You start the year with say 10 unpaid invoices (General Sales) amounting to £1000.00. These have been declared as income in the previous year’s accounts. You would enter the opening balance as £1000 credit to the Debtors control account But in what account would you enter the debit? And as the …

When you’re starting on QuickFile coming from another accounts package the best way to handle this kind of situation depends on various factors, most notably whether you’re VAT registered and if so, whether you’re on cash or accrual accounting, and also on whether you expect your customers to pay ea…

Thanks for this. I am not registered for VAT. When I started I only had these unpaid invoices and a bank balance. I have already created these invoices on their issued dates and tagged them as the payments have come in but I haven’t done any of the other things you prescribe and I’m having some p…

The act of creating the invoices in QuickFile on their original dates will have put the debits on the debtors control account, so you don’t need an opening balance there - you either include an opening debit balance on the debtors control account or create the past invoices in QuickFile, not both. A…

Thank you for your assistance. I’m working on this!

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Tagging invoices from the previous year

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Upozi1 5 November 2023 15:17 4

Previously I’ve used a spreadsheet