Having a mental block moment. Have been given Opening Balance adjustments by clients accountant, for which I am entering a journal. One of the items is Other Debtors which I don't have on my COA and I wondered how to set it up - I'm using quickbooks. Many thanks.
-- Edited by Shamus on Tuesday 22nd of April 2014 10:52:47 AM
Hi Sammy, Yes Other Debtors should go under Current Assets. As for the Purchase Ledger adjustments I would be inclined to find out what these are and why there are adjustments otherwise you're not going to know what to do with them.
Basically the Purchase ledger adjustments on the trial balance has a figure which will then be decreased as I have been asked to also post some supplier invoices to this which will then balance it back to zero. I thinks it's the accountants way of balancing the aged creditors account as the client doesn't always give all the invoices to me to enter and pays things in dribs and drabs. I was going to put it under current liabilities.
I would post them to the suspense account and then when you post the supplier invoices, post them to the suspense account as well, which will then zero that.
