Opening balance nominal code help

Support
1

Hi

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.

Thanks
Andrea

2

Hi @hardinginternetltd

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

Hi

3 Sales invoices and 15 purchase invoices.

Thanks
Andrea

4

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?

5

Hi Mathew

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?

Thanks
Andrea

6

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