I’ve just set up a new company in Quickfile and uploaded all my bank transactions for 2017. I set an opening balance figure, which was the bank balance on Jan 1st 2017.
I looked at the Profit and Loss report for 2017. All looks fine, except for one item. There is a negative entry (green) which is marked as “Suspense account” which is identical to the amount that I set in the opening balance. Quickfile has taken this number and applied it as a credit against my expenses, which is surely not correct.
How can I recover from this, and get my expense line in the P&L back to where it should be (i.e. without this spurious entry)?
QuickFile puts opening balances in suspense because it has no way of knowing what the other side of the double entry should be (where the money “came from”). You need to create a journal to move the suspense entry to the appropriate place or places - if it’s a brand new company then that might be share capital, if you’ve changed over to QuickFile from another system then you should be able to get a trial balance or similar from there.
The best person to advise on exactly how best to apportion it would be your accountant.
Thanks Ian, that’s clear. I hadn’t seen this issue before with a different company entity that I manage on Quickfile, because I had been using Quickfile from day 1 with that company.