Opening Balance / Starting New Year

Hello everyone,

My company end of year accounts will be on the 31st July and will be importing my trial balance from my current package (Crunch) on the 31st. I’d like to know if there is something else I need to do in Quickfile to tell the system that my new year account starts on 1st August. Is there any opening balance activation option?

I’m aware that I have to adjust all the outstanding invoices from the previous year, but I’d like to know if I should record all the paid invoices from previous years. I’m already keeping a backup of them.

Also, other thing that I’d need to import is a bank statement from August the 1st?

Many Thanks

Hello @aresvell

Are you starting with QuickFile fresh on 1st August or do you already have data in your account?

It’s best to start fresh if you’re importing a trial balance, so all your figures pretty much carry on as normal. If you’re a limited company, we do try to pull the year end date from Companies House. You can check this however by going to Account Settings >> Company Settings.

The paid invoices will be included in your trial balance import. So this basically reflects any activity of your accounts at the date it’s captured (in your case, 31st July).

You would just continue to use QuickFile as normal from 1st August, so if your preferred method is to import a bank statement, then by all means do it this way. There are other options available such as bank feeds, but pick something that works for you :slight_smile:

Hope this helps!

Yes, I’m starting on Quickfile fresh on 1st August, I only uploaded an invoice that will be issued on the 2nd. I’ve already changed the new year end date to 31/07/2019. I’ll import my trial balance on the 31st.

About banking, could you tell me if it’s possible to link with bank feeds my business account from Cater Allen Private Bank? It’s part from Santander group, so maybe they use the same system.

Many thanks for your help

It does appear on the list, so it should work all OK for you :slight_smile:

Just to confirm, I did do a search on the bank feed itself, and it appears like this:

There’s a list of supported banks available here.

This topic was automatically closed after 7 days. New replies are no longer allowed.