HOME / COMMUNITY Switch to knowledge base

Joining QF half way through my trading year

#1

Hi - Just starting with QF due to Making Tax Digital and my excel spreadsheets starting to turn my hair grey! I’m half way through Year 3 trading (Ltd company).

Would experienced users recommend that I backfill the last six months of my accounts while I’m at it, and add everything to QF or would that be mad?

I do 5 invoices a month and about 50 purchases. 400 lines on my year to date spreadsheet.

Any thoughts would be great…

Many thanks.

0 Likes

#2

I joined midway through my year and backfilled QF. It makes life a lot simpler as all reports will then show accurate data and there will only be one lot of records for your accountant at the end of the year.

I also found it quite useful as it gave me chance to get the hang of how everything in QF works

0 Likes

#3

Thank you for your response, do you recall how you dealt with invoices already raised and paid, were you able to use the original invoice reference numbers?
You make a good point about getting to know QF :+1:

0 Likes

#4

Hi @wave,

Did you manage to resolve your query regarding invoices? If you have outstanding invoices you can enter a bulk invoice to act as an opening balance. You will also be able to amend the invoice numbers for any invoice that you create. QuickFile will then match this going forward and just amend the last digit by +1 whether it be a letter or a number.

Hope this helps :slight_smile:

0 Likes

#5

hi @QFBeth,

Thank you for your follow-up. I haven’t done anything yet… except I realise that I already raised #000001 on QF for one of my clients to let me log an opening debt from that client. Payment ws overdue at that time, although subsequently received and tagged to #000001. The client has obviously paid against the old reference number (manually generated in my excel spreadsheets).

For simplicity, I’m thinking I’ll do the same for the remaining 3 which were not overdue on 01/04 when I started QF, but payments have now been received.

I can bank tag to the new invoice numbers and just make sure that my accountant knows that (a total of) four invoices appear on the old system and QF…

That’s my plan…

0 Likes

#6

Your plan sounds perfect. Please don’t hesitate to let us know if you need any further help :slight_smile:

0 Likes

#7

Hi @QFBeth - all done and I renumbered to keep the sequence with my old invoices too (thank you for that tip). Thanks for your help.

1 Like

closed #8

This topic was automatically closed after 7 days. New replies are no longer allowed.

0 Likes