I’d like to include assets from another accounting period, managed by a previous accountant into QuickFile. I understand I need to include these in the opening balance journals but I’m not entirely clear how to do this.
I need to include Computer (presume 0030) and Plant (0020) assets. I understand I need to include a balancing amount and also the depreciation but I’m not clear how to do this. I’d be very grateful if someone could provide an example.
Do you have a trial balance from the accountant with all the opening balances on it?
Unfortunately not, I may be able to request it but they’ve been nothing but useless. Previously some purchases were treated as expenses and not capitalised, and the RB method of depreciation wasn’t calculated correctly year on year.
Hi @Meeko,
If you can get hold of a Trial Balance from the accountant then you will be able to upload these figures in an opening balance journal
Importing data from another system tells you all about entering opening balances. The precise entries to “balance” your balance sheet will depend on whether you are trading as a sole trader, partnership or limited company.
You really do need a trial balance though to start with, and preferably working papers to support the numbers in the trial balance including a fixed asset register. Your previous accountant should supply these.
Hi all thank you for your advice. I’ve requested the trial balance from the previous accountants. They’ve already provided the asset register which is not correct and doesn’t reflect the asset values and depreciations in previous annual accounts. Their excuse being they switched “accounting software which caused issues.”
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