Opening Balances from Excel

Accounting
1

Hi there
I have just joined Quickfile. My question is around how to include information from prior to opening Quickfile - we are a new business so our first three months of business were recorded in Excel.
I am starting my Quickfile account from 1 Sept as the start of a new VAT period. I have entered all the data from September, however, what is the best way to account for invoices sent out in August that were paid in September? Should I raise an invoice and then have it paid in the system or should I just do as I have and make a misc journal entry into the bank account?
Also, I paid the first three months VAT in October, should I include this?

2

You have multiple options as follows

  1. Do journals to accounts for activities before sep
  2. Create invoice manually and tag them if they are not too many
  3. If its quite a lot then you can import direct from excel via CSV format, have a look at CSV import fields and map them to QF
1 Like
3

The way I would do this is:
Start quickfile with the same dates as your accounting year.

Using the totals from your 3 months of spreadsheet records:
Enter the total for each spreadsheet category/heading into a quickfile Journal entry and date it 31/08/2014
For example, for all sales enter the total of your sales up to the end of September under General Sales (N/C 4000) and so on by finding the equivalent quickfile nominal account for your spreadsheets headings.
Don’t forget any capital that you started the business with, in the Dir loan account if Ltd or Capital Introduced if Sole Traders.
Then you will be able to include first quarters vat paid in Oct as the first quarters totals will show it as due

2 Likes
4

Thanks for the suggestions - am working both into my books.

5

Hi I have done this and I did a journal for VAT Paid, but this now shows as a credit in the Tax Summary - Beta as VAT Liability. Did I do this wrong? There is a figure in Accumulated Sales VAT but this doesnt match the VAT on the General Sales I entered . So am wanting to know where the Accumulated Sales VAT for for June/July/August comes from. Apologies for stupid questions!