Bank accounts and reporting

[coe62]

Sorry for another newbie question
As I’m becoming more familiar with the brilliant Quickfile I have started to try the bank account and reporting features.
My problem is that I seem to have created have two accounts - “current” and "my company name Ltd"
Current only has uploaded data in it whilst “my company name Ltd” has a mixture of entries
I also have a suspense account that still has lots of entries despite my best efforts at tagging.
Have I done something dumb with tagging and uploading ??

[Glenn]

What’s the balance on the suspense account? That’s more important rather than the number of entries in there. If you check the bank management overview, do any bank accounts have untagged entries.

Also when you set an open balance on a bank account the counter entry will go into Suspense until journalled out.

[coe62]

The suspense is around £97k whilst current is only £92k
The “my company name Ltd” has even more.
I didnt set an open balance - I just up loaded from my Lloyds account from day 1 of the business and a zero balance
Do I have to manually tag every item in all the accounts ??

[Glenn]

Tagging all your entries should bring the suspense balance back to zero. When a new bank entry is created or uploaded it shows as untagged and the double entry sits on the suspense account. Bank tagging is the process of explaining these entries and will move the balance out of suspense and to the correct nominals.

[coe62]

Thanks Glenn - I’ll get tagging
Should I actually have 3 accounts - current “my business name Ltd” and the suspense ??
I only have one actual company account

[Glenn]

Suspense is not a bank account, it’s a profit and loss code.

If you only have one actual bank account then you only need one in QuickFile, there’s a default current account you can use, just rename it to something more recognisable.