How to Enter Opening Balances in Sage 50
There are three main ways through which you can make changes in the opening balance in Sage 50. These changes are typically dependent upon the type of changes your system needs in itself. Here is the list of all the three ways:
- You can make corrections in the opening balance
- Separation of Opening Balance and Reconciled Items
- You can reverse the incorrect opening balance
Separation of Opening Balance and Reconciled Items
Step 1 – In the opening balance, you will find uncleared items, you need to reverse all the values
- Select the Bank Account, click on the account you want to make changes in. Now, select Edit/New or Edit.
- Select the Current Balance Option.
- Now, select Sage 50 Version, Select the Bank and then Click on the account. You will find the current opening balance option in the Bank Record Option.
- Now, Enter the Credentials (Date and Reference) in the opening balance (opening). Now, enter uncleared payments in the Receipts options and then click on Save.
- Now, once again you need to select the Current Balance and then enter the credentials (Date and Ref) in the Opening Balance. Enter Uncleared Receipts Value.
- Now, select Save and then select Close.
Step 2 – Take Receipts or Bank Payments for Entering Uncleared Items
- Select the Bank Accounts and then click on the bank account you want to process in. Now, click on the Bank Payment (S).
- Enter the Credentials (Date and Reference). Now, enter the SAN Code 9998 (Suspense Account Nominal Code). The number is by default.
- Now, enter all important credentials (Tax, T9 and Net column)
- Now, repeat the steps 2 and 3 for all individual payments and then select Save and Close.
Correcting the Opening Balance
There are two basic reasons we have found to correct the bank opening balance:
- If the wrong entry is made in the opening balance, at first, you need to reverse the opening balance and then enter the opening balance with the right
- If there is incorrect entry of reconciled items which covers Lump sum reconciled opening balance, rectify and correct the error in the right sequence of the transaction in the Bank Reconciliation Window.
Here is the list of informative steps that will help you in correcting the bank opening balance.
Reversing Incorrect Opening Balance
A reconciled opening balance can be reversed if you enter opposite transaction to the original transaction. Don’t forget to use the same date and reference.
- Select the Bank Account and click on the Required Account. Now, select Edit/New or Edit.
- Now, select Sage 50 Version – Select Bank and then click on the required account. Now, select the Bank Record.
- Now, select the current balance option and then enter the credentials (Date and Reference) of the original opening balance.
- If Receipt (Debit) is your original entry, enter required credentials in the payment box.
- If Payment (Credit) is your original entry, enter required credentials in the Receipt box.
- Now, Select Save and then Close.
For more information, you need to connect with our Sage 50 Technical Support Team to get assistance as soon as possible. To know more about our assistance, follow the link www.accountingadvice.co. Else, you can directly get in touch with us via our Toll-Free Number +1800-961-4623, our Sage Live Chat Support or you can send us an email on our Official Email Address email@example.com so that our team can connect with you to solve the issue as soon as possible.
Report Your Issue
(Didn't find what you were looking for! Report your issue and get customized help from our Sage experts.)