So my accountant has embraced QuickFile and is now relatively comfortable with the functionality, however we do have a query that we would like some help with please.
We have just about completed our end of year for 17/18 however we are slightly confused about the suspense account (9998) on the P&L, allow me to explain…
When we run a trail balance report for 17/18, 9998 doesn’t appear! As an aside Jane, our accountant created a journal for all the opening balances that were not already inputted into QuickFile.
When we run a profit and loss report for the same accounting period (17/18) the opening balance that we manually inputted for the Directors Loan Account when we first setup QuickFile appears as the one and only entry in suspense account? £12,319.85
Please can you advise why this is happening.
Thank you very much in advance for your help and guidance.