How do I move bank opening balances and where to as the shouldn’t be in my profit and loss account
thanks
How do I move bank opening balances and where to as the shouldn’t be in my profit and loss account
thanks
There will be a journal which shows the double entry for bank opening balance and whatever nominal its balanced with.
Where to is anyones guess. Was it money left over from the end of your last financial year? Was it money owed to anyone? Only you know that answer.
I only started with quick file 4 days ago … The money was the balance in the 2 bank accounts when I started quick file
The journal is showing the Credit but not the Debit… I need to journal it out but where to and it needs to be show in my bank accounts
Thanks Sue
The other side of the journals are the bank account nominal but how Downing’s stop this showing in the profit and loss or do I have to manually allow for them
The journal can’t show only one debit or credit it would have to balance. Check it again.
It’s probably in the suspense account.
If you are self employed it should balance out to proprietor drawings. If Ltd then directors loan account.
That’s on the assumption that the amount was there when you first started.
You may also just have an untagged bank entry, in which case just tag that to either of the above as it’s the same thing.
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