Opening balance not entered

[cgcltd]

Hello…

When I first started using this system (06/02/2019) I didn’t put in an opening balance. I am now trying to put the balance in but it says I can’t enter an amount for that date as it’s in a locked accounting period. I completed the year end journal up to 30/11/2019.
It won’t let me do it from 01/12/2019 as it says there are transaction before this date.

Please can you advise how I get the opening balance for 06/02/2019 correct on Quickfile?

I have read through the topics & saw a mention of rolling back the journal but don’t know how to do that & will it have any impact on the invoices / VAT etc paid ?

Many thanks

Gail

[QFBeth]

Hi @cgcltd,

You won’t be able to enter the opening balances unless you roll back the locks (so the year end journal) the other alternative would be to enter a correcting journal on 01/12/2019 similar to that of the opening balances but you can enter it yourself to get the balances aligned.

@Glenn

That’s correct, however the double entry for the bank opening balance would be posted to suspense (9998). Typically what you would do is journal this balance out of suspense into the appropriate nominal codes.

Let’s say I start using QF halfway through the year and I have a bank opening balance of £15,000. This £15,000 relates to the sales made in the first half of the year. When I enter the OB it would debit the bank and credit suspense (suspense is just a temp holding area until it’s properly explained). Now I need to journal that balance out of suspense into General Sales (4000) or a sales code of your choosing, only when this has been done will it affect the P&L.

I found this example which may help how to create the journal

[cgcltd]

Sorry Beth, still not with it.
I don’t know how to debit the bank & credit suspense or how to journal the balance out of suspense into general sales. Can you provide screen shots?
I initially started to use this for the new VAT return system only, but now i see the potential i want to use it more & correct the balances.
Thx

[QFMathew]

Hi @cgcltd

Let me send you a private message to get some account details, and once we know the situation on your account, we should be able to advise further.