Unpaid invoices and trial balance

I have imported my trial balances as used to prepare last set of accounts and bank statements I will be entering in 6 months of data from my last year end in one go only about 400 transactions so should not be too bad.

I have a lot of unpaid invoices from the previous year should I enter these as invoices on the system with a pre trial balance date or just tag them as the money comes in against the Trade Debtors (debtors control account) on the trial balance account? I think the later but just want to check what is correct.

So far I am really impressed with Quickfile.
And thanks in advance for your help

Hi @PFAccounts

Thank you for your positive feedback! :slight_smile:

What you’ve suggested would be correct - create the invoice(s) pre-dating your start date with QuickFile, and tag them as paid as the money comes in. Just remember to adjust your opening balances from the trial balance to account for this.

For example, if you create a sales invoice for £100, reduce your sales nominal and the Debtors Control Account (1100) by £100, otherwise it doubles it up.

I hope that makes sense?

Thank you so to confirm my understanding i should:

Create Pre (last year) dated copy invoice in Quickfile.
Tag paid against the money on the bank statement.
Reduce the trial balance trade debtors account by the same amount.
The trial balance Vat liability should be left as is or should I reduce the trial balance VAT liability by the amount on the invoice so as not to double up? or will Quickfile take care of this?

Thanks in advance

You should also reduce the VAT liability, although it’s likely that your first return will require a manual adjustment to ensure it’s spot on if a trial balance is included. Because of the different variables with VAT, we don’t take journals into account. So any VAT that needs to be declared on your trial balance would need to be accounted for manually. When you time comes, you’ll be able to download the calculation behind the VAT return to help with this.

Other than that, it seems right. Just to confirm:

  1. Raise a new invoice for the outstanding funds (either individually or for one client (‘Outstanding Balance’ or similar)), and date it prior to the start of your accounts

  2. Reduce your trial balance in terms of debtors control account, sales nominal and the VAT to account for this (Tip: When you create the invoice, on the invoice preview, click More Options >> Show nominal ledger entries to see what QuickFile has recorded for that invoice)

  3. When the time comes, download the calculations to the VAT return and check them, and manually adjust them if required.

I hope that helps! :slight_smile: