I only need to start my books from 6th April this year. What would you recommend I do with all the transaction information from before April 6th?
To ensure a clean start for the new tax year, the easiest method is to control the data imported during your initial bank connection.
When linking your bank, QuickBooks will ask how far back you want to import transactions. Under Making Tax Digital (MTD), you only need to keep digital records from your mandated start date onward. You are not required to import previous tax years to remain compliant.
Since the system won't see your history, you need to manually enter an Opening Balance dated April 5th to keep your totals accurate. If you have already connected your bank and see old transactions, simply select them and click Exclude. This prevents them from affecting your new tax figures.
Setting up opening balances can be complex. I recommend inviting your accountant to your QuickBooks account so they can verify your starting figures in real time.
Feel free to reply whenever you have additional questions or would like to clarify your current setup so we can ensure your new tax year gets off to a perfect start.
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