I have just moved my accounts from quickbooks to solar, making the change at the beginning of my tax year. I have a couple of invoices which were sent out last tax year using quickbooks and paid this tax year. How do i enter this into solar accounts? Do I give the customer a starting balance for the outstanding invoices and then record the received payment in solar? Don't want to be taxed twice! Thanks Helen

Hi Helen,

Just record an invoice dated in the previous year to represent the amount outstanding at the start of your financial year. Set the Account on the invoice to 'Retained Earnings'. Then record an invoice payment in the current year as normal.

Regards,

Great Thanks Tom. Do I do the same thing with any cash received last year?

Hi Helen,

Who's Tom?? No, cash you received last year should have been treated as income in that year. You can set the opening balance of the 'Money To Be Banked' and 'Cheque Account' by double-clicking on the appropriate rows in the Accounts list.

Regards,