So I’ve started using QF for an established business from the start of its current financial year.
After adding a starting balance in the current and directors loan account, how to I account for these so that they aren’t appearing in the suspense account?
The current account contains retained profits, VAT and CT owed from the previous financial year etc. The directors loan account has funds that were borrowed from the current account.
I recognise this is likely more of a general accounting question rather that a QF specific one, hopefully someone can help.