Hi, what is the double entry for credit note issued in 2021 for Yr 2020 trade debtors balance sheet balance?
I started with balance brought in balance sheet for Yr 2020. Therefore, there is no entry for Yr 2020 invoices for debtors.
Scenario:
Company A in year 2020 there was an invoice no. 123 but since I only entered balance sheet brought forward amount, how can entered for credit note issued on 2021 as invoice 123 was not in the Company A invoice list?
If you followed opening balance procedures correctly, you should have entered the unpaid invoices which represented the customer’s outstanding balance. Set starting balances for customers | Manager
Is this a new business in Manager and you have taken on the balances from a previous accoiunting system? Enter starting balances | Manager
If not, there is no need in Manager to start a new business every year Close an accounting period | Manager
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