At the end of last year before using quickfile I had “other creditors” liability on my balance sheet.
I have imported this along with other items in the tb into Quickfile.
I am trying to now link this to a supplier i.e. the other creditors tb line is because of one adhoc professional services supplier who was still not paid last year. How do I associate this amount to the supplier such that the subsequent bank payment to the supplier will net off this “other creditors”
Hi @DS155
Welcome to QuickFile!
Can I just double check that this is an amount that’s outstanding with your supplier (e.g. an invoice that’s outstanding)?
Correct so amount outstanding from previous year when I was not on quickfire. I have brought it over by making a tb entry for creditor control ac and currently selecting the “other” choice to net off bank payments in the year against this amount but ideally would be useful to link to invoices and then pay those off like i can for invoices in the year.
Are you VAT registered, and if so are you on cash or accrual accounting?
No vat registered. Accrual accounting.
In that case you may just be able to create a purchase for this item and set the category to “other creditors” - if it doesn’t let you do that initially then you might need to go into your chart of accounts and edit the settings for the “other creditors” nominal to allow it to be used on purchase invoices. This will have the effect of netting off the “other creditors” amount and instead putting the liability on the creditors control account (where all unpaid purchases sit), and you can log the payment as “payment to a customer” in the normal way.
I asked about VAT because the act of creating a purchase (even if the category is a balance sheet one rather than a P&L one) would cause the amount to be considered in your next VAT return, and I didn’t want you to risk reclaiming something twice.
This topic was automatically closed after 7 days. New replies are no longer allowed.