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Closing balances

Hello
We started using Quickfile on 1 Jan 2019 - the start of our financial year. As our VAT period ran Nov 18-Jan 19 we decided to put in our figures just for Nov 18 and Dec 18 so Quickfile could calculate our VAT - that worked fine . However we’re now looking at getting our accounts ready for our accountant to look at for 2019 and the two months in 2018 are messing up things as far as the balance sheet is concerned. So my questions are:

  1. Should we run the end of year tool to close off 2018?
  2. Although we traded for the whole of 2018 we only used Quickfile for the Nov and Dec so the closing balances are all going to be incomplete. I have the proper closing balances for 2018 off our accounts so do I need to make manual entries in Quickfile for these - I am assuming via journal entries -I don’t have csv files - the old accounts were done on a very confusing spreadsheet hence the move to Quickfile. If so do I do this before running the end of year tool?
    Apologies if that’s a bit rambling but hopefully my questions make sense!
    Thanks in advance for any answers.
    Helen

Hi @HelenTheShop

Can I just ask whether you entered any opening balances prior to November 2018 or did you just enter the data?

Using the Year End Tool won’t correct any errors in regards to this.

Hi Sian
Thanks for the quick reply. No - the only opening balance we put in was for the bank account. Should we go and put in opening balances for 2018 and then amend manually to close off 2018?
Regards
Helen

Hi @HelenTheShop

It may be worth putting your opening balances in (but adjust them to account for the data you have already entered).

This will set your balance sheet and other reports up ready, and account for these figures correctly.

Do you have a Trial Balance or balance sheet you could possibly use?

Hi Mathew
Thanks for your swift reply. I have the 2018 year end balance sheet and also the 2017 year end one. So just to be clear you are suggesting:

  1. Enter the 2018 opening balances - manually change them to account for the two months of data - through journal entries
  2. Then run the end of year tool for 2018.
    Is that right?
    Regards
    Helen

Hi @HelenTheShop

You can either use a journal, or just amend the original journal to account for it.

This would just move the figures to “Retained Profits & Reserves”. It wouldn’t hurt to run it :slight_smile:

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Thanks Mathew - will give it a go :grinning:

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OK I’ve had a go at this but am struggling to get things to balance eg
as at 1 Jan 2018, according to my balance sheet (from our old accountants) the Cash at the bank and in hand was £10308., when I started using QF (1 Nov 2018) the actual bank balance was £2375 and at 31 Dec 2018 it was £7170. If I put the balance sheet figure for the Current Account in then the year end Current Account figure is inflated by £10308. If I don’t put the £10308 then the opening balance figures don’t balance. I feel I’m missing something obvious here - can anyone help me please?
Many thanks
Helen

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