, go into the 'record' and there you will see the following (for example);
N/C 0020
Name Plant & Machinery
Balance (empty box, if the balance is zero, with a lttle button next to it)
Click on the little button next to the empty box, where balance is, and enter the date and the figure whether it be DR or CR
For suppliers and customers the process is pretty much the same.
I hope the above makes sense and helps!!
regards
Kerry
|
|
|
When entering creditor and debtor balances you will need to complete journals afterwards to reverse the entries.
For example, after entering your creditor/debtor balances your TB looks like this;
1100 Debtors £1000 DR Balance
2100 Creditors £2000 CR Balance
9998 Suspense ac £1000 DR Balance
You will need to reverse these entries
CR 1100 Debtors £1000
DR 2100 Creditors £2000
CR 9998 Suspense £1000
Please someone correct me if I am wrong!
Regards Kerry
Edited at 28 Jul 2011 07:01 PM GMT
|
|
|
Hi Claire
At Sage (yes I work for them) we recommend the following....
Enter Customer and Supplier balances via O/B button on the relevant record cards.
As this updates the nominal, then reverse it.
Credit - Debtors
Debit - Creditors
Not knowing the information supplied to you then do the opposite positng for Suspense.
This will zero the nominal ledger
Then post the opening balance for the nominal as a journal
Hope this helps
Martin
|
|
|
Martin said:
“Hi Claire
At Sage (yes I work for them) we recommend the following....
Enter Customer and Supplier balances via O/B button on the relevant record cards.
As this updates the nominal, then reverse it.
Credit - Debtors
Debit - Creditors
Not knowing the information supplied to you then do the opposite positng for Suspense.
This will zero the nominal ledger
Then post the opening balance for the nominal as a journal
Hope this helps
Martin ”
Pretty much what I had said, apart from I have been taught to enter the nominal opening balances in the way I mentioned.
|
|
|
Hi Infinate, KerryB and Martin,
I think I know what to do now - I am going to run through a practice and print a TB to see if I have got it!! I double checked through all of my textbooks again and definately can't see anything about this in the whole course!! Bit annoyed about that!
This is probably going to sound silly but why do you reverse the entries through journals? I think I am panicing and forgetting things because I am nervous about the exam!
Thanks in advance guys!!
Infinate - best of luck with your exam! :)
Claire
Edited at 30 Jul 2011 09:05 AM GMT
|
|
|
Hi Claire,
the entries are reversed as they are not 'new' sales/purchases therefore should not reflect as this in the control accounts otherwise this would be duplicating the nominal o/bal; the control accounts opening balances would be entered when the nominal o/bal were entered.
Hope this makes sense.
regards
Kerry
Edited at 30 Jul 2011 06:15 PM GMT
|
|
|
Hi Kerry,
Thank you for this - I can't believe that I don't know this!! I am on my second year of AAT too and I haven't heard of this! I think I might have to ask at work tomorrow.
On the test question I have, the opening balances are for things like depreciation and property - there aren't any for creditors or debtors.
Oh no, am so confused!
Thank you for your help though!
Claire
|
|
|
That certainly throws a spanner into the works and confuses me also!
In reality, if you had balances for creditors and debtors there would be nominal opening balances to enter (as per trial balance). If there are no balances for creditors and debtors then it is correct for there to be no balances to enter in the nominal acccounts (as per trial balance), but there would also be no balance to enter within the customer/supplier's individual accounts. That's the way i understand the process anyway 
I would definitely check because, as stated above, if you are required to enter customer/supplier o/bal's, to their individual accounts, then there should be o/bal's for the control accounts, in order for the TB to balance.
Sorry if I am repeating myself, just trying to ensure I am making sense!
Kerry
|
|
|
Hi Kerry!
Oh no, I am sorry to confuse you too!! :(
I am just having a look at it all now - I think that I have got my head around it - I have just e-mailed my AAT tutor to ask her to check!
I agree about there having to be balances in the control accounts if there are balances for the sales and purchase ledgers. I do only have nominal opening balances from the previous year to put in - for accruals, property and depreciation, so I think that I could just journal these in!
Thank you very much for your help and advice - I really wish that my distance learning provider had explained what to do if you have opening balances to enter as well as showing how to set the businesses up from scratch!
Have you got any more exams to take for ICB?
Thanks again - I really appreciate your help!
Claire
|
|
|
Hi Claire,
if you only have nominal o/bal to enter, with no supplier/customer balances at all, then it makes sense, and yes enter them as journals if that's how you would be more confident to do them!
I am just waiting for the results from my level 2 Computerised; I completed it about 2 weeks ago, and I must say, the wait is torture hehe! I am now concentrating on doing all the level 3 exams.
Good luck with your studies.
Regards
Kerry
|
|
|
Just when I think I know something I realise I don't!
Not to spread further confusion but, if I don't have customer/supplier o/b but do have o/b for other nominal accounts i.e. accruals, is it ok to do this via journal entries (as per my original response), keeping in mind debits=credits?
Claire, good luck with your exam too - let us know how you go.
|
|
|
Hi Kerry,
Thank you so much for your help! :)
Best of luck for your computerised result - please let me know how you get on!! I am waiting for mine to come through!
Good luck with level III too! I am working through my level 3 AAT qualification at the mo (my employor wanted me to complete AAT as part of my contract, so I couldn't go on to do level III for ICB, which was a shame! however I have just discovered on here that I can apply for full membership - MICB once I have finished my AAT!) I am trying to work through both at the moment, so its a bit busy!!
Hi Infinate,
Good Luck with your computerised exam too! I am really nervous about mine, I just want to get it done now!
I think that if you just have nominal balances to enter, then you can do this via journal entries - I am just having a look back through my textbooks but it doesn't seem to show you how to put balances in - they have only focused on opening up a new business.
Please let me know when you pass!! :)
Claire
|
|
|
Hi Claire,
That's really good news about the exemptions and becoming a full member! At least the hard work will pay off for you 
I got my result for the level 2 Computerised (after checking about 10 times a day lol, so impatient!) Passed with 100% Distinction, so, as you can imagine, I am delighted!!
I am really pleased with my training provider, Ideal Schools, they obviously cover the syllabus extremely well as I got 100% in the Manual as well :)
Good luck with your exams, and for you also Infinate...
Best Regards,
Kerry
Edit: And I must not forget the ICB and the excellent time scale in which they have taken to mark my exam! 
Edited at 03 Aug 2011 10:54 AM GMT
Edited at 03 Aug 2011 10:56 AM GMT
|
|
|
Hi Kerry,
That is brilliant news! You must be so pleased! :)
Onto Level III next?!!
I haven't done mine yet - I am a bit scared to be honest!!! I might sit and do it tmorrow and see wht happens! I would be checking about ten times a day too!
Well done again - :)
Claire
|
