opening balances

[julie boik]

i have entered my opening balances for sales and purchase ledger, they are now in the suspense account. where should i be journaling them to from here.

[jholden]

When you post the rest of the opening balances from a trial balance/balance sheet an entry will be required for both debtors and creditors these balances will also be posted to suspense thus reversing your ledger balance entries and making everything balance.

Jason

[julie boik]

opening balances were not taken from a trial balance they were from invoices outstanding from previous year, so i have nothing to balance them out with. should sales be journaled to debtors and purchases be journaled to creditors control accounts