Opening balances

Enter opening balances to make sure you have true picture of your finances when you start using Accounting.

Enter opening balances for

  • Bank accounts

  • s (trial balance)

  • Customers and suppliers

Before you start

  • We recommend you start using Sage Accounting from the start of a new accounting period, whether this is a new tax month or quarter or the start of your financial year. This makes it easier to close off information in your current system and go forward with Sage Accounting.

  • Enter this start date in the settings: From Settings, choose Accounting Dates & VAT and enter your Accounts Start Date in the relevant field.

  • Submit your final VAT return using your previous system.

  • Print the trial balance from your previous system.

  • Create records for customers, suppliers and bank accounts in Accounting.

Information you need

  • A list of outstanding (unpaid) transactions for your customers or suppliers.

  • Balance for each bank account from your bank statements.

  • Balance of each from your trial balance.

How it works

Opening balances can be entered all at once or at different times depending on what works best for you. For example, if your accountant previously processed your accounts for you, they may not have sent you your full trial balance yet. You can still enter your customer, supplier and bank opening balances and then enter the remaining values from the trial balance at a later date.

Enter opening balances as a single value or as a list of transactions. If you have unpaid invoices from your previous system, consider entering them as separate values so they can be matched with a payment later.

If you have a large number of customers or suppliers, consider importing opening balances from a CSV file, see Import opening balances

How to enter opening balances

Once you’ve done this, you can enter opening balances for the following:

How opening balances are recorded

All transactions have to conform to double entry bookkeeping rules so opening balance must have both a debit and credit value.

One side of the transaction is recorded against the ledger account entered, or the ledger account linked to the bank, custiomer or supplier record.

The other side of the transaction is recorded against the Opening Balance Control ledger account (usually 9998).

Adjust your opening balances

If you've made a mistake, you can edit or change an opening balance at anytime.

How you make the change will depend on the type of opening balance and it's status.

Change an opening balance for a bank account

Change a customer opening balance

Change a supplier opening balance

Change an opening balance for a ledger account

Changing an opening balance updates the relevant ledger accounts. Any differences between total debits and credits for all opening balances are recorded against the Opening Balances ledger account(9998).