Hi, I have just started using Quickfile and am a bit confused how to enter my opening bank balance from previous trading (it is not a new business). For example if I had £20k in my bank account from previous trading activity can someone advise how I should journal this. Currently it is showing as debit from current account and credit to a suspense account.
many thanks
How were you keeping your books previously, before you moved to QuickFile? In your old accounts that £20k debit balance in your bank account must be matched by £20k worth of credit balances somewhere else (outstanding loans, and/or capital accounts like retained profit from previous years trading or capital introduced) - basically you need to work out where the £20k “came from” and edit the opening balance journal appropriately to put it there rather than in suspense.
Ideally you’d export a full trial balance from your old accounts and import that in QuickFile instead of setting an opening balance just on the bank account, as that would include all your asset, liability and capital account balances in one go, but depending how you were keeping your books before you may not have that level of detail. The minimal fix to get the £20k off suspense would be just to journal it all to retained profit, but if you can get a more accurate answer from your previous accounts that would be better.
I am curious about this too. I have an existing company that I’ve just become Company Secretary for. I have little information on the breakdown of the previous years’ accounts. I’ve entered the last 3 years of bank transactions from statements; tagged them with whatever invoices/receipts I could find. There was no trial balance csv file to import. I manually entered the Opening Balances for both bank accounts. One I credited the nominal amounts of the share capital to 3000 Ordinary Shares; the rest to 3101 Retained Profit. And the other was just credited entirely to 3101 Retained Profit.
Is this a suitable starting point for QF? The Ltd company is a small private road management setup with voluntary directors that have ‘dabbled’ over the years. The last 3 years have been submitted incorrectly and will have to be re-submitted. Sadly we don’t have the funds to get 3 years worth of accounts redone from scratch by a professional. If I know it’s a sound start I know QF will help me record everything accurately. And yes, this year end will definitely be done by a qualified accountant; not me 