I have recently moved over to Quickfile from Quickbooks. I had unpaid invoices in Quickbooks (included in imported trial balance) when I moved over for which I now receive payments. How do I enter/journal these payments?
The recommended method which we used was to create a dummy invoice for the opening balance of each customer and enter payments against those.
If I understand well, it seems that it will create the invoices amounts to be reflected twice though. The original invoices were created before the Trial Balance date and as such their value is reflected in the Sales line. If I then create dummy invoices, the value will be repeated. Can you explain what you mean exactly by a dummy invoice?
Dummy invoice - one raised purely for internal accounting purposes to generate a transaction within Quickfile such as the transfer of a debt from a previous accounting system.
How have you accounted for money owing from transactions invoiced before the transfer to Quickfile?
If I create such dummy invoices, they will increase my sales which would then be incorrect.
By importing my Quickbooks Trial balance, I can see that these invoices are in the General Sales line, bundled up with every other invoice I have ever raised (paid or not paid).
But being unpaid their value is presumably reflected as a debit elsewhere on your balance sheet too, in the debtors control account (this is where QuickFile holds the balance of invoices that have been issued but not yet settled). If that’s the case then you should be able to account for the payments with journals (the “something not in the list” option when bank tagging), crediting the debtors control account.
Brilliant - just the info I needed! It’s all sorted now. Many thanks for your help.