Bank account different amount

Accounting
1

Hello,

I have sent a message before about this but I can’t seem to figure out the problem.

The total of my bank account differs from the amount on the balance of Qucikfile. I was advised to look at the statement, but this is not the problem.

Can someone please advise what the reason for this might be?

Thanks

2

In what way is it not the problem?
.
Check starting opening balance matches statement.

Check every entry until balance miss matches.

There can’t be any other reason.

3

In addition to Paul_Courtier:
To check/enter an opening balance, go to your bank account, click option then settings and tick the box for “I have an opening balance for this account”. See below.
image

Is this box is already ticked then check that the amount matches your bank account on the day when you started to enter transactions into quickfile.

1 Like
4

Hi,

No the box is not checked. Should I do this then enter the amount that I started with?

5

Yes, you should this. You have also to enter the origin of this amount otherwise it will end up in your suspense account. This is maybe helpful for you: Suspense Account - journalling out opening balance entries

1 Like
6

Hi,

In response to Paul.

I have downloaded my bank statements from the beginning when I set up Quick file (first transaction - 31/12/2020) and downloaded Quick File Account Statements.

I have gone through checking each payment off against each amount on the Quick File Statement. I can see some discrepancies. There appears to be duplicates of some payments on the Quick File Statement, for example, on 30/1 a payment was made by a customer which only came into my bank account once, however it is on Quick File accounts twice. This has happened a few times.

I thought this may have been due to myself allocating the payments to an invoice, but as it is not the same with every payment, I cannot see why the system would do this.

There are also payments on my bank account that are not on my Quick file account, for example, a payment £18.00 (to Quickfile) came out of my bank account on 5/1, however do not show on my Quick File account.

Can someone please get back to me. I would actually appreciate a phone call to run through some things as it is quite complicated through messages like this.

My number is 07539 222982

Thanks

7

There isn’t telephone support so you’ll have to just accept support on here I’m afraid.

Duplicate transactions can happen if, as you say you allocate a payment directly on the invoice instead of just tagging a bank transaction to an invoice. If you do create payments manually then you should be deleting the duplicates as a matter of course.

There’s also the issue that rhc has told you about which is you need to enter an opening balance as at 31/12 or your end balance will not match.

As for the missing quickfile transaction its possible that you accidently deleted it, didn’t re authorise the open banking within the specified time frame and it didn’t pull transactions as far back as that, or something else happend.

But ultimately if you follow the guidance set out by myself and rhc then there is nothing else that will go wrong.

Delete duplicate transactions, add missing ones and enter a starting balance, that’s all you have to do.

2 Likes
8

Hi,

Thanks for your reply. Can you explain the correct way to allocate payments, please? Does it seem I’m not doing it the correct way if this is producing duplicates? The way I do it is I go into the invoice that has been paid and click on ‘log payment’ then enter the amount, date, and way in which it was paid.

What confuses me is that I have done this for every payment but there is not a duplicate of every invoice, why is this, if the reason it happened is due to the way I have allocated payments so far?

So effectively, I should go through the Quick file statement of account and just add/delete until it matches my bank statement?

Sorry, one other thing, when you say to enter a starting balance - My balance was zero before the very first payment was made (on 31st Dec) as this is a business account and was created shortly before I set up Qucikfike, so in this case, I don’t think I need to add a balance?

Thanks for your help

9

OK so your starting balance will be zero.

I cant answer why some duplicate and some don’t but the best way to avoid this in future is to go to your bank statement and click tag me and allocate the payment to an invoice. Its also the quickest method.

10

Logging payments is one of those things where there are several different routes you can take to end up with the same effect. For example with sales invoices you can

  • start from an untagged “money in” bank transaction, tag it as “payment from a customer” and create a new invoice through that with the payment already attached to it
  • start from an untagged transaction, tag it as “payment from a customer” and attach it to an already-existing unpaid or part-paid invoice, or hold it on account as a “pre-payment”
  • start from the unpaid invoice and “log payment”, which will create a pre-tagged transaction on the selected bank account

If you log payment manually from invoices but you also have an automatic bank feed then this will often lead to duplication. I would always recommend not logging manual payments against invoices if they’re for a bank account that has an auto feed, instead wait for the untagged transactions to appear in the feed and tag them from that end.

2 Likes
11

Are you uploading the bank statements manually? if yes, please check following:

  1. Is it possible that you forgot to click skip when it warned you of duplicate transactions? This may be a cause of duplicate transactions.
  2. It is possible that you forgot to upload statements in continuity? If so, this may explain missing transactions.

Possible Resolution:

  1. Delete the duplicate transaction - keep tagged one
  2. Upload the statements for the missing transactions, make sure to click skip for duplicate transactions.
12

Hello,

Thankyou for your reply.

I have not been uploading bank statements manually no, did not even know I should do this… How do I do this please?

13

Before we explain that. There’s some confusion. I thought you had duplicate bank entries? If so how do you record bank transactions?

Are you using open banking feed? If so no need to upload statements

14

I asked the question to figure out the reason for the duplicate and missing transactions.

Do you have a bank feed on? If you do, then you do not need to upload bank statements manually.

15

Yes having some duplicates.

I don’t know, my bank details have automatically been synced and appear on my quick file account. I don’t upload statements

16

In that case yes you do have an open banking feed.

Which explains the duplicate entries as also explained in an earlier post.

17

Hi,

But it doesn’t explain why only some are duplicated? Not all invoices that have been marked as paid have been duplicated. Any ideas?

18

Without looking at the duplicates it’s difficult to say. It could be that you’ve tagged some invoices from your bank feed which would be correct and then others you’ve tagged as paid from the invoice which would cause the duplicate.

Going forward to avoid duplicates I would advise tagging the invoices from your bank statement and regularly check your bank statement against your QuickFile account to make sure that nothing has been missed

19

Hi,

Thankyou for your reply.

I am currently going through the bank statements and Quick file account and there is a payment on my bank statement of £620 that was paid by a customer on 8/1 but is not showing on Quick File. Before you say, I have not deleted this payment. Can you please advise why this is the case and how do I rectify it? Do I simply add the payment manually?

20

Hi @Shaun_Kilkenny,

If the transaction is not showing on QuickFile then you can add it manually

There could be a number of reasons why the transaction did not come through with your feed. Your feed could have expired, the transaction could have been pending for a while and by the time it cleared the feed wasn’t looking at that date any more, there could have been an error on the feed.