Opening Balance

SOLVED

I am starting a new fiscal year and my opening balance is incorrect but I cannot go back to the previous year. How do i fix my opening balance to be the correct on. The previous bookkeeper closed the previous year without reconciling the accounts. So i am showing a huge negative balance when there shouldn't be one 

  • +1
    verified answer

    If you are meaning that you are now in 2023 and are now wanting to make entries in 2022, all you need to do is make your entries and date them in the prior year. You may have to go to Setup > Settings > System and remove the check mark next to the "do not allow entries prior to ____".  If this is necessary don't forget to replace the check mark when all the prior year entries have been made.

    In Sage 50 CDN you can always make entries in the current year plus the immediate prior year. All of the adjusted balances will be rolled forward with no further direct action by yourself. Year end balances will be adjust and the carry forward amounts will be reflecting the new balances.

    Hope this helps