I have a paid account but I’m working on a free account as an exercise for new users. I am transferring very simple accounts from a spreadsheet. I want the year to start on the 1st November 2022. I start with an outstanding balance owed from previous years accounts. When I create a new client it asks me to enter the outstanding balance and creates an invoice but at today’s date. how can I get round this?
Hello @Upozi1
The opening balance field is optional.
You can create the client without the opening balance and enter the invoice afterwards with an alternative date (you can also import invoices on all clients from a spreadsheet after creating the client records).
Thanks Steve. Sorry to be obtuse. If the client owes £100 at the beginning of the year and pays that in the first month, should I just delete that payment? Or is there a way of tagging it to show it’s money owed from the previous year?
Hello @Upozi1
It depends how you want to record it
You could record the invoice on the actual date it was issued (for ageing purposes) as I mentioned.
Technically they did owe £100 as of 01/11/22
The payment should be recorded on the actual payment date.
Hello Steve. I’m still struggling with this. I’ve been looking at the financial year as being like a fenced area. You get to the fence, record your opening balances and then start to issue invoices. But I think what you’re saying is that there is no fence. I should create a quickfiles invoice for every outstanding invoice and tag the payment to that invoice as they come in. Quickfiles will then isolate the financial year when it is instructed to. Is that right? Will it then list these payments as going to an outstanding balance at the start of the year? I hope you can understand my query(!)
The alternative would be to manually calculate all of the outstanding sums on a spreadsheet and create a single invoice for that single amount and tag the payments as part payments to that invoice?
I’m not sure what you mean by “recoded”
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