I have already entered my opening balance on the bank, but need to set up a supplier with a credit opening balance. It has been suggested that this is done by creating a prepayment, but this affects my bank balance. Is there any way to enter a credit opening balance on a supplier without it affecting the opening balance on the bank? I can see that I can amend the opening bank balance by journal, but don’t want to do this as it results in having a balance sat in my suspense account. Any suggestions?
You will need to enter it as a prepayment, but you can reverse that with a manual transaction on the same date tagged to the creditors control account via “something not on the list” so the overall effect is nil.
Thanks Ian. Does it cause any problems doing all of the above using the last date of the previous financial year? And presumably the same can be done with an opening credit balance on a customer’s account? V
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