Bank account balance is incorrect

[Ensign]

My bank account balance is showing incorrect on quick file how do I correct it please?

[Paul_Courtier]

Check your opening balance matches. Then go through each month checking end balances until you find one that doesn’t match. Then go through every transaction till you find one missing or wrong

[QFSian]

Hi @Ensign

Further to what @Paul_Courtier has said, you can try running the bank reconciling tool. For more information on this, please check out the following: Reconciling your bank

[Ensign]

I’ve entered the open & closing balances to reconcile and pressed go and it lists transactions from only part of the year together with a note at the top of the page saying I am an amount short. How do I move forward with this when I don’t understand what I am looking at?

[ian_roberts]

QuickFile doesn’t know what your bank balance actually is, it just knows about the transactions that it has recorded going in and out. If the balance according to QuickFile differs from that according to the bank that can only mean one thing, there’s one or more transactions that happened at the bank but weren’t recorded in QuickFile or vice versa.

You need to find the date where things got out of sync - the last point in the past where the QuickFile and bank view of the balance were in agreement. Find a point in the past where they agree, then keep breaking the interval down until you find the culprit - if you know it was right 6 months ago and not now, then look at three months ago.

If it’s wrong there then go a month and a half back, if it’s correct then go a month and a half forward. You can halve the gap each time and you’ll find the right place with half a dozen or so steps at most.