How do you get creditors control account on the balance sheet be the same as the outstanding purchase invoices? Outstanding purchase invoices £5165.19 Creditors Control Account on balance sheet £5150.76. Why is this and how do I reconcile these two figures? Thanks in advance
You probably have some credit held on a supplier account that has not been allocated to an invoice (either a prepayment you made or a credit node that you opted to hold on account rather than refund).
Thanks but I can’t see any credits for the difference. I have only one credit which was a refund and it relates to a different year. Is there anyway I can balance them out?
Glenn posted an explanation of how to find unallocated payments on the sales side earlier this week:
http://community.quickfile.co.uk/t/control-account-variance/8610/2
I assume a similar procedure is possible on the purchases side but I don’t have my QuickFile open right now to check.
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I get a figure of £4,606.32 on your account when I query for 20/09/2015, this matches the outstanding invoice total on your dashboard.