I have been using QF for over 6 years now, but mostly for invoices & Automated Bank Feeds.
Now I am thinking on making better use of QF. I have tried to set " I have an opening balance for this account" but I get The opening balance could not be saved as there are transactions occurring before the opening balance date you supplied. I have tried to change the Account lock date. Also, I have tried to change the bank transactions dates. That didn’t work.
What would happen if I delete my bank account from QF and add the same account again? Would that let me set an opening balance for that account?
I personally wouldn’t delete the bank account. Instead, you could just open a new account within quickfile. On a certain date, stop using the old account, transfer the feed to the new account, enter the opening balance for that date and you should be sorted.
To keep the old account is important just in case you are checked by HMRC. You could, however, hide the old account, if you like a clean bank account dashboard.
Hope this helps
Thank you for your reply. To add a different bank account it’s a bit tricky. All my clients would have to pay me into the new account.
I just leave it as it is
Sorry, maybe I wasn’t very clear.
What I mean is you add the same bank account again as another bank account in quickfile. Basically you have the same bank account showing up twice in quickfile. The ‘new’ one where you start fresh with an opening balance and where you activate the feed.
And you have still the ‘old’ one but this one is just sitting there and you don’t enter new entries anymore.
Or even simpler, just create a one-off manual transaction now in order to bring the balance into line with reality (either money in or out, for the difference between the actual bank balance and what QuickFile thinks it is). If you create a whole new bank account in QuickFile then you’ll have the whole opening balance sitting in suspense until you journal it, my way you only have to account for the difference rather than the whole thing.
That what I was thinking to do, but I wasn’t sure if I can do that. What that would do to all the numbers and reports. That could create a big mess.
That depends where the discrepancy originated and how you account for it now. If you tag it (using “something not on the list”) as something like capital introduced then it wouldn’t affect your P&L, it would just appear on the balance sheet as increased assets (the higher bank balance) balanced by higher capital and reserves.
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