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How do I enter opening balances for my accounts in a new company file?

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CAUTION: Use caution when working with the below product functionality. Always create a backup of your data before proceeding with advanced solutions. If necessary, seek the assistance of a qualified Sage business partner, network administrator, or Sage customer support analyst.

Before starting:

  1. Make a backup of your data.

Option 1: Setup Guide.

  1. From the main screen, select Setup, Setup Guide, Accounts
  2. Enter the Opening balance of the accounts in the opening balance column.

Option 2: Chart of Accounts.

  1. Open the Chart of Accounts and select an individual account.
  2. On the Account tab of the General Ledger screen for the specific account selected, enter the Opening Balance in the opening balance field on the bottom right of the window.

Notes:

  1. A positive opening balance in an Asset or Expense account will be a Debit balance.
  2. A positive number in a Liability, Equity, or Revenue account will be a Credit balance.
  3. If the Total Debits and Total Credits entered opening balances aren’t equal, Sage 50 will make an entry to the Retained Earnings for the difference when using the Setup Guide only (Option 1).
  4. To balance the accounts to Retained Earnings using Option 2, open the Chart of Accounts then close it out. You’ll get a prompt to pick the account you want to put the difference to. Select the Retained Earnings account.

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