Could someone advise how do I enter opening balances?
How do I enter Fixed Assets(Mobile Instrument + Laptop), Current Bank Account balances, SHare Capital, Trade Debtors ? What Nominal Account?
Fixed assets would go onto the appropriate asset codes (e.g. 0020 plant & machinery or 0030 office equipment). Bank accounts in QuickFile fall in the 12nn range - if you have several accounts you might need to create them from the bank accounts page first. Share capital is in the capital and reserves section 3xxx (I’m not sure exactly which nominal as my QuickFile account is a partnership rather than a Ltd Company so I don’t have shares), and “profit & loss” in your list probably translates to “retained profit” in the same section.
As for trade debtors, this presumably means the total of outstanding customer invoices for which you have not yet been paid? If you’re on accrual accounting for VAT then you could just get away with putting the total onto the debtors control account (1100), but then when you do receive payment for these pre-QuickFile invoices you’d have to tag those payments directly to 1100 via “something not on the list” instead of treating them as “payment from a customer”. A better approach might be to subtract £2000 from your “profit and loss” line, and then create one or more dummy invoices in QuickFile for the same amount, dated the same day as your opening balance journal (which I assume is the last day of the preceding accounting year before you switched to QuickFile), then run the “year end process” to close off that previous year. By doing this you’ll be able to log payments when you receive them as “payment from a customer” against those dummy invoices.
If you’re on cash accounting then it’s a bit more complicated and you definitely need to follow the dummy invoices route (as you only become liable to HMRC for the VAT once you get paid).
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try this
And create a customer, call it “Opening balance” and while creating it enter opening balance 2000
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