Since I started using QuickFile, I have submitted accounts for two years with the latest completed year about to be submitted.
When I set it up, I did not put in all the entries for the previous number of years and so my balances don’t reflect reality.
Is there a way to fix this?
The horrible thought crosses my mind that I might have to enter all the spreadsheet entries from the previous years but I don’t even know if this is possible due to the fact that two of my years are now “fixed” in QuikFile.
Any ideas?
Hello @DesignAble
You could post a Money In or Money Out transaction to a different nominal code to make the balance correct going forward but you would then have to account for the value on the other code.
The bank balance is not entered into QuickFile. It is made up of the transactions that have went through it over time.
It may be worth having a discussion with your accountant about this to see what they recommend.
If you don’t have an accountant, we have a panel of accountants to choose from, for more information, please see the following link:
Thanks, Steve.
Rumour has it that there is/was an opening balance feature but I haven’t found it, now I don’t know if I should try and enter data for previous years since I have two “closed” years already submitted.
Hello @DesignAble
You would probably be best entering a Money In or Money Out transaction on the bank for the difference.
I would then ask your accountant where the balancing entries need to go
For reference
The Opening Balance is entered by accessing the bank account > Options > Settings (Modify Opening balance).
This would just bring up your opening balances journal.
As I said the “Bank Balance” is made up of the transactions entered.
There is an opening balance feature but the same rule still applies - you need to say where the opening balance “came from”. In double entry book keeping all the debits and credits must always even out, so when you set an opening balance on a bank account QuickFile will create a matching transaction in the “suspense” account affecting your P&L, and you have to journal that to the real source of the funds (whether that’s genuinely sales from this year, retained profit from a previous year, capital you introduced to the business, or some mix of all three).
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