Nominal code selection when transferring to QuickFile from Wave

Hello. I’m in the middle of moving to QuickFile from Wave. Based on the QuickFile documentation I can see that I need to set up my opening balances, based on the trial balance I have from Wave. Since the balances are very simple I should be able to do this manually.

I have a few points to check, in order to make sure that I’m setting up the balances on the correct nominal code accounts (since the terminology differs between the systems). This is using the standard QuickFile nominal codes for a Sole Trader.

Please tell me if my “translations” make sense:

  1. Owner Investment Drawings - (3100) Proprietor or Partner Drawings
  2. Owner’s Equity - (1202) Proprietors Drawings Account
  3. Profit for all prior years - (3101) Retained Profit & Undistributed Reserves
  4. Accounts Receivable - (1100) Debtors Control Account

I’m particularly sketchy on the first three. Thanks for any advice!

Hi @Spinner,

Those codes look correct to us. If you find your figures aren’t quite where you’d like them you can always do a journal after importing your TB with the same date

Thanks @QFBeth. After some experimentation it looks as if both (1) and (2) should be assigned to the same account, nominal code 3100.

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