Hi. For some reason, my opening bank account is listed in the Chart of Accounts as an Overhead. I think the code is correct (suspense account 9998), but it’s in the wrong area.
Can I change this?
Hello @davidvaughan
QuickFile like most other accountancy packages is based on double entry bookkeeping meaning each transaction makes 2 nominal postings, (Money in and money out or where is is going and where it came from) for example if you put £100 into the bank you have to tell the software where it came from by tagging it.
For untagged transactions the other side would show in the suspense account temporary until you tag them.