I am a newish user, and when I set up the system, I did what I thought was correct by creating an open balance in the main bank account.
Now, at year-end, I am almost ready to close off the accounts and I have a neat P&L. But I am puzzled because the opening balance (£5219.05) shows up as an expense in nominal suspense account 9998. This means my P&L looks odd - to me at least.
Did I do something wrong with that initial bank setup?
Photos may help.
you have to tell quickfile from where the opening balance is coming. Is it money introduced from your private account to start up your business, is it profit you made in the financial year before you started to use quickfile … or so? You do so by writing/posting a journal to the relevant accounts (current bank account and drawings/directors loan or retained profit …)
Hope this helps
Thank you @rhc . That was the issue and your advice was exactly correct. I journaled it as retained profit.
Many thanks and Happy New New Year.
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