Monday, 9 April 2018

Learn To Enter Your Nominal Opening Balances in Sage By Sage Support

Whether you are a businessman or changing from another accounting system, you should start this by opening balances. Because without this, the reports generated can’t create an ideal picture of your financial position. To open the same, you need to have outstanding customer and supplier invoices, credit notes, bank statements and the closing trial balance from the previous accounting period.

  1. Open your Sage application on the computer and navigate to the Settings tab.
  2. Now, go to the Opening Balances (OB) and then select Nominal Ledger.
  3. Confirm the date for your opening balances and enter a reference of your wish.
    • If the information required like customer, supplier and bank opening balances are filled then these values will show automatically on the screen. If required, the admin of Sage account can amend these values by selecting the relevant line.
  4. Now, type the remainder of the trial balance as follows:
    • Ledger Account: Select the suitable nominal ledger account you wish to register the opening balance for.
    • Details: Enter any supplementary detail if necessary
    • Debit: If you see the debit value, then enter it here 
    • Credit: if it shows a credit balance, enter it here.
  5. Redo the last instruction on the available line until the values are submitted from your trial balance.
    • When the trial balance is submitted, to make sure the total credits and debits balance, the opposite entry publishes to the OB. Once all the values are submitted from the trial balances, this account will show as zero. If it is not like that then it means that you have entered the working values.
  6. Check the OB entered match those on you TB and then select save button.
This is the successful way to enter OB and the values will show on the relevant nominal accounts. A user can delete the OB from the software whenever he wants. For more information on Sage, reach us to acquire our instant help. We are instantly available on Sage Helpline Support Number Canada to help the customers in need. Our experts are familiar of the functioning, errors and all other features of Sage software. Feel free reach us.

1 comment:

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