I am coming from another a/c package and will start using sage as at the beginning of May, July is the start of the financial year. I have setup my nominals and entered my suppliers and am about to follow the opening balances guide as at 30/Apr
Regarding supplier balances, is it okay to enter each as a lump sum as at the opening balance date per the guidance rather than enter each o/s invoice?
There are some supplier accounts that payments have been posted to but no invoice received, for these would I select the credit option?
Lastly, the next VAT period runs from Mar - May how does will this work in terms of the invoices which were posted on the old system in March & April?