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-entryA 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:
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 URNThe 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.
Open: Nominal Ledger >Enter Transactions > Journal Entry.
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.
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.