Import historic invoices, but balance to zero

How-to
1

I would like to import some invoices from the previous incarnation of my business, just for continuity’s sake really. Can I do this and make sure the accounts net to zero? I wondered about a journal to the mis-postings account maybe, or is it more trouble than it’s worth?

Thank you

2

Hi @Ed_Chef

I just wanted to double check what you’re trying to do here if that’s OK?

Am I right in thinking you want to import all your historic invoices, but still start using QuickFile with a zero balance?

3

Hi Mathew,
Yes exactly that. It seems sensible to have them in one place and have continuity of invoice numbers. My business has been ‘moth balled’ for 6 years so as far as I am concerned (and HMRC lol) I’m starting from zero.
Thanks

4

Hi @Ed_Chef

If you import the data, it would be as it is - that is, if it’s showing income of £1,000, it’ll be counted as is.

You could, as you mentioned, journal it out, but I would recommend speaking with an accountant to ensure this is suitable and done correctly.

Is this business a continuation to the last one, or would it be separate in the eyes of HMRC? If you’re a limited company, is it a different limited company registered with Companies House?

5

Thanks Mathew, Yes the company is the same and continuing in the same line of business.

6

I would just consultant with your accountant to be sure it’s all accounted for correctly.

If it was a separate business as far as HMRC are concerned, then I wouldn’t import them as you shouldn’t mix accounts for different businesses.

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