Entering Historical Balance for Prepaid Rent/Deposits

Question

I am creating a company in Sage and am entering Opening Balances. There is a an opening balance for Rent deposits. I entered this amount in the chart of accounts on 2260 Prepaid Rent/Deposits and the Data Integrity is out by this amount. I cannot figure out where I enter that amount to balance. I tried entering a Historical Invoice and that did not work. The data integrity states Prepaid/Ord/Deposits needs an amount. Any help would be greatly appreciated. 
 Lorrie

Richard S. Ridings · Accepted Answer

There is no way to put a Prepaid into the sales module through historical transactions. 
 Therefore, you have to enter it in one of two ways, depending on how you set up the company. 
 If you set up the company based on the last day of the previous system, then you can add it as a Receipt entry on the last day of using the old system (this is a more advanced method of setup used for specific purposes). 
 If you are starting the company file on the first day of using the Sage 50 file (this is the normal default), then you will have to enter it as a negative invoice in the Historical tab of the customer. Then on the Balance sheet account opening balances, include it as part of the balance for Accounts Receivable.

Agate · Answer

Tax Town: 
 If you are entering an amount for prepaid rent, it should appear on the balance sheet under current assets not under a payables account. If you are referring to rent deposits from your tenants and that turns into income/revenue then what Richard mentioned is correct.

Sage 50 Canada

Entering Historical Balance for Prepaid Rent/Deposits

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