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
any current liabilities
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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