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Missed historic loan in opening balances


#1

Back in 2011 before using QF the company I am trying to sort out - ABC Ltd, made a loan of (say) £2000 from its company bank account to company XYZ Ltd. This appeared on ABC Ltd’s balance sheet as an asset of a Long Term Loan (still owed)

Somehow before/during the move to QF in 2014 this entry disappeared. This was not noticed until the first set of QF accounts were done for 15/16. I asked the person doing the year end to add it back in (in QF) but I didn’t realise until after the filing that they had added it from the DLA - which to me is wrong as the loan “money out” was already accounted for coming out of the current account prior to the opening balances being put in to QF and is nothing to do with the DLA.

Once I have all the DLA entries removed (subsequent fixes made it worse!) is there a way I can retrospectively add the opening balance of the Loans Account without impacting anything else - as the other half of the transaction happened before the opening balance of the bank.

Thanks!


#2

Hi @Paul

Unfortunately you wouldn’t be able to add an opening balance if there’s a lock in place after it, or if there are transactions before it.

Does the original DLA transaction exist at all, or was it completely removed?


#3

It was never a DLA transaction. It was an inter company loan from ABC Ltd to XYZ Ltd.

2011 ABC Ltd £2000 Current acc —> XYZ Ltd Balance in Loans acc (2300) of £2000

2014 Move Accounts to QF Balance on Loans acc (2300) of £0, ie it did not come over.

I need to make it exist somehow without duplicating the money out.


#4

Sorry, what I meant was the entry that was created originally based on this:

If the transaction existed but was just accounted for in the wrong nominal, as it would be from DLA to Loan Account, you could just move the transaction using the bulk re-coding tool.

Do you have many transactions on the nominal prior to the date you want to create the opening balance? Does it sit within a locked period?


#5

The loan happened 2011 in a different accounting system, £2000 sat on the balance sheet as an asset until the accounts were moved to QF in 2014 and the opening balances missed the £2000 loan.
2 lots of year end accounts since then.

The problem is that I need to create a 2K balance on the LOANS 2300 acc - but the other half of that happened before the opening bank balance.


#6

If you change the accounting start date to prior to the opening balance you could record an entry then link it to the loan acc.

You would have to make sure though that any future reporting is done with the correct start date so that entry is not shown.


#7

Thanks
Could I change it, make the bank entry for the loan account then change it back?