Bank account opening balance and reconciliation problems

Hi Glenn

Thank you for you help over the recent weeks, it is much appreciated, i don’t have a head for figures but i have had to learn and fast, with your help it has made this a little easier

I am inputting all my old receipts and making sure everything is straight, however i have hit a little wall early on.

Back in February 2012 this is when i started using my business bank account however i was still employed so i was only using it to deposit money and buy stock etc, however my opening balance was -£35 due to an unpaid item fee from my bank which came out before i started using the account.

I have put this -£35 as an opening balance in quickfile, however looking at my statements and looking at quickfile it doesn’t add up. I have attached the below as quick reference, 6 transactions down the balance should be £250 in credit but its showing a balance in quickfile of £215, i had to tag it as paid because it was showing on my dashboard as money i still owe

Cam you help

You need your opening balance to read zero. You’ve got the opening balance on the account as -35 then your first transaction is also -35 so you’re effectively accounting for it twice.

Hi Glenn

Thanks, I thought I tried that, thank you, it has worked

I should have mentioned this before but I am trying to tag some transactions as Capital Introduced but the only tag I can find is “Capital introduced for Sole Traders”, I am a Limited Company, is there something else I can use



I’m not an accountant so I can only give you general advice on using the software. You may wish to have a look at the following guide which covers some of the basics for sole traders:

Sole Trader Bookkeeping - the Basics