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Opening Balances & Suspense Account

I am struggling with one aspect of set up on Quickfile and that is where to put the balance in the suspense account.

I previously used FreeAgent but I haven’t traded for a whole year and I’m starting again with Quickfile. I have 2 bank accounts which had a combined balance of around £8.5k on 1st June, 2020. I entered the correct balance and have got all the transactions correct and up to date and I’m happy with that.

The other side of the £8.5k is now sitting in my suspense account. I need to move this somewhere but I can’t find where to and the only real help I can find on here is for sole traders. I work through my ltd company.

Because of my year out, corporation tax and VAT up to date, so this is just a balance, not income that has tax to be paid on it and I therefore don’t want to show it as ‘income’ for a second time.

Any help on this would be appreciated.

It’s in the suspense account because you haven’t listed what that 8.5k of money relates to.

From your question it sounds like its retained earnings? If so you need to create a journal on the opening balance date and move it from the suspense account to the correct nominal.

Thanks. I’ve found Retained Earnings. I was looking for something like Cash at Bank, or something like that.

Cheers, Paul

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