Gather your bank statements and a list of any unrepresented bank items. These are bank transactions you’ve entered in your previous system, but don't yet appear on your bank statement
What you need to know
The opening balance makes sure the bank balance shown in Accounting matches the balance in your actual bank account, before post more transactions.
Use the amount from your bank statement on the day before you started using Accounting
The date you use for your opening balance must be before the date set as your Accounts Start Date
Don't use the amount from your trial balance. This can include transactions that aren't yet on your bank statement
TIP:
Enter a positive bank balance as a Receipt (Debit). Enter a negative bank balance for overdrafts, loans as credit cards as a Payment (Credit).
Enter the opening balance
Hover over Settings and select Business settings.
In the Opening Balances section, select Bank.
Check the Accounts Start Date is correct. If it isn’t, click the date. Then change it as required and click Save.
Enter the details of the opening balance.
Date - the date must be before your Accounts Start Date. This is the date you first started using Sage Accounting. If you're not sure, this is the date you entered when you set up your financial year, accounting dates and VAT
Type - choose whether your balance is:
Receipt (debit) - positive amount
Payment (credit) - overdrawn amount
Opening Balance - enter the bank balance on your Accounts Start Date
Save.
Once saved:
The balance shown on the bank accounts updates to include the opening balance
An opening balance transaction shows on your bank activity, ready to be reconciled
We recommend that you reconcile your opening bank balance straight away. This ensures your bank balance is correct and matches the opening balance from your bank statement when you do your first reconciliation.