Hi, I’ve just had the following feedback from my accountant on the balance sheet within Quickfile.
- Creditors shows as an asset on the balance sheet
- Debtors shows as a liability
These are the wrong way round
Any ideas on what he means by this? I have just looked and he’s correct, creditors is under assets and debtors is listed under liabilities.
Can anyone confirm which way round they should be and if he’s right, what am I doing wrong?
Thanks
This seems very odd. I look at my balance sheet pretty regularly and debtors most certainly appear under current assets, as does any balance on the debtors control account. Also, accounting convention says that creditors are either a short (current) or long-term liability and I know that when I have any suppliers to pay, they appear as a current liability.
I can’t believe QF would get this the wrong way round!! Maybe check again…
One thing I can see on both the debtor and creditor side is the payment totals exceed the invoice totals. This would put your debtor account in credit and your creditor account in debit.
Bingo!
Thanks Glenn. I discovered a few mis-postings that were throwing them off. Panic over, thanks for the help all
