Posting fixed asset opening balances in SAGE

Discussion in 'Accounts & Finance' started by vigarc, Sep 5, 2008.

  1. vigarc

    vigarc UKBF Newcomer Free Member

    Posts: 20 Likes: 0
    I have succesfully entered all of my opening balances into SAGE, with the exception of fixed assets. So far I have entered each asset into the asset register with the purchase date of the last day of the previous financial year (with the hope that SAGE would recognise the opening balance value of each asset).

    Why are my fixed asset values not appearing on my TB? Is there another step that I have yet to do?
    Posted: Sep 5, 2008 By: vigarc Member since: Apr 4, 2008
    #1
  2. RAL

    RAL UKBF Newcomer Free Member

    Posts: 723 Likes: 177
    You need to actually enter the opening balance in nominal ledger. Sage would not transfer the opening balance from the fixed asset register.

    Fixed asset register is used mainly to do depreciation journal and tracking assets. It is not linked to nominal ledgers.
    Posted: Sep 5, 2008 By: RAL Member since: Aug 31, 2008
    #2
  3. Alpha

    Alpha UKBF Newcomer Full Member

    Posts: 4,130 Likes: 518
    And the obvious question........how did your TB balance if no fixed assets are included:|
    Posted: Sep 5, 2008 By: Alpha Member since: Feb 16, 2004
    #3
  4. Steve Cool

    Steve Cool UKBF Newcomer Free Member

    Posts: 1,104 Likes: 265
    When i tried using that package, everything went to the suspense account. Whatever that is????? I give up in the end and uninstalled it :|:|

    Steve
    Posted: Sep 5, 2008 By: Steve Cool Member since: Jan 4, 2007
    #4
  5. MikePage

    MikePage UKBF Newcomer Full Member

    Posts: 169 Likes: 32
    Mr Alpha

    When you put an Opening Balance into Sage, it puts an equal & opposite amount into a Suspense Account - 9998 or 9 if I remember right - and when all the opening balances have been input ( Correctly ) - then the balance on this Account becomes Zero.

    It sounds a bit squewiff - but it means that one can simly input, say, the Purchase & Sales Ledger Balances & the Bank Balance to get going with a "Balanced" set of Accounts - without waiting for the (Poor old) Accountant to give you a full set of Opening Balances!

    Kind Regards

    Mike
    Posted: Sep 5, 2008 By: MikePage Member since: Jun 11, 2007
    #5
  6. vigarc

    vigarc UKBF Newcomer Free Member

    Posts: 20 Likes: 0
    Yes, the value of my suspense account was equal to the value the NBV of my assets. Thanks for your comments.
    Posted: Sep 5, 2008 By: vigarc Member since: Apr 4, 2008
    #6
  7. Alpha

    Alpha UKBF Newcomer Full Member

    Posts: 4,130 Likes: 518
    Mr Page Sir,

    When you post opening balances in Sage it doesn't put entries into suspense account the user does;)

    Yes I know I'm being pedantic

    It is for example standard practice to put the debtors and creditors into suspense account so that when you input the detailed outstanding Sales/purchase invoices these are also coded to suspense which cancels the balance:D
    Posted: Sep 5, 2008 By: Alpha Member since: Feb 16, 2004
    #7
  8. Steve Cool

    Steve Cool UKBF Newcomer Free Member

    Posts: 1,104 Likes: 265
    :|Gobbledegook! which is why i now employ the services of an accountant.:|

    Steve
    Posted: Sep 5, 2008 By: Steve Cool Member since: Jan 4, 2007
    #8