Enter Nominal Ledger opening balances
Nominal Ledger opening balances are entered using the Journal Entry window. When entering transactions, you must ensure the debit and credit values balance in the journal to comply with double-entry A system of bookkeeping in which every transaction of a business is entered as a debit in one account and as a credit in another. As every transaction must have an equal or zero effect on both sides of the accounting equation, every positive amount entered (debit) must be mirrored by a negative amount or amounts (credit). bookkeeping principles.
Note: If you are transferring your accounting system from an existing manual or computerised system, it is important that you close the period or year before you enter the opening balances in your new system. This ensures you enter an accurate set of opening balances, reducing the likelihood of making adjustments afterwards.
You must have:
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Checked if Sage 200 has been used as a test system prior to going live. If so, you should ensure that there are no nominal account transactions (including archive), waiting postings (current or deferred) or VAT Return transactions. If transactions are found, delete them from the system.
Note: As a result of deleting postings, the URN The unique reference number assigned to a complete transaction to assist in tracing the progress of the transaction through Sage 200. This number is 12 digits long and comprises of: 3 digits for the user number, 2 digits for the source module in which the transaction was created, and a 7 digit sequential reference number. number will have incremented. For auditing and accounting purposes you must make a note of the starting URN number.
- Prepared a closing Trial Balance for the period/year you have closed.
- Created all the nominal account records needed for opening balances.
- Set up the default Balance Sheet accounts using the Default Nominal Accounts option.
- Checked that your closing balances are correct.
To enter opening balances
Open: Nominal Ledger > Enter Transactions > Journal Entry.
- Enter the Journal title and Journal date.
- Select the posting option Single entry.
- Click in the Journal transactions area to add a line to the journal entry. Enter the opening balance details.
- Enter the nominal account reference (Code).
- Enter the opening balance values, ensuring that the debits and credits balance.
- Click Post to commit the journal to the ledger.
- If you have not set the Nominal Ledger setting to Update the Nominal Ledger immediately journal entries are posted, run the Update Waiting Postings routine to apply the opening balances to the nominal accounts.
- If you have followed the suggested opening balance process, you will only need to close the period if the Number of open accounting periods setting (in System Settings) is set to 1.
Check your opening balances
When you have completed entering your opening balances, print a Trial Balance report for all accounts in the Nominal Ledger. Check the values in the closing Trial Balance match those in the opening Trial Balance.
Correct your opening balances
If you find that there are errors in your opening Trial Balance, you can use the Journal Entry to post adjustments to the relevant accounts.
Once you are sure that your opening balances are correct, close the period.
Steps in this task
View or update waiting postings
Reference