I have been given the opening balances for the creditors and debtors and, as I have already imported the clients and suppliers it is not offering the option to enter these under modify supplier.
I have read a couple of posts and it would appear that I need to enter a single invoice for the opening balance amount, can you confirm please if I have understood this correctly? And also, the year starts on the 01.04.14, therefore do I enter the invoice date as 31.03.14?
Many thanks,
When you enter opening balances at the point of creating a new client or supplier, all this system does is create an invoice to represent any current amount owed. To change the opening balance position you would need to just modify or delete that automatically created invoice.
Thanks. When I receive the full trial balance do I enter these using the journal facility and enter the last day of the previous financial year or is there another option? Also, in addition to entering the opening balances via a journal, can you confirm that I will also need to enter the creditor and debtor opening balances aswell against each individual supplier or client by creating an invoice. Do I use the last date of the previous year, eg 31.03.14? (the new year starts 01.04.14).
It is normally the last date of the previous year that is correct. If you’re entering OBs via a journal make sure you go into account settings and click the following option. OB journals differ slightly from regular journals.
I would speak to your accountant/bookkeeper for guidance on keying in the journals, you’d obviously need to account for any debtor/creditor balances you’ve already created via the client and supplier screens.
Thanks again and it’s purely down to not being familiar with Quickfile as the reasons for my questions (I am a bookkeeper). I use Sage and I’m used to their functionality and although there are similarities between Sage and Quickfile, there are also alot of differences. I don;t want to enter the info incorrectly as I’m not familiar enough with the software to know what functions to use to correct it!
I should have guessed by your username 
It’s no problem, if you have any doubts please gimme a shout.
Hi Glenn
I’m also a bookkeeper and new to QuickFile. I’ve started a set of accounts in QuickFile as at the beginning of the client’s financial year (1.09.16). I set up the opening balances for the bank accounts under each actual account where it asks if there is an opening balance and I’ve set up invoices (pre dating the beginning of the financial year) for the debtors opening balances.
I see from here that the way to set up the rest of your opening balances is to go via account settings - set up your opening balances but as they are start of the financial year opening balances, not a whole trial balance (i.e. just assets and liabilities) the debits and credits do not balance, especially as I have already set up the opening balances for the bank accounts and debtors elsewhere. I can post the difference against the suspense account but this then shows as an expense under the PNL report? I don’t have anywhere to journal this amount to.
I can’t think how to get around this - any suggestions would be gratefully received!
Hi @NickyH
If you’re coming from another platform, you could certainly import a trial balance if you have one available. This can be done through Account Settings >> Import Data >> Import Trial Balance.
The suspense account (9998) holds funds that the system don’t know what to do with. What you would need to do is journal them. So, let’s take an example of £500 coming into your current account. As soon as you enter it as an untagged transaction, it creates its balancing entry in 9998 as it doesn’t know where it came from. Chances are, if you have money coming in, it’s from an invoice, so tagging it to a sales invoice balances that out.
If you have other balances, let’s say £25,000 profit from the last few years, you could tie this to 3101 Retained Profit & Undistributed Reserves.
The easiest way would be to import the trial balance if you can get one. Please let us know if you need any help with this.
Hope that helps, but please don’t hesitate to reply if you need further help 
How do I set up a customer in QF with a credit balance ie they are in credit due to paying an invoice (which is not in QF as it goes back before I started using it) twice
Hello @ESL62
When you create your client you will have the option to add an opening balance:
Entering this will create a new sales invoice to that value to show the amount outstanding. For example, I’ve created a test client called “Credit Test”, and this invoice was created for me:
You can modify it if you wish to adjust the date etc.
It wouldnt let me create a minus figure so I went ahead and set up the customer with no opening balance. How can I rectify it now?
The opening balance would just be a positive figure as it’s “balance outstanding”.
The process just creates an outstanding sales invoice, so you could just raise one of these manually - mirroring the above.
But the customer is in credit. He has overpaid on a previous invoice.
Apologies - my misunderstanding!
You would typically enter a prepayment for that client that predates your bank opening balance, and then need to adjust the same amount out of the opening balance of the opening balance (for it to balance).
This post may be of some help:
Sorted great stuff thanks for your help