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:
- Owner Investment Drawings - (3100) Proprietor or Partner Drawings
- Owner’s Equity - (1202) Proprietors Drawings Account
- Profit for all prior years - (3101) Retained Profit & Undistributed Reserves
- Accounts Receivable - (1100) Debtors Control Account
I’m particularly sketchy on the first three. Thanks for any advice!