Setting opening balances

If when I start using quickFile I zero all my bank account balances can I just ignore opening balances?

Just familiarising myself with the software at the moment and will start using it next year when MTD for VAT comes in.

Thanks in advance.

When the bank account balance is zero on the day you start using quickfile then you don’t need to enter anything in opening balance. That is the case for most new business.
If your business was trading before you start to use quickfile then it is quite unlikely that all your account (cash, current, credit card, merchant …) show zero.
How do you want to get them to show zero?

Thank you rhc.

I am a sole trader (courier) and my accounts are relatively simple I have a current account and receive regular weekly payments into that account.

I transfer money out via drawings to a personal account, so I was thinking that on the 31st of March 2022 which is the end of my tax year and also coincides with the introduction of MTD for VAT I could transfer all money out of that current account to my personal account and then start a fresh

There will still be two outstanding payments from 20/21 tax year which will reach my account in 21/22 tax year as my invoices are paid 12 days after the invoice date.

As a sole trader I guess there is nothing wrong with transferring it all out and starting again, providing the transfer is treated as drawings.

Thank you Paul, I think I’m getting there.

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