Hello, I was reading the topics on opening balances for clients and I can’t really understand the suggestion of creating an invoice since this would also affect the turnover for the period, then P&L. Am I missing something?
You are only entering the opening balance on the client entry form which the system in turn then creates an invoice just to show the balance. You are not creating an invoice yourself. Any future payments from the client can then be added to reduce that opening balance debt.
I hope this helps.
From recent experience I would suggest making the invoice text very clear that it is “balance from previous accounting system” or something similar. There will always be one or two who log in and start faffing about not making a purchase on the date of the transfer so do your best to make the transfer idiot proof.
Could you please elaborate on the Client entry form?
From the Dashboard, click on “Create New Client” which brings up the form above.
Fill in the client’s details on the form and I have marked in yellow the box where you input the opening balance. Is this what you wanted?
I should add, all this does is create an opening balance invoice for you at the point you create a new client. The option won’t be available if the client has already been created.
For any existing clients that require an opening balance to be configured you can just create a manual invoice (call it something like opening balance invoice) and set the issue date to be positioned outside the accounting period or to predate when you switched over to QuickFile.
Thank you we understood this as we created a new client. Thank you for the clarification regarding existing clients. Satisfactory. We will get round the issue.
Thank you as usual.
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