I am new to Quickfile, with an existing business, including clients with both debit and credit balances. I have not yet finalised my closing trial balance (31 July 2013) but want my clients to be loaded with their correct opening individual balances. Can anyone advise the best way? Adding an opening balance creates a debtor, but also income in teh previous period. Adding a credit to their account does not create a debtor with a credit balance. Thanks.
For clients with outstanding balances you would ordinarily either manually enter any outstanding invoices or you can create a single invoice to represent the total of any debt. The latter is obviously quicker when you have many outstanding invoices for a single client. When future payments arrive you can allocate them against these invoices.
When you setup a new client you will have the option to enter an opening balance, this automatically creates a single invoice as described above. The same process can also be used for suppliers.
There’s a starting out guide here that will point you in the right direction when moving over to Quick File.
If you are already using some form of accounting software you should be able to download a trial balance to a specific date, you can then import this into Quick File. There’s a guide on importing a trial balance here.
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