I’m just setting up our account with Quickfile for our Company, moving over from SageOne. All seems pretty straightforward so far.
I’m starting our entries from the start of our financial year (1st June), so I’m doing opening balances for the various client & supplier accounts necessary and I notice that Quickfile appears to be entering invoices to create these opening balances. My query is - will these invoices be included in th next VAT return, as obviously we won’t want this to happen?
In short - it depends.
One of the settings on your account is a start date for VAT returns (Reports >> VAT Returns >> VAT Settings). Anything prior to this start date won’t be included in the returns generated in QuickFile.
If you’re just creating the opening balance invoices, enter these to the day before you start using QuickFile (31st May) and then set your VAT start date as 1st June. Remember to always download the calculations however to double check the figures produced.
One other thing I just wanted to mention here, is if you’ve imported a trial balance from SageOne, it’s likely to include an opening balance already, so you may need to adjust your trial balance to account for this to prevent them doubling up. Please let me know if this is the case, and I’ll see if I can dig out an article on how to deal with this
Hi, thanks for your help. Yes that makes sense about the doubling up. Are you able to send me a link to the article please so I can avoid this?
Thanks again for your help.
There’s a previous post on this here: Unpaid invoices and trial balance.
Basically, whatever the invoice is doing, you would reverse it on the trial balance import so it has no effect on your opening balances.
So if the invoice is for £500.00 to 4000 General Sales, and £100.00 VAT, you would reduce your trial balance amounts by this. Once you’ve made any changes, check your balance sheet for the opening balance date against your trial balance, and it should all match up.
Any problems, please let us know - we’re here to help!
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