To Clear the Balances from your Trial Balance

Enter a text reference using up to 8 characters here.

Enter a description for the transaction, e.g. opening balance.

Enter the date of your opening balances. This should be the last day of your previous accounting period. For example, if you are entering your opening balances from the first month of your financial year and that year began on the 1st January, you could enter the 31st December.
Sage Line 50 automatically enters todayÆs date, but you can change this if necessary.

Sage Line 50Æs default non-vatable tax code appears here automatically.

Enter a nominal account code from your Trial Balance.

Each transaction can be either a debit or a credit, not both. Enter any debit value here.

The name of the nominal account you have entered appears here automatically but you cannot edit this.

Each transaction can be either a debit or a credit, not both. Enter any credit value here.

If you wish to analyse this transaction to a department, enter the department number here.

1. From your Trial Balance report, make a note of the values of your Debtors and Creditors Control Accounts, your Sales Tax and Purchase Tax Control Accounts, and your Suspense Account, and whether each one is a debit or a credit.

Using this window, you will need to post a journal entry to clear the balances in your Trial Balance.

For example, you would need to make the following journal entry to clear the balances in the example above.

4. In the boxes provided enter the journal details: In the transaction table, enter the following transaction details for each of the Nominal Account codes on the Trial Balance, using the opposite values from your trial balance, one line per nominal account.

5. To process your journal, click Save. You can only save your journal entry when the value in the Balance box is zero.

You have cleared your Trial Balance and are now ready to enter your nominal ledger and bank account opening balances.

N/C	Name	Debit	Credit
1100	Debtors Control Account	34515.00
2100	Creditors Control Account		9664.00
9998	Suspense Account		24851.00
Totals		34515.00	34515.00

N/C	Name	Debit	Credit
1100	Debtors Control Account	34515.00
2100	Creditors Control Account		9664.00
9998	Suspense Account		24851.00
Totals		34515.00	34515.00

Ref	Description
Date	T/C
N/C	Debit (+)
Name	Credit (-)
Dept