Find this screen
Open: Settings > Opening Balances > Cash Book > Opening Bank Account Balance.
How to
Enter a single value opening balance
- Select the bank account's Code.
- Enter the details of the opening balance:
- Date - Enter the date on which the opening balance applies.
- Reference - add you own reference for the transaction.
- Balance - the opening balance amount.
- For a foreign currency bank account:
- Enter the balance in the currency.
- Your current exchange rate is displayed. Click
to change it.
- Click Save.
Useful info
Setting your opening balances
Opening balances represent the financial position of your organisation on the day you start entering live transactions for your bank account. Whatever date you choose you are likely to have opening balances, whether your organisation is just starting up or changing from another accounting system.
In Sage 200 you can enter an opening balance for your bank account in two ways:
-
As a single transaction representing the actual balance on the account.
We recommend that you use this if your bank balance is a single value. This would be the case if:
- You have reconciled the bank account outside of Sage 200 and there are no unreconciled transactions sitting on your bank account when you bring its details into Sage 200.
- You are using a new bank account and it contains only an opening balance.
In this case, we recommend that you reconcile the opening balance within Sage 200 before you start normal bank reconciliation matching.
-
As a reconciled balance and unreconciled transactions.
We recommend that you use this when your existing bank account has been reconciled in a previous system and the balance of the account includes unreconciled transactions.
Entering an opening balance this way makes sure that:
-
The statement balance for the bank account in Sage 200 matches the reconciled value of your bank account.
-
The book balance for the bank account in Sage 200 matches your actual bank balance.
-
- Your total bank balance is £100.
- You have a reconciled balance of £60 and four unreconciled transactions with a combined value of £40.
- Enter the Reconciled balance as £60.
- Enter a value, date and a reference for each of the four unreconciled transaction.
Enter this in the following way:
The bank account balance in Sage 200 is updated to £100 and the Statement opening balance (on the Bank Reconciliation screen) is updated to £60.
Some things to remember when setting an opening balance
You cannot amend a posted opening balance transaction
When you have posted an opening balance transaction you cannot amend it directly. If you make a mistake when entering an opening balance you must post a payment or receipt (as appropriate) to adjust the opening balance.
Setting the opening balance on a non base currency account
If you are specifying an opening balance for a bank account that operates in a currency that is different to your base currency, you need to know the exchange rate that is to be applied to the opening balance transaction. Sage 200 will automatically use the exchange rate specified in the currency and exchange rate settings but you can overwrite it if required.
What happens when I
What happens when I post the opening balance transaction?
When you post a bank opening balance transaction
For both single value and reconciled opening balance transactions:
- An opening balance transaction (OP) is entered for the bank account. This is not posted to the nominal ledger.
- The bank account balance is updated.
For single value opening balance transactions only:
-
The opening balance transaction is not reconciled.
- The Statement opening balance on the bank reconciliation window is 0 (zero).
For reconciled opening balance transactions only:
-
Individual cash book transactions (BR and BP) are entered for the unreconciled value.
They are not posted to the nominal ledger.
- The Statement opening balance on the bank reconciliation window is updated.