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  #1  
Old 06-29-2017, 02:04 AM
julesjvp julesjvp is offline
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OpeningBalances

Hi Sorry if I have given this the wrong title but completely new to Quickbooks. I have just taken over from a colleague who has left and appear to have a slight problem. I have gone to reconcile our first months bank account and discovered a number of customers payments for invoices that would have fallen into the previous years accounts. I am assuming that these should have been recorded as opening balances (though I could be completely wrong!). I appear unable to actually record any opening balances against any of the customers now. If I modify and apply against a customer they show as a credit. Any advice gratefully received. Thank you.
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Old 06-29-2017, 06:19 AM
Rustler Rustler is offline
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I'm a little confused

Payment for an invoice is recorded as of the date the payment is received - not deposited, and not the date of the invoice. With that in mind would you clarify the issue?

It sounds like there was some other bookkeeping method in place, the colleague started a file in QB, and left, and now you are trying to pick it up - is that what happened?
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  #3  
Old 06-29-2017, 07:23 AM
julesjvp julesjvp is offline
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Thank you for replying. So am I. Yes. Originally book keeping was done in paper based system. My colleague set up quickbooks for the new tax year and then left. I was left with a message to say that all that was needed for the first month was to reconcile the bank.
However I have a number of payments from customers that are against invoices that were outstanding from the previous years accounts. I.e. invoiced raised in May but paid in June. Therefore, I now have a number of customer payments that cannot be matched against invoices on quickbooks.
I am unsure how I record these onto quickbooks.
Hope this makes sense.
Thank you for any help available.
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  #4  
Old 06-29-2017, 11:16 AM
Froid Froid is offline
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Sounds like he did not load open A/R balances

If your predecessor properly setup QB for May 31 - assuming that date as your year-end - then his process would include setting up customer A/R. The total of customer balances should match what you show on your balance sheet.

If he neglected to load customer balances into the A/R module, I suppose you can post any June cash receipts directly to your balance sheet A/R acct as a misc cash receipt. A paper record of what your customers owe must exist somewhere.
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  #5  
Old 06-29-2017, 11:25 AM
julesjvp julesjvp is offline
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Thank you. Unfortunately did not set up balances, which is my next problem. I have tried what you suggest but then they show as a credit against the customer, but I think you may be right, that is the only way to do it. Best bet I think is then put a note of explanation with them.
Thank you for your help. :-)
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  #6  
Old 06-29-2017, 11:41 AM
Froid Froid is offline
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Not quite

QB allows you to enter misc receipts, without the need to post to a customer acct. For example, you receive $100 from a walk-in customer buying your product. That would post to Dr to cash and Cr to revenue, all day long.

In your case, this is not the preferred method, but it will move you along. The best way would be to load balances due at 5/31 into the A/R module. By the way, this applies to the A/P module, as well. If your opening balance sheet says you owe vendors, the paper subledgers would reflect the individual amounts owed.

Sounds like you need to do more than just reconcile the bank account.
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  #7  
Old 06-29-2017, 12:21 PM
julesjvp julesjvp is offline
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Thank you. Wish I had been at the start of this instead of picking up half way through!!! Also wish I could just set everything up again but there you go. Many thanks for your help!
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