How to record a trade creditor

[Laney]

Hi all,

I have a trade debtor in my opening balance, which I’ve assigned to ‘1100 Debtors Control Account’ (I think that’s the correct, please shout, if not), for an invoice issued before the my QuickFile start date. How do I reconcile the incoming payment?

I’m guessing a journal using ‘2100 - Creditors Control Account’, but I’m not sure how to tie it to the item in the opening balance. Or can I simply add the invoice, even though it will be dated before QF start date?

BTW nothing is showing in the Debtor Ageing Report - should it get pulled from the opening balance?

Any help would be appreciated!!

[QFBeth]

Hi @Laney

If you have an invoice that was issued before you started in QuickFile did you set the supplier up with an opening balance?

When you create the client you have the option to enter an opening balance:

This would essentially create an invoice which you can then pay by tagging from the bank

[Laney]

Ahhh cool, that should do the trick - thanks for pointing it out @QFBeth

[Laney]

Ahh poop! It looks like I can’t add a client’s opening balance retrospectively… Is there another way?

Many thanks

[QFBeth]

Hi @Laney

Correct, you can only set an opening balance when you create the client account. You can create an invoice on their account and date it for before your start date in QuickFile - this is essentially what the opening balance would be.

You may need to make some adjustments to your opening balances if these figures were included as they may be duplicated with the creation of the invoice.

Hope that makes sense

[Laney]

Thanks @QFBeth it does make sense - thanks for your help!