How do I get my bank opening balances of 18 months ago to not show from the suspense account 9998? I now read “You will need to journal the opening balance to the nominals that are relevant to the source of that money.” But I am unable to do that now
There were no sales or expenses attached to those amounts. It was a clean start. They were neither income nor expenses. I see those amounts (opening balances) as income in my profit and loss. So I really have to sort this out and I am unable to find the answer in the forum.
I think I sorted it out by:
Under Modify bank account, modify opening balance. I selected 1202 Proprietors drawings account not 3100 proprietor or partner drawing.
Hi @dom, I have had look back to Y/E 11/2011 when I started doing accounts on this system in January 2013.
The way I dealt with “Opening Balances” for bank accounts was to allocate the 9998 entry to (3101) Retained Profit & Undistributed Reserves.
After creating the business current bank account with an opening balance there is a journal that can be used to add any other bank account balances plus assets held these are then balanced to 3101.
Basically this is a balance sheet as when you start using QF. If; however you entered the additional bank account entries after doing the main bank account you will have more than one journal when you started using the system which then precludes you from creating an opening balance sheet that matches a journal entry.
Probably a subject that should be attended to by our QF support team to make the start easier which then continues as the beginning is paramount to keeping accounts in good order.