HOME / COMMUNITY Switch to knowledge base

How to draw a line under previous accounts

Hi, I took over my own accounts after my accountant made lots of mistakes and I have backtracked over the past two years of accounts trying to follow what she had done and correct mistakes. My year end is due on April 5th and I want to draw a line under my accounts as I have changed the business moving forward (due to covid) and have simplified how my business works and have reduced my overheads significantly

I would like to know, in my current quickfile account, is there a way to draw a line under all of my accounts including bank balances (so I can start a fresh from April 6th) I would like to ensure my accounts are more manageable moving forward and that when I enter sales, purchases and bank statements they all tally and match up.

Im not sure if this can be done or should I continue with what I have to carry over into the new financial year and just review my accounts post April 6th to filter out all other entries however this will still not tally up my opening and closing bank balances.

Treat all transaction to 5th April in your bank book/cash book as previous year/business and start fresh with opening balances from 6th.

Regards
k

1 Like

It does depend on how the Quickfile account is set up, whether you are VAT registered, whether you use bank feeds, whether they are reconciled/correct, whether invoices and purchases are correctly entered etc…

The only answer really is rather vague but you just need to correct any previous mistakes and then run the year end process. If you do not get everything reconciled and corrected you will not be able to simply carry on from April 6th.