Using QF from start of fiscal year

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Hi, hopefully someone can offer some advice as I’m sure it’s been done before.

I am working with a business to migrate their paper accounts onto QF.

We are moving onto the system from the start of the new fiscal year.

I’ve entered the opening balances from all accounts as at the start of the year.

The business has their balance sheet from the previous fiscal year - does this ideally need to be entered anywhere as a “balance brought forward”? Surely QF needs to know about things like stock, assets etc to produce accurate figures going forward?

I can’t find where I should enter this information, and I’ve looked on the forum and at the import procedures but it seems to relate to previous book keeping software which does not apply in this case.

Hopefully someone can point me in the right direction.

Thanks

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Right, I’ve found the Manual Journal entry screen under account settings.

Second, follow-up question.

How would I tag a payment for an invoice that was received THIS year, but for which the invoice was raised in the previous fiscal year? Would that be classed as a sale this year or last year?

Thanks again

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You would normally just add this invoice 1 day before the new accounting year. That way it won’t get picked up in the reporting for this year. If you do this don’t forget to adjust this out of your debtor control opening balance so you’re not accounting for the same debt twice.

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