Entering Opening Balances

[lovenumbers]

I have been using Quickfile from the 01.04.14 and have just received the opening balances from the previous year. Most of the clients and suppliers have already been created as I had invoices to post against them and have missed the opportunity to enter the opening balances when creating the client or supplier.

I have read other posts and the advice is to create an invoice against the client or supplier (either duplicate the originals or post a generic one if there are numerous ones).

Firstly, when creating the invoices against the clients and suppliers, do I enter the last day of the last financial year to ensure they are not included in this years sales/expenses figures?

Secondly, I want to avoid a duplication when entering my debtor and creditor amounts from the trial balance, how do I ensure this is avoided?

[Glenn]

@lovenumbers

Firstly, when creating the invoices against the clients and suppliers, do I enter the last day of the last financial year to ensure they are not included in this years sales/expenses figures?

Yes that’s correct, then the sales figures won’t get included in the next financial year’s reporting.

@lovenumbers

Secondly, I want to avoid a duplication when entering my debtor and creditor amounts from the trial balance, how do I ensure this is avoided?

You would need to adjust the debtor and creditor balances and their corresponding sales and purchase nominals by the amounts you have already accounted for when creating those opening balance invoices.

[lovenumbers]

Great, thanks. Also, am I right in thinking that you cannot post directly to the suspense account, you can only journal to it?

[Glenn]

That’s correct, you can only journal to the suspense account.