I have been using QuickFile for the past couple of years for invoicing and VAT submission only. I would now like to use all accounting features instead of paper accounts, but have a large bank credit showing as there have been no outgoings.
Is it possible to set up banking from this point.
It is quite difficult to sort this out in your active account, you would have to enter all your paper account data into quickfile for the current financial year (depending on how long you have entered invoices and vat submission in quickfile). I would backup my data, clear the account and start from scratch with opening/trial balances from your paper accounts. You could implement the old data but I would just keep it in case the tax man ask for this. And if your end of year date is coming very soon I would even wait until that date and start new with the new financial year.
This method has the advantage that you can keep your settings.
If you want to keep all that data in quickfile you could also open a new quickfile account.
May this is helpful:
Normally you would select a convenient date to move over and then apply a journal on this date to correct the bank balance as per your bank statement.
You could journal to suspense for now, but you may need to modify this journal later to get an accurate balance sheet. This is certainly something that an accountant could help you with, but it will get you up and running in the short term.
This topic was automatically closed after 7 days. New replies are no longer allowed.