Please can anyone help or direct me to help for entering unpaid supplier invoices from the last financial year?
We’re VAT registered (cash accounting) and last year had around £3k outstanding supplier invoices.
I’ve imported trial balance figures from Xero which has the 3k already in the creditor control account.
Aside from that figure doubling if I enter those 3k invoices on the last day of the last financial year, it also shows a P&L figure for 2017 of -£3k which it will probably carry forward when we finish 2018 in Quickfile :-o
So my main problem is, being able to enter the correct VAT invoice values from the end of last year, to claim in this years Q1 return - without destroying the P&L or balance sheet for 2018! There’s some accounting magic here I’m sure, and I’m missing it!
Any help much appreciated, and thanks in advance.
As you’ve imported a trial balance, as you rightfully say, these figures have already been accounted for.
When you create the invoices, as you’ve also discovered, this will duplicate the entry. So what you need to do is adjust the trial balance journal to exclude the value of the invoices you’ve created from the debtors control account, and the nominal code it would have been posted to.
For example, if I have a trial balance with Debtors Control Account (1100) balance showing £3,000, create the invoice for the same value and reduce the balance of 1100 by £3,000 to balance it back out. Also, adjust the sales nominal code for the same.
I hope that makes sense?
The 3k was in (2100)
I created 3k of invoices on the last day of last financial year.
I’ve split the 3k from (2100) trial balance into (5000) General Purchases and the VAT amount into (2202) VAT liability.
This seems to have balanced everything and makes the actual invoices available for cash accounting VAT.
I did notice on the trial balance import from Xero it had mapped our Outstanding VAT liability from end of year with Purchase VAT - whereas we needed it to be in (2202) VAT liability - presumably it wouldn’t have got there unless we’d run another VAT return for Q4 with our starting balances in quickfile.
Thanks again for the quick response - we’re hoping to live here now