Hi there
We’ve set up on Quickfile for our very small LLP, we’ve only been trading a couple of years and is very much a side hassle that has expanded.
We’ve copied over the figures from our balance sheet last year to form our opening balance on this years accounts however we are stuck. The profit/loss allocated to members from last year as shown below is showing in the suspense account. Which category should it be moved into and how do I do that? We are very new to double-entry accounting and used to just working it out on a spreadsheet…!
Hello @AmyGardener
The way it works is you would normally enter your opening trial balance, as this is balances out and the double entry is correct.
I can not see that you have done this.
I can see you have entered an opening bank balance and have untagged bank transactions
When you enter a balance on a specific code the other side is put to suspense, once all the opening balances are entered they should net off in the suspense account. (for example I can not see an account balance for members loans to company)
Similarly any transaction on the bank which is untagged will have the double entry posted to suspense until you tag it correctly then it would be moved to the correct code.
If you are unfamiliar with this it may be worth speaking to your accountant for advice (please be aware the QuickFile support team are not registered accountants.)
