As from 01/04/25 I will be using QuickFile.
Sole trader on flat rate VAT.
Last year’s accounts for 24/25 using excel have been completed.
I have prepared an opening balance journal and wondered if someone could look at it to tell me if it is correct
I have an outstanding invoice from March 2025 and a VAT liability which is included in last year’s accounts. I have created a dummy invoice (for the outstanding invoice) dated in March last year and have included these in the opening balance along with the VAT liability.
When everything is paid off, I now have a balance sheet with just my current account balance and retained profits and looks like it’s ready to go.
Line 2 (4000) General Sales is the invoice amount minus VAT, and the VAT is added on
Line 3 (2200) Sales Tax Control Account
Total £1008.24, which is the full amount of the invoice
Thank you.