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.