Opening balances showing incorrect in balance sheet

[ChrisE]

Hi have a problem getting opening balances in bank accounts from before using QF to show correctly in the balance sheet. The bank feed is showing correct amounts.

I previously posted this question and was advised to do a journal entry from Retained profit & reserves to show where it came from. However, because there was already a opening balance journal entry what I did was changed the Opening Balance journal entry show that the funds had come from (3101) Retained profit.

Now I find in the balance report the correct figures are shown under net current assetts, but I get the same number under Capital & Reserves against (3101) Retained Profit …

See screen shot- numbers obscured but they all match.

is this normal or have I journalled it incorrectly ? it looks duplicated to me in the balance sheet. Apologies if this is a numpty question, I have little bookkeeping experience and trying to help a charity out.

thanks,
Chris

[ian_roberts]

That sounds normal to me. Every transaction in a double entry book keeping system like QuickFile has two sides (where the money came from and where it went), and everything in the system should always sum to zero overall at all times. The bank account balance will show as red (debit) on the balance sheet and the “retained profit” in the capital section will show as green (credit), so they’re balancing entries rather than duplicates.

“Retained profit” is usually where the overall total from the profit and loss report gets moved at the end of each year, to zero out the P&L accounts ready for the start of the next year, so in this case it’s a convenient place to put the opening balance as “this is money that was left over at the end of last year”.