Forum

• # 89922
• Fri 05 Apr 2013 12:23 PM

Hi

Not sure if anyone has asked this before but i have set up several customers in Sage  with an opening balance using the sage wizard - and i now have the balances in suspense account. Not sure what to do i tried it for the first time thinking it would be easier than imputting the invoice in after i set up the customer record but now i see that its probably not the best thing to do. Can anyone advice as to what i would need to do to clear the suspense account.


Thanks  

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• # 89925
• Fri 05 Apr 2013 03:43 PM

I never use the wizard in Sage as to many tasks to follow in precise order, takes forever. 

Did you reverse the opening balances? You need to do so due to the double entry bookkeeping rule. The same opening balance values will also have been entered into the debtors and creditors control a/c and the suspense a/c. 

Before you do anything make a backup. 

Hope this helps
Tim 

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• # 89926
• Fri 05 Apr 2013 04:08 PM

get a schedule of what  the balances are from the accountant, ie. creditors fixed assets and set them up appropriately. ie. put the balances onto the creditors ledger 

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• # 89930
• Fri 05 Apr 2013 07:37 PM

Hi Timm


Thanks for that I haven't reversed anything yet. When i originally set up the customers on Sage I set up the customer record and then posted invoices to the customer after the customer record had been created. This worked fine But then i saw the option to enter invoices using the option to post open balance in the wizard- then i realised that this was wrong as the opening balances from the previous year have not been given to me yet by the accountant.


When you say reverse the opening balances - how would i do that can you explain as i think i have got into a bit of pickle - i wish i stuck to my original way of entering invoices.



Thanks you help would be appreciated.    

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• # 89941
• Sat 06 Apr 2013 07:13 PM

AAhh, Sorry I misunderstood you slightly. Now i've read your second message I think I've got it. 

Assuming your using Sage 50 it sounds like after you entered the customers details you later entered the customer OB balances you were aware of and not any opening trial balances.

I think you must have used the record tab not the wizard to enter the OB's. 
The OB facility from the record tab automatically posts the OB balances to the suspense account just as you say happened. It also sets of a chain of activities that are performed in a set order.  

One important question, did you carry out the month end procedures? If yes then you need to talk with Sage for advice. 

If no then you really need a good understanding of Sage to be talked through the correction procedure. Again Sage are your best option.

Regards
Tim 

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