Two up Year Accounts Report

Accounting
1

Hi,
Conventionally, I produce annual accounts in a two-up columnar format , the most recent and the previous years for comparison. I did use the Trial Balance import to get my opening balances in for the year and they show up in the Trial Balance Report. Even if I was to attempt to enter my 2018/19 chart of account values retrospectively is there a way that QF can show these alongside the 2019/20 P&L and Balance sheet reports.
Nigel

2

If you have a Power User Subscription then you will have access to the Segmented P&L, this may show you what you need?

3

I’m not sure if quickfile have a paid add on that will display comparative p and ls and balance sheets but most accountants use an accounts production software which does this and allows us to file with companies House and hmrc.

4

We have recently been upgraded to a Power User Subscription and have yet to investigate the facilities.
The next challenge I will have is how to get the retrospective data entered into the system. I can’t see anything that allows me to enter year end summary amounts unless the approach required is actually through the trial balance import route.
Any thoughts?

5

Yes a trial balance import or a journal would be the easiest route for inputting previous year figures.

6

Thanks Paul,
Now two supplementary questions to address the aftermath:

  1. In order to set up the opening balances at initial QF set-up it took me a couple of attempts to get the balances in the right columns. On the basis of wanting to show sales, purchases, expenses and assets (Cash & Bank) as at year end which columns do I need to employ to get them the right side of the debit / credit divide.
  2. On the basis that I won’t explicitly employ the QF year end tool in this case will the transaction values and balances tie up as though I had run the QF year end tool.

Regards

7

If you have entered opening balances at the start of the period then yes you’d need to factor that in when adding any closing balance journals. Otherwise the figures probably won’t tally.

I guess you could in theory delete the opening balance journal and create your previous year closing balance trial balance and then run the year end tool for that year, that will place things back where they should go.

But I’d take a backup first before you do anything.

8

Paul,
A couple of approaches there however forming a valid trial balance import file is my problem as a set of closing balances. The dark-arts of debits and credits and the red and green colour coding on the Trial Balance report throws me somewhat. I did get my opening balances imported initially after three attempts swapping columns and values.
Also the examples for migrating from other systems which involves exporting data from those systems and then importing balances specifying the system as the data source doesn’t tell me what the format is for export/import from spreadsheets or whatever. I don’t particularly want to manually enter journals since I want something I can quickly delete/back-out if I get something wrong hence the import from file.The web-site could do with a file sample (unless I have missed a topic on that subject)
Any help welcome.
Thank you

9

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