Hi,
I am trying to figure out of I can mark stuff as credit or debit for previous year so it automatically goes into the right accounting year… Is this possible - if not might it be a good feature request?
Hello @StompingGround
You can post transactions with any date as long as the period is not locked via Account Settings > All Settings > Account Lock Date.
It may be worth speaking to you accountant about posting into previous years as you may not want to impact finalised accounts or end up with brought forward profit and loss balances.
Yes I was meaning to keep the date the same but earmark the transaction as a credit or debit from the previous year. There doesnt seem to be a way I can show that… That way my accountant can clearly see which payments are credits and debits for the previous year. I am currently writing out a list…
Any better way?
Maybe there is a tag for this…? Or I could use projects to tag them…?
Hello @StompingGround
I am trying to figure out of I can mark stuff as credit or debit for previous year
I am not sure what you mean, every transaction is a combination of debits and credits
For example
A sales invoice of £120 (£100 net £20 vat) would be posted as follows
You can add notes to transactions if that helps in Reports > Chart of Accounts
These can also be exported per code
Ah that’s helpful. I can show notes.
The issue is when an invoice goes out or a payment comes in after our year end which, had it happened 2 weeks earlier, would have neatly fit the right accounting year. We don’t do our invoicing though QF yet but if we did I guess when the invoice is written it would come up as debit and if this was done before the year end and the payment came after then the credit wouldn’t appear til the transcation had come in and got tagged. This way the system would see there was some debtors about…?
Wondering how people manage this… Do you understand what I mean now?
I think I can give a clearer example if that would help. Reading back it doesn
t seem very clear at all!
When you create an invoice it posts the credit entry to the sales code on the date you set on the invoice, and the matching debit to the debtors control account. When you log a payment it credits debtors control and debits the bank account that received the payment.
So if you raise an invoice before a year end and receive the payment afterwards then the invoice amount will show in general sales for the earlier year, but there will be a balance on the debtors control account on the year end balance sheet representing the unpaid debtor, and that will be cleared down when the invoice is paid.
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