Im trying to do the final accounts for year ending 31/03/13, I had a list of accruals which I needed to reverse I have done this and I can see within the nominal codes this is right, however, I still have all these outstanding balances showing on the creditors analysis relating to the opening balances, some of these invoices are from 2011, I have checked the bank and cant see the amounts in there, should these balances be showing on the creditors accounts surely not?
Thanks
edited title to emphasise that this question relates to software not concept. (You mention nominal codes to I've assumed Sage although nominals do exist in other software).
-- Edited by Shamus on Saturday 19th of October 2013 10:27:24 AM
The year end journals were already posted I have just taken over trying to sort the mess out,
Ive posted the reverse accrual as of the 01/04/12
I have the TB from the accountant which only has the balance sheet balances on which ive managed to sort out the opening balances.
The creditors balances have been paid and I cant see how they were posted twice, ive looked in the expense account to which they relate and theres only one transaction in there which matches off to the reversing accrual journal.
As I understand it, you have found that the accruals you posted are also held as unpaid creditors. Is that correct? Or are you saying that accruals are fine, that you just have a lot of long outstanding creditors? Ones which do not relate to the accruals?
