Grateful for any help. We’d like to reduce the Retained Profit figure carried forward from the previous accounting period to match the Retained Earnings figure shown on the Balance Sheet of the Final Accounts prepared by our accountant. I’m hoping that makes sense?
We operate a small Ltd company and we’ve switched from using a spreadsheet to QuickFile in the last week. Our Accounting period is 1 June - 31 May. To get started with QuickFile I decided to input bank transactions (one current and one reserve account) from 1 Jan 2018 to the present, as well as sales and purchases from Jan 2018 also. Having included the correct opening balances for both bank accounts as of 1 Jan 2018 and tagged all bank transactions, the bank balances shown in QuickFile reconcile / match the current bank account balances.
After running the year end process (Account Settings > All Settings > Year End Process), the balance sheet for the current accounting period (1 June 2018 - 31 May 2019) is too high (approx by £25k from the previous accounting period), and I have no idea how to adjust that starting figure down to the correct figure from our accountant (£913). Perhaps my mistake was starting from a date prior to the start of the accounting period, but even then I’d still have to have some way of adding the £913 as an opening balance going into this accounting period. Am I thinking along the right lines? Is this one for my accountant?