Hello.When i go to trial balance report, then i see on code 2300 a loan on credit 13804 pounds.Then within the 2018-2019 appears zero transactions for loans.So on closing balance for loans i see this loan on credit 13804.But this loan is already paid at year 2017 and this payment is registered on my account. So why is showing again this amount in my trial balance of 2018-2019 ?
Also what you mean by “opening and closing balance” at bank accounts ? As i see the opening and closing balance of my trial report is not same with the available amounts on bank at start and the end of period 2018-2019 .So what is mean opening and close balance on banks ? Thanks.
Hi @Panos
The Opening Balance is the balance as of the start of the period you are looking at.
The Closing Balance is the balance as of the end of the period you are looking at.
If you have a discrepancy between your bank account and your trial balance, it may be that something has been posted to the incorrect nominal code. You would have to go back through your accounts for the period to make sure that everything has been posted to the correct place.
I hope this helps, but if you have any further questions, please don’t hesitate to ask.
Why the amounts appears with red color on debit ? Is this means negative balance ? Or what is mean “debit and credit” at opening and close balance ?
Hi @Panos
QuickFile works on a double-entry bookkeeping basis, so for every positive, there’s a negative too, which in QuickFile’s case, is shown in red.
This post may be of interest: https://www.beginner-bookkeeping.com/what-is-a-trial-balance.html
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In book-keeping terms “credit” means either income (sales) or liabilities (money you owe to others) and “debit” means either expenses (purchases, overheads) or assets (both fixed assets and “current” assets such as money in the bank1). The idea of double entry book-keeping is that the total credits and debits must always balance.
1 Yes, this is backwards compared to what you might be used to from reading bank statements - a bank account with a positive balance is a debit and a bank account that is overdrawn is a credit. This feels wrong but it is correct as the statements the bank sends you are from their perspective rather than yours.
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Thank you very much all are clear now.
Just one question if you know.
On year accounts there is a field for “Creditors amounts falling due within one year”.
Is it any field on Quickfile which counts this amount or we write it manually ?
Is it for pending loan or pending invoice only, or also for those are paid in year ?
Thank you !
HMRC is not allow me to submit the closing balance which appears on Quickfile because appears negative ! (after conversions to GBP).
But the truth is that euro account has positive balance.
So what i will write to HMRC field for bank cash at closing ?
There’s an option on foreign currency bank accounts to record a currency loss/gain, which will re-value the euro balance at the current GBP exchange rate and put the balancing entry to “currency charges”.
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Ohh ! Thank you Ian ! I will take a look for it !
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