OPENING BALANCES
Question asked by Alliance, Chartered Accountants 11 years ago
Hi
Why do Creditors and Creditors Opening Balances require both VAT and PnL Account to be completed? I would like the option to leave these both blank.
Accounting 
Hi,
As you are creating an opening creditor the P&L account you choose will not matter because whatever you choose will effectively get rolled up into opening retained earnings.
In terms of the VAT - we include that so that a VAT return post starting on Clear Books will pick up any opening bills. The work around would be to choose a VAT treatment out of scope.
Thanks
Tim
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