Enter a single value opening balance

Use this option when your opening bank balance consists of a single value. The value of the opening balance transaction will be the book balance for this bank account.

  • If your opening balance has previously been reconciled, we recommend that you reconcile the opening balance before entering any further bank transactions. This makes sure that the statement balance in Sage 200 matches the actual reconciled value for this bank account.
  • If your opening bank balance includes unreconciled transactions, we recommend that you enter a reconciled opening balance.

You cannot amend opening balance transactions. If you make a mistake when entering an opening balance you can alter it by entering a payment or receipt, where appropriate, to adjust the opening balance. You must reconcile this entry against the incorrect opening balance.

  • An opening balance transaction (OP) is entered for the bank account.

    This is not posted to the nominal ledger.

  • The opening balance transaction is not reconciled.

  • The Statement opening balance on the bank reconciliation window is 0 (zero).

  • The bank account balance is updated.

To enter a single value opening balance

Open: Cash Book > Other Transactions > Bank Account Opening Balance.

  1. Select the required bank account.
  2. Enter the Date and Reference.
  3. Enter the opening Balance value (positive or negative) in the account's operating currency.
  4. For a foreign currency bank account, accept the Exchange rate.

    5. This is used to convert the opening balance to base currency.

  5. Click Save.

    The balance on the bank account is updated to reflect the opening balance entries made.

Reconcile an opening balance

If you entered single opening balances on your bank accounts, we recommend that you reconcile the opening balance first. This makes sure the correct Statement opening balance shows on the Bank Reconciliation window.

Open: Cash Book > Period End Routines > Bank Reconciliation > Bank Reconciliation.

  1. Enter the Statement date. This is the date of your opening balance.
  2. Enter the Projected Closing Balance. This is the amount of your opening balance.
  3. Reconcile your opening balance transaction. If other unpresented transactions appear, do not reconcile these at this point.

  4. Save the reconciliation and check the report produced.

    You should keep the report as part of you financial records. When you start to delete reconciled transactions the value of the deleted transactions is added to the opening balance. Without the first report you cannot identify the opening balance.

  5. Check that the statement opening balance is the same amount as your bank opening balance. Do this via the Bank Reconciliation window.

You can now continue to reconcile your bank account transactions as normal.

See also

Other tasks

Enter reconciled opening balance

Reference

Foreign currency processing