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Opening Balance - accounting for payment of outstanding balance from before QuickFile

I am transferring my limited company accounts onto QuickFile and am struggling - at the end of my previous year I had an outstanding purchase invoice of £6523 (no vat) which showed on my balance sheet under creditors - This was credited in full in the following financial year - i could do with advice regarding how to show this in my QuickFile accounts - I have created a journal entry with my opening bank balance against my balance sheet figures with this amount showing as an opening balance under creditors control account however because it has not been paid it is still showing and throwing out my current year figures - how do I deal with this - I have tried creating a dummy purchase with a date in the previous FY - and then a credit in this FY but this does not seen to reduce the creditors control account - can anyone guide me with the steps i need to take

Hi @chrissie1

When you create a purchase invoice, this will automatically increase the value of the creditors control account, so if you have a journal doing this, it would be accounting for it twice.

What you need to do is reduce the balance in the Opening Balance to account for the purchase invoice.

If you create your purchase invoice first, you can see the effect it has on the nominals by going to More Options >> View nominal ledger entries, similar to this:


This example does show VAT. But effectively, I would adjust the balances of those nominals to account for this.

What you’ve done with the purchase invoice prior to your opening date would be acceptable - you can then just tag your payment to that invoice.

I hope that makes sense?

Hi Matthew

Thank you for your reply and it makes perfect sense however how do I do a journal entry for my Bank opening balance because if I take out the Creditors control account the journal entry does not balance - this is what I have at the moment