Duplication of opening balances

[jwacc]

I’ve been using Quickfile for our accounts from 1st April 2014. I used the opening balance feature to enter a journal entry dated 31st March 2014 to show all the items in our balance sheet as of 31st March 2014. This includes a figure in (1100) Debtors Control Account. I also entered opening balances for each individual debtor (as invoices dated 31st March 2014) and this has resulted in a doubling of the Debtors Control Account as of 31st March 2014.

The same thing has happened in the creditors control account.

Please could someone tell me what I’ve done wrong?

[Glenn]

Yes if you import a trial balance and create client/supplier records with opening balance figures, that would double up on the debtor and credit control figures. Effectively when you set opening balances on client/supplier entry, this creates an open invoice to capture any pre-existing sales/purchase.

You would need to adjust your opening balance journal accordingly to take this into account.

[jwacc]

Thanks Glenn. However if I remove the Debtors Control Account figure from the open balance journal entry then it won’t balance!

[Glenn]

You don’t remove it as such you allocated it elsewhere, typically sales.

So you would add 2 extra lines on your journal to Debit debtor control and Credit sales.