Opening invoices

Accounting
1

Hi All,
I am just conducting a trial of the Quickfile software, I have successfully uploaded opening balances at the end of a company’s year end. However, invoices at year end has also been uploaded and it is showing as a debit on the debtor’s control figure which is ok but the corresponding credit is showing as sales which is not right. Please how do I resolve this in quickfile? In addition, what does the word ‘tagging’ mean in plain English.

Thank you for your prompt response

Roy

2

Tagging mean allocating a transaction to certain category of expense in P&L or item in balance sheet.

You need to enter closing balance sheet as at year end not the actual invoices. You can enter opening balances for debtors as at your end

3

Thanks for your response. I have now understood what tagging means in plain English. Please can you explain the opening invoices a bit more?

Thanks,

Roy

4

This should help https://www.faradaykeynes.co.uk/news-blogs/blog/bookkeeping-blog/switching-accounting-system