As this is my first year in quickfile and i have just managed to submit my last year’s accounts. I have locked the year end in the settings. But i am wondering that would quick file rollover the closing balances into opening balances automatically or do i have to perform journal entries?
So for example in the last year submitted accounts we have trading loss. Is this loss going to be transferred into retained earning/losses automatically or do i have to do a journal entry. Same goes with closing and opening stock.
Sorry may be I didn’t explain my question well. My last year accounts are submitted from quickfile. I’m not importing anything from outside quickfile. Does it make sense?
The year end process will do an automated journal to clear down the profit and loss codes as of your year end date and move them to retained earnings on your balance sheet