Altering balance manually

Accounting
1

Hello there,

I have started using quickfile mid financial year 2013/2014 and managed to somehow give a general overview our position over this period thanks to quickfile.

I am saying general as I know it has not been precise, due to our own lack of good banking practices/managing.

Now I would like to give our accountant a precise update next year, so I would like my starting balance on quickfile to match that on my hsbc bank account, but i cannot alter this as there are transactions documented prior to this date. Is there a way around this?

Thanks for your feedback!

2

Usually an opening balance on a bank would be the first entry. If you have some transactions pre-dating where you want to put the opening balance, what you would need to do is read off the OB from your statement, deduct the NET of the predated transactions on QuickFile and enter this figure one day before the first transaction on the bank.

Basically it doesn’t matter if the OB you set on QF matches any stated on your bank statement, as long as the closing balance is correct.

Hope that makes sense!