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opening up a new QB company and have received payments from debtors . how do you recommend I record

Kelly_7311147

i am opening up a new QB company and have received payments from debtors this year for invoices that are in my old system. how do you recommend I record these as the one I have done is now showing as a credit on the debtor file?

Comments

narelle harvey_7311100

You need to have a debit and credit column for each company you deal with.

Charley

Any debtors owing in the old file as at EOFY need to be entered into the new file; same with creditors

Kelly_7311147

thanks

Sally McIntosh, Accredited Consultant

Hi Kelly,

Can I suggest creating an other charge item in your item list, and call it opening balances (or something like that), point it to opening balance equity (easier for your accountant) and you can add a tax code if necessary.

Then use this item to create your open invoices and bills. That way you can use the same invoice numbers so when receiving payments/paying bills it all lines up.

If you are on a Cash basis you will need a tax code, but if you are on Accrual just leave the tax code blank.

If you need any help with this directly feel free to email me.

I also have a way that I can export and then import those open invoices/bills too if you would like someone to do it quickly for you!

Kind regards,

Sally McIntosh (sally@samsolutions.com.au)