I have been using QuicFile for around 6 years as a sole trader. I was using QF for invoicing only with the bank feed set up (That could have been a mistake) Now I have decided that I will use QF properly this financial year. I realize that I don’t know all the features and how everything is linked. It’s a mess.
The only problem is bank transactions and tagging. I have never paid attention to that and now I have nearly 600 untagged bank feeds (mostly personal) and I have deleted as many as that. So the numbers are all over the place. If I delete a bank transaction, the profit and loss report is not correct. This stupid suspend account showing up. I was thinking to leave QF and start fresh with different accounting software, but I do like QF
Is there a solution for untagged (unwanted) bank transactions that will not adversely affect the business reporting? There should be a way to deal with that.
I believe other accounting programs have an option to Separate personal and business transactions
The suspense account is made up of the “other side” of all the untagged bank transactions - once everything is either tagged or deleted then the suspense balance will disappear.
If you have one bank account that mixes business and personal transactions then the options are either to delete the personal ones entirely, or to tag them as transfers to or from drawings. The drawings option is better if you have a feed, if you delete things then they’ll come back for the next few days when the feed re-runs.
Thank you for your reply. So if I delete a bank transaction that amount won’t be included in the reports or in one of the nominal accounts. Is that right?
Correct, however it will be much better if you leave the personal transactions and tag them all as, bank transfers, to “1202 Proprietors Drawings Account” which will not show on the profit and loss and will maintain the correct balance in your bank account.
You can bulk select the personal transactions and tag them all at once to Proprietors Drawings Account, do the “money out” ones separately to the “money in”. And going forward, set up some auto tagging for the common personal transactions
If I was you, I would open up a free business bank account like Starling to keep your business transactions separate from personal. It will make life a little easier for you.
Thank you, I have mileage allowance in 1202 Proprietors Drawings Account which shows in profit and loss
What is the difference between "1202 Proprietors Drawings Account” and "3100 Proprietor or Partner Drawings account " ?
1202 is the one you use day to day to track movements of funds either way between “you” and “your business” (legally there’s no distinction but in practice it’s useful to track). It appears as an asset or liability depending whether you’ve taken out more than you out in or vice versa, and it is a “bank account” in QuickFile which means you can use it as the payment account for sales and purchases - if you make a purchase that is for the business but you pay for it with personal funds then you’d log the purchase as paid from the drawings account.
3100 is part of the “capital” section and most people only use that code as part of their year end process - clearing any outstanding balance from 1202 at the end of each year so the drawings you’ve taken don’t show as a business asset on your year end balance sheet.
As Ian said 1202 is like a bank account for your drawings, it does not show on your Profit & Loss reports.
When you say “I have mileage allowance in 1202”
I assume you have tagged your mileage allowance (i.e. business miles at 45p per mile), as an overhead/expense either as “7400 Travelling” or created a new nominal account e.g.“7306 Mileage Allowance”.
Then marked it paid from “1202 Proprietors Drawings Account”.
If not you should correct that.
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