HOME / COMMUNITY Switch to knowledge base

Opening sales invoices balances

I am an Accountant and impressed by what I have seen so far from QF. I have decided to put my own practice data on and mirror VAT reports for q couple of quarters. Currently on Sage. Looking for good, cheap options for my clients to use as well.
My year end is 31st December 2020 and on Cash Accounting. I have input the opening TB excluding Debtors Control (1100)
What is the best way to input all the opening client balances to QF. If it means manually entering them all with the exact date (pre 31st December 2020) then I will do this but only if necessary.
Looking for an existing Accountant more experienced in QF to help if possible.

Welcome to the club, you can create customer accounts for your clients, enter opening balances while creating, this will create an automatic invoice which you can use to tag future receipts and you can debit sales accounts with total debtors figure on your opening TB to balance journals.

Also signup to an affinity account on QF to manage your clients. QF also have the option to serving QF user as accountancy services. Good luck

1 Like

Thank you for your help and advice - I really want this software to work for me and my clients.
I can see that you are able to enter an opening balance via the “create new clients” section.
I have already imported client names and addresses from Sage but not the balances. I cannot appear to enter opening balances for existing clients, even through the modify client section.
Do I just start entering the aged invoices (prior to 31st December 2020) as invoices?

you can enter as one invoice or multiple invoices and flag it as sent instead of sending them again to your clients and put all that big figures as Dr to sales on opening TB

I have now manually entered all outstanding sales ledger balances - phew!
The next problem is that I cannot enter negative balances and allocate them to the individual client a/c. These are typically either small overpayments, or where some clients have paid up-front on account.
The articles I have read say you can create a “negative” sales invoice and then “hold funds on client account” but I cannot find that button anywhere! It just asks for a bank account, which is not what I need. Any help would be much appreciated.

Have you tried, going to a client account, click on more options and prepayment

The way QuickFile works you can only hold funds on account for a credit note that is derived from an existing paid invoice - if you create an “ad hoc” credit note as a negative value invoice then it only allows you to refund there and then. Probably the simplest approach is as FaradayKeynes suggests - add a new prepayment for the relevant client from that client’s summary page, picking a spare bank account like drawings or DL, then go to the same bank account and manually create a reverse transaction to return the balance to the right total, and tag that using “something not on the list” back to the debtors control account. That will reverse the effect of the prepayment in the balance sheet but the amount will still show as unallocated funds on the client account.

Thank you Ian. The way I have done this, is to create a negative invoice (which becomes a credit note) and then allocated to a new bank a/c called “Petty Cash - Dummy A/c” I will then (as you say) create a journal to DR the new Petty Cash a/c and CR Debtors Control. Thanks to you and Omar for the help. The software is all new to me and I do want it to work…it will just take a little time to get used to it.

I think people that frequesnt this forum often will know what’s about to happen…

There’s a feature request thread for making accounts transactional.

This topic was automatically closed after 7 days. New replies are no longer allowed.