Running Year End Tool retrospectively

[domjones]

Hi, hope someone can help…

I’ve been using QuickFile for many years, just as a book-keeping tool and then passing the data on to my accountant to do in the “traditional” way (i.e. not using QF tools).

However, I’m now thinking of using a QF-friendly acccountant to do this in QF directly as my company is doing much less work and the accounts/drawings/etc and now much simpler.

The issue is, that as I/we haven’t been using QF to do year end accounts before, I have not run the year end tool on any of the past years. Can I just run the Simplified Year End Tool on each previous year in succession, or will it be more complicated than that to get my accounts to a state where they can be easily handed over to be finlaised in/from QF?

Also, one further complication: Until recently I had been marking down personal/director’s drawings as a combination of DL transfers and Dividends, but not accurately assigning those values (just putting in best guesses) as my accountant was preparing the final figures at year end - so quite probably the figures in QF will not line up exactly with those in the prepared accounts.

Presumably I’ll need to alter those figures to make them match up, but do I need to do that before running the Simplified YE tool (or otherwise fixing that issue) or can I make adjustments afterwards, or can I indeed just correct the figures for the latest year for which I have prepared accounts and ensure the figures are correct moving forwards?

Many thanks in advance and apologies for the slew of queries!
Dom

[QFSteve]

Hello @domjones

All the year end tool does is move the balances from your profit and loss code to the retained earnings code as of the specified year end date.

I would recommend speaking to your accountant as to the best way to progress as we are not registered accountants.

• You could run the year end for the first year then make adjustments to make it accurate as to what you submitted then repeat for subsequent years.

Or

• You could run all the year ends then get adjustments from your accountant to correct the latest year to be finalised

[domjones]

Thanks Steve, that’s all helpful and progresses my understanding, at least! I’ll ask the accountants and see what they see, but at least I know the options from a QF perspective!

In terms of making the adjustments presumably I can just do this directly in the ledgers concerned?

[QFSteve]

Hello @domjones

Adjustments to the ledger balances would be made using journals.