Wrong opening balances

Accounting
1

Hi wise people,

I can’t get my head round how to resolve this, maybe its really simple and I’ve just overthought it.

Clients started using QF from 1 Apr 16, were previously using spreadsheets (the horror), at the point they started using QF the previous years accounts were yet to be finalised. Now that they are I’m journalling the balance sheet in so that QF neatly follows on, however, in the closing accounts there were no trade creditors, but in QF they have entered some transactions prior to 1 Apr 16 thus creating prior year trade creditors essentially. Because those items have now been paid and added to a VAT return I can’t modify the dates to put them back in the correct (current) year, so my balance sheet is wrong. How on earth do I sort this out??

Thanks

2

As long your current balance sheet is OK nothing to worry about.

You can try changing opening balance sheet journals date prior to those transactions (entered 1 april)

3

It’s ok, on the drive home (when I do all my best thinking) I actually realised the answer! Put jnls in to cancel the transactions and then reverse those jnls on 1 Apr - so obvious!

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