Hi
I have just started using QF properly. In the past I have just used it for raising and keeping track of invoices as we make very few purchases. Since 1/2/17 I have now started logging purchases and importing bank statements for tagging etc. My problem is that the current account balance is way out, showing a couple of years income. I want to enter the start balance as of 1/2/17. How can I do that, any ideas pease?
Hi @Forestman
In order to set an opening balance, the balance itself would need to be for a date prior to any transactions on your account.
You could certainly adjust the balance with a journal, but you would need to tie it to another nominal code (e.g. General Purchases, Rent, etc.) so the system can produce your balance sheet and profit and loss reports correctly.
Has the balance always been out, as in when you started QuickFile, did you start from zero and just work from there? Is everything else up to date from when you started?
Hi
Thanks for the prompt reply.
When I started using QF I started from zero. I was just using it for invoicing and wasn’t bothered about bank balance. Now we are growing and busier I am using it properly. I would really like to zero it from the start of our financial year which was 1/2/17. The issue is that there are invoice payments on from a couple of years. We have our accounts do by an accountant every year so we are covered there. I would just like all the figures to balance now which they do with the exception on the current account balance.
I really don’t want to have to open an entirely new account. If I can’t change the balance I guess I will have to live with it unless you can suggest something?
If there’s only a short period between when you started using QuickFile and when you properly started using it, you could upload a copy of your bank statement, remove any duplicates and tag it properly. Once you set an opening balance (go to the bank account, click ‘More Options’ >> ‘Settings’ >> ‘I have an opening balance’) then it should balance out.
The only other option at this stage would be to post a journal to the bank account nominal, but you would need to balance it out with another nominal as stated above.
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