I subscribed to the bank feeds option thinking my woes would be over. However I am really in a mess now.
Previously my balance was out by around £750 pounds to the positive.
Tried to reconcile, but that showed all as tagged.
Decided to upload a May bank statement to see if that would sort things out. The SKIP message came up on the first tramsaction and I checked the use same action checkbox.
Nice GREEN OK message… now the bank balance is around £3k out to the positive. Be great if that was actually in the bank account but it is not.
There are no duplicate transactions so I am totally at a loss now.
But is it tagged correctly though? Reconciling has nothing to do with tagging, you can reconcile a bank account that has nothing tagged.
Are you entering payments via any other method, e.g. logging payments directly from invoices or doing bank transfers within Quickfile from other accounts?
You’re right… @njb have you managed to locate a date for when the balance did balance?
It may be worth going through from there with a ‘paper’ statement against your transactions so you can tick them off and know you haven’t got any accidental duplicates?
EDIT: duplicates wouldn’t be picked up on an import if the date was different or if the description was slightly different
There are no duplicates. To be truthful I have imported statements, entered an opening balance and tried running reconciliation. None of them has resolved the issue.
I am getting my accountant to look into this. But at the moment I am finding QuickFile banking a nightmare. I have used other online systems and the bank connection simply works and balances. A little bit frustrating at the moment.
Any other ideas with step by step instructions on how I may resolve this. Is there a way to revert or set everything back to defaults?
All and any help at this point is welcomed and appreciated.
If the only way you create transactions in your QuickFile bank account is by importing the feed, then yes, everything should match up, but if you do anything like “log payment” directly against an invoice or tag any bank transfers involving your current account from the other side (i.e. tag “money out” of your petty cash as a transfer to the current account rather than waiting for the money in to show on your current account feed and tagging it there) then there’s a chance you’ll create duplicates.
My general rule when using QuickFile is anything involving the current account I always tag from that side via the feed. So if I have a purchase that I pay by debit card then I wouldn’t tick “paid” when creating the purchase, instead I’d leave it unpaid and wait for the card payment to appear on my current account a few days later. If you want to record these kinds of pending payments as “paid” before they’re fully settled then the way to do that is to use a bridging “bank” account called something like “pending payments” - mark the things as paid from there and then when the money out appears later on your current account tag that as a transfer to pending payments. Likewise if a customer paid you by cheque then that would be into “pending payments” and when you deposit the cheque that would be a transfer from there to the current account.
I’ve been using mine for years and it has never not reconciled or been accurate. I’d guess if you’ve used other systems before then the unfamiliarity may be an issue, but it does “simply works and balances” for most users.
Pretty much as @ian_roberts is how I do it too. I have also reconciled other inaccurate bank accounts and found the issues/errant entries so I’m not sure what to suggest. Once it is reconciled it will be accurate and correct. If it does come to it you can start again, there is a delete option for the entire account in the settings or you can simply delete the bank account or the entries in it and start again on just the bank.
I think my issue is manually entering bills and tagging. I did this before purchasing the bank feed and continued to do it thinking that was the way the system worked.
Is there a way to see all purchases and all payments (manual and feed) so I can identify where the issue/s are. I have previously used the delete (nuclear) feature and do not wish to start over again.
When I say a nightmare on the bank I should have been clearer. Another system I used displayed exactly the same balance as shown through my online banking. QuickFile updates a short time later than this, so it is just a matter of getting used to that I suppose. I may be missing something that you do with the bank feed for an accounting purpose. I am not an accountant.
On searching Manual I see there are purchases that are also in the bank feed. Should I simply delete the manual entries and let the feed do the purchases. Obviously I would enter cash purchases manually.
Is that correct?
Sorry for asking what may seem simple questions but I am all new to this.
To get it reconciled you could delete either entry. The main thing for now is to get it correct and then for going forwards pick one method or the other to use.
You said earlier it was all tagged and was reconciling though so I’m not sure if there is more to this than simply deleting some entries, sounds like there may be a lot more to undo somewhere?