I am fairly new to Quickfile but have managed to set up my account with all opening balances in the journals and achieve a P&L which has 0 Suspense. I am now trying to get the balance sheet right and have entered the fixed assets and retained profit via a new journal. Balance sheet is correct but the sum of the additional entries now appears in the P&L as a huge suspense item. I have entered every opening balance with a countewr entry to the suspense account to balance which I suspect is the problem. For the assets should I be balancing these in the journal with another categoryinstead of the suspense? if so could you give me an example?
Am I correct in thinking you’ve entered all the balances but your balancing entry is the suspense account?
The suspense account is basically a holding account for transactions where the system doesn’t know where they should be balanced; for example, an untagged bank entry, a bank account opening balance. So instead of the suspense account you would need to use the origin of that source. For example, if you have bank opening balance due to a director’s loan, the balancing entry would be the director’s loan account.
What did you use prior to QuickFile (e.g. spreadsheets, other accounting software etc.)?
We have been using Simply Books up to the end of 2016 and decided to make a new start in 2017 with Quickfile. So i have entered all the opening balances form the various suppliers, customers, etc in a journal for each as in the example below.
You would need to use another code other than 9998 Suspense Account. This is only a temporary code for transactions that the system doesn’t know where they should go. So the way to think of it is, for example, where did the Director’s Loan Balance of £565.03 originate from in your example above?
The reason I asked about your previous setup, is because you can often import a trial balance from other software which would sort this for you. I’m not familiar with Simply Books, but I’m sure if you contacted them and asked them if you are able to export a trial balance, we could assist you with importing this into your account.
