Invoicing, Banking Etc

Hi,
Ive been using QF for some time now but really only for generating purchases and invoices as my accounts have previously been dome using an old fashioned 3rd party company who have been using old fashioned “traditional methods” and have now retired and closed.

Although I’ve linked a bank account I’ve not really used this and hence the amounts recorded are not sensible.
I would like to start using the banking part of QF as our accounts are simple and we want to do them in house.

So, what is the best way ti approach this?
Draw a line (so to speak) under our existing bank account and Freeze it - as there is some interaction with previous years accounting in QF that we don’t want to lose and make a new bank account with the same account number etc.
Or can we just adjust the totals (maybe by adding a “Ghost” amaoun to adjust the figures?
Or is there a better way?

Thanks,

Kev

I had the same problem and simply created a ghost account which held the difference between the actual current account balance and the one which was previously shown on QF. I have no idea if this was appropriate accounting practice but it worked for us.

Yes,
That would work - but is it good accounting practice?
I don’t know…

Anyone have a better solution?

Thanks,

Kev

Probably isn’t and if you ever had an hmrc inspection I’d be interested to know how you would explain it to them.

I would suggest creating a new bank account on QF as you have suggested. Go forward with new account and make sure this balances every time. A simple journal by yourself or an accountant should explain any differences to HMRC if needed. Or … post any differences in the reconciliations to a suspense account. This should balance the DRs and CRs eventually, unless there is a problem.

The

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