Hi N. L. ,

Thanks for reaching out. Starting fresh on the cloud is a significant step, and it's great to hear you're taking the opportunity to learn the new system. 

Regarding opening balances when moving from Sage 50 to Sage Cloud Accounting, you're right in thinking that the balances should carry over from the end of the last fiscal year. Your opening balances on January 1, 2024, should indeed match your balances as of December 31, 2023.

The exceptions, as you've mentioned, could be capital assets and any adjustments that might occur due to year-end activities such as depreciation. It's also important to ensure that any outstanding customer and vendor balances are accurately reflected as opening balances in the new system.

Here's a simplified step-by-step guide:

1. Set up your chart of accounts manually in the new cloud system.
2. Enter opening balances for each account, ensuring they reflect the closing balances as of December 31, 2023.
3. For outstanding customer and vendor invoices or credit notes, use the new system's opening balance features to record these amounts correctly.

Remember to reconcile your opening balances with your trial balance from Sage 50 to ensure accuracy. If you encounter any discrepancies or require further guidance, consider reaching out to Sage support or consulting the migration guide for any specific migration tool that might assist with Sage 50 data.

Warm Regards,
Erzsi