Hi Monty,

If you just created your new company in Sage 50 Pro, you must be still in history mode. You can verify that by looking at the menu bar of the home window and see if you can find the option History.

If you are in History mode, you can enter opening balance to your chat of account and input historical transactions for your customers and vendors.

Historical transactions are those transactions happened before the date you start using Sage 50 to do your book. For example, if your fiscal start date in Sage 50 is 1/1/2013, any outstanding invoices before 1/1/2013 can be entered under the Historical Transactions tab of your customer and vendor records.

After you finish entering all the customer and vendor historical transactions, the sum of the outstanding invoices will be the opening balance of your A/R (account receivable) account and A/P (account payable) account. For example, if the total of your customer historical outstanding invoices is $1000.00, you will open the A/R account record under Chat of Account and key in $1000.00 as the opening balance, so both sides will be equal to each other.

Hope this helps

Thank you Keith, I did find history and started to enter the transactions.  I am also working on sage 50 with another new company and when I enter these invoices it is not asking me to enter them in history so I find that a little confusing.  Is there any reason for one company being entered into history and one company not?

Hi Monty,

If you do not see History in the menu bar or no Historical Transactions tab in customer or vendor records, it means that data file is no longer in history.  You will not be able to go back to History mode, but you can enter the invoices through sales or purhcase invoices windows by using the first day of the first fiscal year.

Hope this helps

Hi Monty,

If you do not see History in the menu bar or no Historical Transactions tab in customer or vendor records, it means that data file is no longer in history.  You will not be able to go back to History mode, but you can enter the invoices through sales or purhcase invoices windows by using the first day of the first fiscal year.

Hope this helps

Hi Keith  I did enter all invoices through sales or purchases but I used the date on the invoice.  It always asked if I want to save as the date is more than one day past the start up date.  I saved it anyways.  I hope these dates are not going to cause me any trouble.  Any thoughts?

Also, I am trying to enter all the deposits that were made and the deposit slip will not allow me to enter my own cheques it wants me to choose cheques that are somehow already recorded (maybe from a payment?)

Hi Monty,

If your session date is 1/1/2013 and you enter invoices beyond the session date, the warning will pop up.  You do not need to worry, it will not cause you any trouble.

For doing deposit slip, you can think of a real time situation.  You receive cheques from your customers, but you will not immediately deposit to the bank.  You may keep them in your drawer, wait until you take them to the bank and make the deposit. 

Samething when doing entry in Sage 50.  When you do a receipt, rather the putting the money immediately to a bank account, you will put it to a "cheque and cash ready to be deposited" account.  After you make deposit to the bank, you will make a deposit slip and select the cheque from this "cheque and cash ready to be deposited" account.

Hope his helps

Hi Keith

Thank you, I did find the ready to be deposited account. However, when I made my deposits they are not showing up in the account balance for the banking account, therefore leaving my bank account in a negative balance.

Can a deposit slip be voided?

Hi Monty,

As long as the "cheque or cash to be deposited" account is set as Bank under the Class Options tab of the account record, you will be able to put cheque into or select cheque from it. 

There is no void button for deposit slip.  If you need to reverse it, you will need to do a general journal entry.  You can follow the link below to access the KB article of how to reverse a deposit slip

How to reverse a deposit slip? 

Hope this helps

Thanks Keith, you have been very helpful.  I'm sure I will have a few more questions in the future.