I have set up my bank account with an opening balance and I would like to tag part of that money to a particular project, can i do this or am I best inputting the opening balance as a payment to separate the money that way?
Transactions themselves can’t be tagged to projects, so you have a few options:
- Create a pre-start dated invoice and tag the invoice to the project
- Create a specific nominal code for the project and journal the money from the suspense account to that nominal code
I hope that makes sense? Let me know if you need help with either of these
I Think I’ll use the invoice idea, thank you
if I only wanted to put say £400 of the £840 opening balance to one project, am i best creating two separate invoices to tag individually?
If it’s for two projects - yes.
Any unallocated balance will sit in the suspense account 9998, which should ideally be journalled to the correct nominal.
Where did all of the opening balance come from - e.g. capital introduced, recorded on another system, etc.?
the opening balance is essentially previous money brought forward, i’m starting the accounts again in quickfile and don’t really have to input all previous years
essentially, the money brought forward, some of it is being for a project and the rest stays until needed
You won’t need to input previous sales etc, as long as you have a record of them somewhere (e.g. old accounting system). What you would need to do in QuickFile is just show these as an ‘happened’, so you’re starting position would be the same as the ending position (hope that makes sense?)
When you enter an opening balance, it would create a simple journal linked to your suspense account. There’s a more detailed post here.
If you have a copy of a trial balance from your old software, that would make like easier, but as long as you know where everything sits, it shouldn’t take you too long anyway.
I hope that helps?
@QFMathew, I also want to allocates funds from last year to a particular project however 1) I have imported the balances from the previous accounting system and while i see the closing balance, at the start of the year the balance is zero 2)there isn’t any money in the suspense account.