Skip to main content
F
farmgirlkent69
May 20, 2020
Solved

Recording Part Paid Invoices

  • May 20, 2020
  • 1 reply
  • 0 views

Hi there. I have started Quickbooks from Jan 20 (new financial year) but some of my invoices for council tax etc are paid from April to April.  I want to show the Direct Debits since January on Quickbooks but I don't want there to be an outstanding amount showing, as technically there will be nothing owing.  I don't know if i should post the invoice but only with the outstanding months or post the whole invoice and then put a credit against April to December which was on another system. Hope that makes sense! Thanks 

Best answer by paul72

Hi @farmgirlkent69 

 

If you have an invoice or bill dated in last tax year, that's where it needs to stay.  If you already have the bill in another system your accountant will be dealing with it in last tax year - if you enter in QBO you will be double counting.

 

What you need to do is add an Opening Balance to the Supplier.

You can do this when creating a new supplier or an existing one (as long as you haven't already entered a bill).

  • Go to the Supplier List > Select > Edit.
  • Opening Balance is mid-right of the popup.
  • Just work out the outstanding balance as of 1st January.

When you now go to Pay Bills, the outstanding balance will be there in the same way as a bill - the difference is in the Chart of Accounts.

 

This should also be done with Customers where a balance is brought into QBO on the start date.

 

Hope this helps.

 

1 reply

paul72
paul72Answer
May 21, 2020

Hi @farmgirlkent69 

 

If you have an invoice or bill dated in last tax year, that's where it needs to stay.  If you already have the bill in another system your accountant will be dealing with it in last tax year - if you enter in QBO you will be double counting.

 

What you need to do is add an Opening Balance to the Supplier.

You can do this when creating a new supplier or an existing one (as long as you haven't already entered a bill).

  • Go to the Supplier List > Select > Edit.
  • Opening Balance is mid-right of the popup.
  • Just work out the outstanding balance as of 1st January.

When you now go to Pay Bills, the outstanding balance will be there in the same way as a bill - the difference is in the Chart of Accounts.

 

This should also be done with Customers where a balance is brought into QBO on the start date.

 

Hope this helps.

 

    Terms & ConditionsAccessibility statement