Bank Tagging Payments or Credits from previous year not on quickfile

I have just started to use quickfile and have a few questions.

I have inputted my start balances and all transactions since that date. However, I have an invoice payment, a VAT Payment and a Corporation Tax payment from the previous year that is not on quickfile.

If I Tag the Invoice payment - it asks to create an invoice. Should this be tagged as something else?

If I tag a VAT Payment as a VAT payment it gives me a VAT Credit in the report when it is really a payment for a previous period.

I have tagged The Corporation Tax Payment as a CTP

I have also noticed that my starting balance is shown in a suspense account. Is this correct?

If you’ve imported your opening balances then presumably that outstanding invoice would reflect on your debtor control balance. In which case you could tag that as “Something else not on the list” and post it to debtor control (1100).

Wasn’t this covered in your open balances? If at that point you had a VAT return payment due this tagging should have just reversed the previous liability?

If you manually configure a bank balance in QuickFile it will drop the counter entry on suspense (9998). You would then typically journal this out of suspense into the relevant nominal codes. If you import all opening balance from your previous software this should already be covered. I would recommend having a chat with your accountant for advice here.

Ok Thank you for the quick reply. Im coming from a manual system. I will speak to my accountant regarding some of the issues.

On The VAT, How do I input the “opening balance” for the VAT. Ive tried reading the guides but cant grasp them.

I have a liability of £XXXXX that will cary over in to this period

I’m not entirely sure how you’d enter your journals for the opening liability, I’m not an accountant.

I can say that normally when you create a VAT return (i.e. creating a VAT liability) the following accounts are journalled.

So it basically takes the accumulated sales and purchase tax and journals it into the liability account.

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