When I started quickfiles, at the beginning of my financial year, I had about twenty unpaid invoices. I am not sure how these should have been entered. If I entered them as an opening balance journal entry as debtors control account (1100) how should that be balanced?
What I in fact did was enter them as sales on the date issued and tagged the payments as they came in assuming that when I set the dates for the financial year it would sort itself out.
Have I done wrong and what should I have done?
Hello @Upozi1
It is fine to enter outstanding items from your previous year but you would need to adjust your opening trial balance to account for this.
It may be worth having a word with your accountant who can advise you further with help on this.
Thank you Steve, for all your work on this!
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