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Bank feed balance issue

Hi,

When I first started using Quickfile I was pretty dim to the use of it and was not using it correctly.
Long story short I have now made a few errors along the way which has made my bank feed and my actual bank balance have a 10k difference.
I am a childcare setting and some of my children receive funding for their places, when a payment comes through it would be for multiple children and I was then adding a payment manually on their invoice and selecting bacs, big error on my part. Now I am using the credit note option, however where I have been adding them manually for so long it has thrown out my balance. I am hoping I am making sense?

Is there a way of manually changing the bank feed balance? or a simple fix? or do I need to go through all 10k payments and rectify them to have a true balance?

Thank you for your help

Becci

Hi @clwbyddraig

I’m afraid to say that based on the information you have provided, you will have to manually go back through the transactions and rectify them all.

When you’re going through your bank account, you may find it useful to use the reconciliation tool. For more information on this, please check out the following: Reconciling your bank

I’m sorry I couldn’t be of more help on this occasion, but if you have any further questions, please don’t hesitate to ask.

Hi @clwbyddraig

In addition to @QFSian’s reply, I just wanted to touch on a point from your post too, if you don’t mind -

Crediting the invoices would reduce your turnover, which I don’t believe would be the correct approach here. What would be better is to treat the funding as another bank account, in a similar way you would a merchant account.

You would have:

  1. A bank holding account to tag the bulk funding payments as a transfer to this account. You would have the “money in” on your current account, which is just tagged as a bank transfer to the holding account.

  2. Then add each individual payment that the bulk funding payment relates to (as shown on the schedule) as individual payments into the same holding account.

  3. Then either tag to each payment as a credit to the client’s account or tag each payment to a sales invoice. If it’s the latter, this would reduce the outstanding balance on the invoice.

  4. The holding account will act as a control account and should always balance to zero, once the funding payments are allocated.

Hope this makes sense, but please let us know if you would like any help or examples

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