Opening Balances

I’m sure I’m missing something but I’m hoping I can get some help.

Rather than inputting a years worth of data into Quickfile or faffing around with uploading my excel files I thought it would be simpler to create opening balances.

Problem is they have is they have to balance and no-ones sales will equal expenditure.

So how you can just record expenses and sales. I have no stock as i provide a service and I pay no VAT as I’m a sole trader.

All you need is opening balance sheet for this year as starting point, no need to enter full trial balance with P&l from last year


So what do I record in the debit and credit columns then?

your opening balance sheet, do you have one?

I have my profit and loss and the final figures for all transactions in and out.

you need to construct your opening balance sheet from that

Sorry I really don’t understand. What you’re saying is go and find an opening balance template and then use the figures from my Profit and Loss to construct one?

That is a good starting point.

How many items you would have in your opening balance sheet? I guess
Trade Debtors
any current liabilities
and then
Profit or (loss)

Normally you would import a trial balance from your previous software or manually input your opening balances.

Importing data from another system

I would definitely have a word with your accountant as this can be a complex area if you don’t have much in the way of bookkeeping experience.

Short of setting the balances to 0 I think to use Quickfile I’d have to do my account transactions all over again for that year.

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