Our financial year starts 01.11.20 and I have to post brought forward opening balances for Fixed Assets ie Plant & Machinery, Office Equipment, Fixtures & Fittings etc. If the journal is to debit 0020, 0030, 0040 etc what is the corresponding credit nominal code. Slightly confused.
Hi DerekC,
I think you can find your answer here:
and here:
just as an example: new item bought (lets say a computer) - the expense of the item goes to account 0030 (office equipment). The depreciation would then be a debit to account 8004 (Office Equip. Depreciation) and a credit to account 0031 (Office Equip. Depreciation) posted at the end of each month/year (depends on your circumstances). Disclaimer: I’m not an accountant so always seek a professional opinion
Is this because you’re transitioning to QuickFile from a different system? If your previous year is already in QuickFile then you don’t need to do anything to bring forward the balance sheet codes, it’s only the profit & loss codes that reset each year.