Opening Balance

Sage 50 Accounting - Canadian Edition

Sage 50 Accounting - Canadian Edition
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Opening Balance

  • Hi,

     The main bank account is a line of credit. When I do the opening balance as a credit it pops up saying exceeds need to put balance to another account. But, I don't want to. So is there a way to keep it all in one account?

    Also, is there a way to delete all my begiining mess ups? I have voided them is that good enough?

     Thanks for your help

  • Hi there:  When you say "when I do the opening balance as a credit" what do you mean?   Where are you "doing" the entry?  What version of Simply are you using? 

    Even though you voided the beginning mess ups, the journal entries will always be there.  You can tick the boxes that say "Do not show corrections" when you print out the journal entries or a general ledger account so they won't show but they are there.     R. Deering

  • For example I was setting up the accounts under "accounts" I entered the Bank with an opening blance of -150,000. But when I save and close it pops up saying exceeds limit choose another account to put remaining amount.

    I am using the standard simply.

  • Hi Melday,

    I may be wrong but I think the message you are receiving is looking for an offsetting account.  Remember that Simply accounting is a double sided account system so your debits and credits always need to balance. 

  • I have zero experience with computerized accounting. Zero. I just bought Simply Accounting Entrepreneur 2008 because it claimed to be a simple 2 step start up:

    1. Fill in your company info.

    2. Fill in your company start and end dates.

    But after reading thru the manual and the online Q & A's, it's way more complicated than advertised (of course). Now I know I'll never get this off the ground properly on my own and I can't justify paying someone thousands of dollars to set it up for me.

    My business started in 1973 so there are a lot of historical records, all manually kept. But can I get going with SA by just entering zeros for all the accounts and balances as if I was just starting a brand new business with no transcactions of any kind yet, then enter all my customer and vendor names and addresses, then just start entering sales and purchase transaction data as if it was the first sales and purchases my company has ever made?

    If I do the above, will everything (accounts, balances, year end totals, etc) eventually after 1 or 2 years appear like I had set it all up properly at the start? 

     

  • Hi there:  First of all, I don't think that Simply Entrepreneur is expansive enough for your needs. And if it's not then there is no point in getting started in it.   You should have Simply Basic at the very least. 

    Since your company has been in existence for some time, you must have a year end trial balance from the last year that was completed.  You should start up your company with the start and end dates for that year and then, in the General Journal, do a journal entry to enter all the amounts from the trial balance into your records in one entry.  If you have an Accounts Receivable list and an Accounts Payable list at the year end date, then you will have to set up your Customers and Vendors and enter each of their amounts receivable or owing from the respective lists.   There are a number of other things that may need to be done at start up and it wouldn't cost you thousands of dollars for someone who knows what they are doing to come in and help you get set up.  Maybe your Accountant could recommend someone. 

    At any rate, once you have set up all the records so they agree with your completed records for that last year, Save A Copy to a separate file in your computer (maybe call it Company Year Ends)  so that when you roll forward to a new fiscal year you will have a copy saved that is at your prior fiscal year end. 

    Then, go to File, Save A Copy and save another copy and label it as Your Company Name, Month of Year End, Year  and that will be your current set of books for starting to enter Sales, Receipts, Payables, etc. 

    Go to the Maintenance option at the top and when it asks for a new session date enter the first day of your new fiscal year.  It will then go forward to your new year.  It will ask several questions.  If you get this far, come back to the forum with your further questions.  Someone who knows what they are doing can get you this far and I would probably advise that you have them do it for you.  If you are serious about learning the program and trying to do the bookkeeping yourself you are going to have to learn how to do all these things and it would be a great benefit to you if you start out on the right foot. 

    To answer one of your other questions -- NO, you cannot just start everything out at zero.  You have all kinds of balances that need to be in there from your previous year end, such as your bank balance and on and on.  Anyway, get back to the forum if you want to ask more questions.   Rita Deering

     

  • Thanks very much for your input.

     Anything I get done by accountants costs me thousands. So it's a given that setting up even the most simply accounting programme will be a few thousand dollars. I picked the most basic SA package thinking it will be easy enough to set up on my own. Just 2 easy steps!

    About 5 years ago I bought Quick Books and had my accountant set it all up. It cost me close to $4,000.00 to get it set up. Then the first time I started to use it said the software must be updated. I pressed the update button and all the data fields were replaced with error messages like 404 Not Found and other such computer language. I didn't have a back up because it said I had to update the software immediately to proceed, so I thought I'd back up right after the update. It's taken me till now to even consider trying again.

    You mention entering the data from the trial balance from my last fiscal year end which was August 31/07. Can I enter just the data from my last trial balance (or just the data from my last financial statement), and then it would be OK if my next input data would be my current sales and purchases?

     Thank you kindly.