I just started using Quickfile. Can someone explain to me how the migration of data from nominal accounts and journal entries work. For example: (a) I made a journal entry of current assets. In the balance sheet it shows this amount plus the purchase entries from the P/L.(b). I also set up a long term liabilty journal and it does not migrate to the balance sheet. (c) I have directors / owners initial loans to the company and share capital, according to the example I should balance this in the journal discription using “directors loan account”.
Any answers greatfully recieved or a general link to this issue.
I’m not sure what you mean by “migration” - could you be more specific with your examples? Whether an entry shows up in the P&L or the balance sheet is determined by the codes you tag it with or use in your journal entries. Codes in the range 0001 to 3999 are balance sheet codes, and 4000 to 9999 are profit & loss account codes. If you look at the chart of accounts it clearly shows which are which, and shows the categories (Assets/Liabilities/Overheads etc.) the particular codes fall into. This is a good starting point if you want to work out which code to use for tagging or journalling.
If you’re still not sure, I would recommend speaking to your accountant if you have one.
Thats helpful. Migration is as you said. This items that “show up” in the balance sheet that are not entered manually and calculated from them in equities assets and liabilities. I dont know what charts you refer to but I will have a look.