Sage 50 Opening Bank Balance

When the Sage user is setting up a new business, all the financial accounts typically begin with Zero balance. Balance in accounts is generated by entering a transaction in Sage 50 accounting software like sales, purchases or bill payments but the question is how to change opening balance in Sage 50?

However, if an existing business is converted either from a manual system or another accounting system, the user will be having opening balances transferred from the existing record which needs to be entered into Sage 50 Accounting system to keep it up to date.

Beginning or opening balances need to be entered for each account including Bank accounts, equity accounts, credit card payables and if the user is starting in Sage 50 accounting support at the beginning of the company’s fiscal year, all the income and expense account balances will be zero.

Need for Correction in Opening Balance

Sage user may need to correct or how to change opening balance in Sage 50 in the following cases:

  • When an opening balance is entered incorrectly and same has to be reversed before the correct opening balance is posted.
  • When items un-reconciled is included in the total reconciled opening balance, which has to be corrected so that transactions appear in Bank Reconciliation window.

How to Change Opening Balance In Sage 50?

  • First of all, the user needs to go to (Setting > Account Setting >Financial Settings> Opening Balances).
  • Now the user needs to enter the date to be used for opening balances and then select the option “Next”.
  • Now the user can enter or change the opening balances for bank account or ledger account and then select an option “Next”.
  • To record any outstanding, customer invoices go to option (Customer invoices> Record Sales Invoices> complete the information asked for on window screen > Save). The user has to repeat the whole process for each outstanding invoice.
  • If the user has to record any outstanding supplier invoices, go to option (Supplier Invoices>Record Purchase Invoice> Complete the information asked for on the window screen>Save). The user has to repeat the whole process for each outstanding invoice.
  • After furnishing all the relevant information, the user needs to click on option “Save” after completing the whole process.

 Edit Bank Opening Balances

  • In order to how to change opening balance in Sage 50, the user needs to go to option

(Settings >Accounting Setting> Financial Settings> Opening Balances> Next )

  • Now the user has to enter the correct opening balance amount for the relevant bank account and then click on “Next” option and then click on “Save” By this option, the user can successfully edit bank opening balances.

In case the user needs assistance in understanding the steps in how to change Opening Balance in Sage 50, one can call the Remoteaccounting247 – Sage helpline +1-800-961-6588.

 Delete unpaid sales or purchase invoice opening balance

  • In order to delete the opening balance of sales or purchase invoice, the user needs to go to option (Settings > Accounts Setting> Financial Setting> Opening Balances>Next ).
  • Now the user needs to click on “Delete X” button and then click on option “Next” to relevant unpaid invoice.
  • After this, the user needs to “Enter a void reason” and then click on option “Save” and then again “Save”. Now the user will be able to successfully delete sales or purchase invoice opening balances.

Sage 50 Technical Support Team

From above steps, you will be able to know how to change opening balance in Sage 50, how to delete an opening balance in Sage 50, sage opening balance adjustments, opening balances from trial balance and much more.

To know anything about this, Call our Sage 50 tech support number ✆+1-800-961-6588 anytime which is toll-free. We are available 24×7 to assist you. You can also visit our website to talk with our team via live chat.