Hi. Is it possible to create a report which shows which items in the bank account have been reconciled to date and what the closing balance was you last reconciled to? The bank I use does not have automated feed. thanks
Hi @Catllp
There’s no report as such, but we do have a recon tool which you can use to compare against bank statements: Reconciling your bank
You could add an account lock after reconciling, if you wish, but this is optional.
Hi
Im using the recon tool, but it doesn’t help to identify what start date and balance to put in - I have to keep referring back to the opening balances or make a separate note of where I reconciled to last time, unless im missing something?. Maybe the development team could have look at this. Ive used other packages in the past and this a very helpful feature.
Thanks
If you are manually reconciling your bank account.
The opening / closing balance, start and end dates will be from your bank statements.
The statements I get are only produced at the end of the month but I have to reconcile at least once a week, so this doesn’t always help. I have to work to the actual balance online on the day.
Hi @Catllp
In this case, you can use that balance and the current date as the closing date and balance. The starting date and balance can still be the start of the month or start of the week, whichever is easiest for you.
There’s no set period for the recon tool, so you can use the period that’s best suited.
With most business accounts, you can produce your own statements / frequencies.
You should be able to produce, download a weekly statement from your bank, and use this to reconcile, giving you the information you require.
If your bank doesn’t allow that, then you should be able to print your weekly transactions from your bank account, giving the opening / closing balance and start / end date
Normally, weekly reconciliation, would be if you have large number of transactions.
One of the other problems with this is we have an app based bank which only produces a statement once a month and in the intervening period you aren’t able to print off/ export any transactions… not great but good interest. Does anyone else have this issue and if so how do they get round it?
Hello @Catllp
Can I ask which bank your are referring to?, one solution could be to use a bank feed if it is supported.
https://support.quickfile.co.uk/t/supported-bank-feeds/15199
Hi
It’s Chase. They don’t support bank feed yet.
Regards
Karen Flear
Accounts Department
Cateaton Investments LLP
Chase don’t support business banking, its for personal use. That’s why there is minimal banking aids from them.
Its within their terms
What’s this account for?
“It’s for your personal use only. For example, you must not use these accounts for a business or to hold money for someone else.”
Be careful, they could freeze your account, not saying they will, but a possibility.
Thanks. Yes that account if for personal use.
Hi @Catllp
Typically, personal accounts shouldn’t be included in your business accounts.
If you have the occasional business transaction (e.g. that moment you’ve reached the till and forgotten your business debit/credit card), you can just log these manually and mark them as paid from the director’s loan account, or proprietor’s drawings account (depending on if you’re a limited company or a sole trader).
Good practice may be to use something like the QuickFile mobile app to take a photo of the receipt at the time.
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