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Samilou67


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Opening balances
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Hello and happy Monday to you.

Can I just check that I am doing this correctly? On the attached scan for one of my clients is the opening balances/journals. Do I enter all the journals as shown including hte 2100 Creditors Control Account for £471.41 and then in addition post the credit note to the creditor account?

Thanks

Sam



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Sam
Truemanbrown


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I would make the post the credit note first. Then I would adjust the journal by removing the element of the credit note that has been posted.

I would also ask about the adjustment of £3,000 approx. to the Purchases Tax Control Account. Find out what it relates to!

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VinceH


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Note that the instruction from the accountant is actually to post the Creditors Control Account Amount to 9998, rather than actually to the control account itself, and post the credit note with that nominal code.

It's never a good idea to post journals straight into the control account - hence Truemanbrown's suggestion above - but Kudos to the accountant that gave you that journal for not making a mistake that I've seen plenty of accountants themselves make (or fail to explain things properly to the client, so the client makes the mistake on their behalf). His/her solution is a perfectly good one.

And just so you have the same comment from more than one source: Query that amount going to the Purchase Tax Control Account!


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