Closing of Accounts

Closing of accounts compares the balances in your general ledger with the balances Quiddly reports for the same date, resolves any difference, and then closes the period. Do the steps in order. Steps 1 to 3 are mandatory, steps 4 and 5 are optional.

1. Populate Closing Template MANDATORY

Note

Download the Chart of Accounts Template

1. Navigate to the tab Chart of Accounts.
2. Fill the Account Number column with the account numbers that you use in Quiddly.

Note

You can find your account number in Quiddly: Accounting > Bookkeeping, tab Bookkeeping accounts, column Account no

Changing an account number

Use Edit account number in the row menu of the account to map a Quiddly account to a different number. Quiddly shows the new number on all postings of that account, historical ones included, so reports run afterwards use it for earlier periods as well. Bookkeeping you have already exported is not changed: if it was booked in your ERP under the old number, it must be re-booked there.

1. Save the template for future usage.

2. Retrieve General Ledger Balances MANDATORY

Note

Navigate to: Reports > Intern Bokföringsrapport

1. Configure report according to the image.
2. Press Generate.
3. Fill the column General Ledger Balance in the template with the outgoing balances from the report.

3. Retrieve Reconciliation Balances MANDATORY ,

Customer Ledger

Note

Navigate to: Reports > Kundreskontra

1. Configure report according to the image.
2. Press Generate.
3. Fill the column Reconciliation Balance in the template with the outgoing balances from the report according to below color coding:

	Account Code	Comment
	LEDGER_INVOICE_SELL	Financed balance
	LEDGER_REMINDER_FEES	Handling VAT This value is excl. VAT. Add VAT to compare it to the General Ledger Account. Only applicable if reminder fees are VAT applicable.
	LEDGER_INTEREST	Handling VAT This value is excl. VAT. Add VAT to compare it to the General Ledger Account.Only applicable if late interest are VAT applicable.

The ledger as it stood on an earlier date

To see the receivables as they stood on a past date, use Reports > Accounts Receivables Ledger. Enter the date in the required toDate filter. The report is a snapshot of the whole ledger on that date:

• It adds up each invoice’s balance from its events dated on or before the chosen date. It does not matter what status the invoice has today or when it was booked in Quiddly.
• It lists every invoice that has a balance other than zero on that date, closed invoices included. A closed invoice with a small remaining balance, for example a currency difference, therefore appears.
• To hide rows that only have a fee or interest balance, press Add new filter, select Balance Capital, set the operator to not equals (!=) and the value to 0.
• An invoice that had not been purchased yet on the chosen date is shown as INVOICE_SERVICE in the Product column, with its capital in Balance Capital Service, even if it is financed today. It moves to Balance Capital Financed only from its purchase date. An invoice purchased after the chosen date is therefore listed as a service invoice on that date.

Client Accounts

Note

Navigate to: Reports > Klientmedelskonton

1. Configure report according to the image.
2. Press Generate.
3. Fill the column Reconciliation Balance in the template with the outgoing balances from the report according to below color coding:

	Account Code
	DEBT_CLIENT (+ LEDGER_INVOICE_SELL_RECOURSED when product is Invoice Factoring Sell)	Use opposite sign when comparing it to the General Ledger Account. is a debt in the general ledger. is a asset in the general ledger.
	DEBT_PLEDGE	Use opposite sign when comparing it to the General Ledger Account. is a debt in the general ledger. is a asset in the general ledger.

Use the same account number for DEBT_CLIENT and LEDGER_INVOICE_SELL_RECOURSED (see step 1). Both are reconciled against the client fund accounts, which is why the report balance is compared with their sum. When a payment is linked to an invoice that has been recoursed, Quiddly books the client side of that payment on LEDGER_INVOICE_SELL_RECOURSED instead of DEBT_CLIENT. LEDGER_INVOICE_SELL, reconciled in the Customer Ledger above, holds the financed balance on the invoices.

When a client repays after a recourse

Link the client’s payment to the recoursed invoices, not straight to the client account. A payment booked on the client account leaves the recoursed invoices open. See Way of Working: Unplaced Payments for how to link a payment.

Quiddly books the purchase of an invoice on the purchase date, not on the invoice date. An invoice dated in a closed year but purchased later therefore does not change that year.

