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Opening Balance posting

I have no idea who created quickfile accounting software. I am coming up with weird and bizzare entries and postings to incorrect nominal accounts when I post a transaction. For example, I posted an opening balance in a supplier acccount when I created this new supplier account. Quickfile has created a purchase invoice and posted this amount to the general purchase account.instead of treating as an opening balance in the supplier account. Now I have to delete all these entries as it is distorting the purchases and cost of sales figure. Is it me or has this happened to any of you who are using Quickfile. Please. Help me.

Hi @yogarajah

QuickFile was created and is maintained by us in-house.

An opening balance for a supplier would effectively create an invoice for you pre-dating your start date. In double-entry bookkeeping you would need a balancing entry for the balance on the supplier’s account, which is what the invoice does.

This post may help: Opening balance for existing supplier

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