Opening Trial Balance

Accounting
1

I am transferring the accounts of a company I have just bought from QuickBooks to QuickFile.

I want to know the best way of setting up the opening TB.

Year end is 31st August
My VAT quarters end: April, July, October, January

The balance sheet will be very simple

Current Account Balance. ##.##
Savings acount balance. ##.##

Debtors Sterling ##.##
Debtors Euro ##.##

Current Liabilities
Unearned Revenue ####.##
VAT Due ###.##
Corp Tax Payable ###.##

Accruals ###.##

Capital ##.##

The complication is the invoices, opening Acs receivable.and VAT and accounting for the payments already made against the invoices.

There will be a number (30+) of invoices which are part paid. For example

Value £1,035.90
Inc Vat of £35.90

Paid £207.18
Balance O/S £828.72

Some of the VAT will have been paid in previous quarters and some of the VAT will be payable at the next quarter ending 31st October, payable early December.

How do I setup the invoices, VAT and account for the payments already made against the invoices.

Thank you.

Perplexity has given this answer, is this correct?

https://www.perplexity.ai/search/i-am-transferring-the-accounts-pTTrejweQbmWJ9NeQomlwg#0

Regards

Michael

2

Hello Michael

@ian_roberts provides a great explanation on this in this thread

Please keep in mind the support team are not registered accountants and you may wish to consult your own accountant for help.

3

Thank you Steve.

Understood that the support team are not accountants.

I will look at the thread you linked to.

Regards

Michael

4

I think the only for me to figure this out is to do the opening trial balance journal, import the invoices, enter the payments received against the invoices and go from there.

The VAT is the tricky bit but I think I can work around that.

Thank you for your help.

Michael.

5

Yes, I found it very interesting when I read it but that was a long time ago and I’m not Michael. Were you trying to reply to a more recent enquiry?

Best wishes

tony