Just starting to use Quickfile (was using Firstbooks) and I’m entering my opening balances manually (as I only have 10) and am unsure which codes to use for the following:
1 Sales Ledger Control - sales invoices outstanding from previous accounts
2 Purchase Ledger Control - purchase invoices outstanding from previous accounts
3 Share Capital b/fwd
4 Profit Brought Forward
5 Formation Expenses
Things in bold are exact wording from Firstbooks.
Before I provide a more detailed answer may I ask how many sales and purchase invoices did you have outstanding at the change over date?
3 Sales invoices and 15 purchase invoices.
I would recommend creating these as sales and purchase invoices on the system and that will cover your sales and purchase control accounts.
You could then journal in the remaining balances:
Share Capital would post to “Ordinary Shares (3000)”.
Profit b/f would post to “Retained Profit & Undistributed Reserves (3101)”
Formation Expenses would usually post to “Professional Fees (7603)”
Is there also a bank opening balance that needs to be included?
Thanks for the help.
Yes I’m going to journal my current account balance under code 1200 and deposit account balance under code 1210… is this correct?
This topic was automatically closed after 7 days. New replies are no longer allowed.