Trial Balance and QuickBooks

[jowest]

Hi

I am trying to upload a trial balance from Quickbooks but firstly there is no option to download CSV with QB online. I can do it manually but QB doesn’t use a DLA only loan payable, so under QF would this be a account that I credit or debit.

In QB I setup a DLA account under cash on hand, so its a bank account. Will I just use this same account in QF

Thanks

Jo

[QFMathew]

Hi @jowest

You should be able to download a CSV from QuickBooks - I will see if I can find a guide for you.

The DLA would be a standard bank account in QuickFile, so if the business owes you money, it would have a positive balance on the chart of accounts (as bank accounts are actually opposite to what you see on a statement).

By default, QuickFile will create a 1201 Director's Loan Account nominal for you.

[jowest]

Hi Mathew

OK thank you. So just to clarify. On Quickbooks I changed the loan account to a cash in hand account. Its now stuck and won’t let me change it back!

So if I keep that how it is, on the QB trial balance it shows £243.61 as a debit ( which is a cash in hand account) and I enter that into Quickfile on the Directors Loan Account as also a debit? Or would it be a credit as in loan account?

Sorry I am getting so confused and frustrated with Quickbooks, I completely lost!!

Thanks

Jo

[ian_roberts]

@jowest

So if I keep that how it is, on the QB trial balance it shows £243.61 as a debit ( which is a cash in hand account) and I enter that into Quickfile on the Directors Loan Account as also a debit? Or would it be a credit as in loan account?

In terms of the nominal ledgers, “debit” for a bank account means a positive balance and “credit” means the account is overdrawn. This seems wrong if you’re used to the way the words debit and credit are used by banks on the statements they send you but it is correct - the statement from the bank is from the other side, it’s their view of you whereas your nominal ledgers show your view of them.

[jowest]

Thank you Ian

I have been using QB for 3 years now, I spoke to their helpline who were insistent that a directors loan was not a bank account and that I should just setup a payable and receivables account. I don;t want to use QB anymore as its too confusing.

So whatever the cash in hand account says in QB i just copy that into QF? Quickbooks will only let me download a trial balance in excel or pdf so this is why i need to manually enter it.

So when I look at my own quickfile dash board under bank accounts, I can see the DLA account under loans as a negative figure in red.

Do I own money to the company or do they owe me?

Thanks Jo

[ian_roberts]

@jowest

So when I look at my own quickfile dash board under bank accounts, I can see the DLA account under loans as a negative figure in red.

Do I own money to the company or do they owe me?

That would mean the company owes you, and the equivalent nominal account on the balance sheet will appear under liabilities rather than assets.

When you take repayment of the loan out of the company bank account you would treat that as a bank transfer out from the current account and in to the DLA, which would bring the DLA balance closer to zero.

[jowest]

Brilliant, thank you! Just need to come over from Quickbook now

Thanks again!!

Jo