Unplaced Payments

Note

Navigate to: Reports > Unplaced Payment Ledger (earlier called Unplaced Payment Report)

1. Configure report according to the image.
2. Press Generate.
3. Fill the column Reconciliation Balance in the template with the outgoing balances from the report according to below color coding:

	Account Code
	DEBT_UNPLACED	Use opposite sign when comparing it to the General Ledger Account. is a debt in the general ledger. is a asset in the general ledger.

The report has two required date filters, paymentToDate and linkToDate. paymentToDate takes the payments dated up to and including that day. linkToDate takes the links, returns and write-offs made up to and including that day.

Balance on a past date. Enter the closing date in both filters. A payment that was linked, returned or written off after that date is still counted as open on it. To see only what was open, add the filter Status (OPEN, CLOSED) and set it to OPEN; this status is worked out from the balance on the chosen dates. Do not use the Unplaced Status column for this: it shows the payment’s current status, not its status on the date. Use the List report type to see one row per payment, with its Linked, Returned and Written off amounts and its Balance.

Payments booked as revenue stay open. The report keeps a payment that was booked as revenue open, so its total always matches DEBT_UNPLACED. The revenue part sits on DEBT_UNPLACED_REVENUE and is reported in the Profitability Report below.

The Payment References column lists each reference of the payment together with the amount allocated to it, as stored on the payment. The report is shared by all customers. If you need a variant with other columns, contact Quiddly support.

For how a payment is linked, returned, written off or booked as revenue, and for which date a link is booked on, see Way of Working: Unplaced Payments.

Revenue

Note

Navigate to: Reports > Profitability Report

1. Configure report according to the image.
2. Press Generate.
3. Fill the column Reconciliation Balance in the template with the outgoing balances from the report. The column “Revenue Account” defines which Bookkeeping Account that should be filled in the Template.

4. Resolve Differences OPTIONAL

If you have filled in the columns “General Ledger Balance” and “Reconciliation Balance” accordingly the column “Difference” should now be automatically populated.

5. Close Period OPTIONAL

When you are finished with closing of the accounts the last step is to mark the period as closed in Quiddly. You choose the closing date yourself. From then on Quiddly refuses any new bookkeeping with a date on or before the closing date, with the message that the date is inside the locked accounting period. This applies to Quiddly’s internal bookkeeping, the general ledger you reconcile in this guide.

Note

Navigate to: Accounting > Bookkeeping, tab Bookkeeping accounts

1. Press [Close Period]
2. In the Close accounting window, set the Close date, the last date of the period you are closing.
3. Press [Save]

The closing date does not move by itself. Set a later date when you close the next period. You can also set an earlier date if you need to book something in a period you closed too early.

Two things stop a save:

• A date too far ahead. Quiddly accepts today’s date and any earlier date. A later date is refused with “System enforces a two hour grace period. Please try again later.” until it is within two hours of the start of that date.
• Accounting events that are not booked yet and were created up to the end of the closing date. While they are still being booked, Quiddly refuses with “Lock blocked by pending accounting events. Please try again later.” Wait a few minutes and save again. When any of them is stuck, the message is “Lock blocked by accounting events that have not been booked. Review and retry them under Open accounting events.”

When open accounting events block the save, the Close accounting window also says how many are open and how many are stuck, and offers Show events. It opens Accounting > Bookkeeping, tab Open accounting events, filtered to your closing date, where Retry stuck sends stuck events for booking again. See Open accounting events.

Changing the closing date needs a right that allows updating it. A user with only the read right can open the window and see the date, but cannot change it. See Rights, roles and users and the rights catalogue.

What date a booking gets

Most bookings take the date of the event they record, so they are refused when that date is inside a closed period. Reversing a voucher, booking an unplaced payment as revenue and writing one off use today’s date. When you link an unplaced payment, Quiddly books the link on the day you link it, unless Use Payment Date is ticked in the link window. Tick it to book the link on the payment’s date instead, which decides which period it lands in. If the payment date is inside a closed period, Quiddly books the link on the day you link it instead. See Way of Working: Unplaced Payments for the link window.

To rebook something that was posted on the wrong account, or to find out how a voucher was booked, see Bookkeeping: vouchers, balance adjustments and SIE files.