Do I Have An Opening Balance

[jcrick]

Hi

I started using quickfile last year. I think maybe I omitted adding an opening balance, how can I check this please?

Also, if I don’t have any opening balance can I add one later. The purpose being to enable my bank account balance to match the quickfile balance. Although there may of course be a better approach.

Many thanks,
Jerry

[QFSteve]

Hello Jerry you can check your bank opening balance by viewing the account and selecting oprions > Settings

If you have not entered in it will look like this

If you have it will look like this

Entering an opening balance will create a journal

The other side is posted to suspense which should net off against all your other opening balances

This can be entered retrospectively

[jcrick]

OK, thanks very much.

I’ll think about creating the bank opening balance, I don’t have any other opening balances as all my invoices are paid in full and some clients have staged payments.

Thanks, Jerry

[QFSteve]

Hello Jerry

I don’t have any other opening balances as all my invoices are paid in full and some clients have staged payments.

If your bank has an opening balance, where did the money come from?

e.g. director paid it in

In this case the directors loan account would also have an opening balance
create an opening balance on the directors loan account and suspence will net off

[jcrick]

Ah, the business was running before I started using quickfile so it was just money sitting in the account.

Thank, Jerry

[QFSteve]

Hello Jerry

If the business was running before you started using QuickFile you should have a full opening trial balance.

This would be your business worth and retained earning from the previous year.