Card Transactions

[mandyandy]

Morning All.
On My Bank Management my Card Transactions or Merchant Banking are showing a minus even when all my Transactions have been tagged.
Is there an easy or quick way of finding out why, or if i have tagged any to the wrong dept?Or do i have to go through each entry seperately.
Hope someone understands what i`m asking and is able to help.
Thanks in advance.

[QFMathew]

Hi @mandyandy

I just want to make sure I’m on the right lines here.

You’ve entered all your bank transactions into QuickFile, but the balance is showing as a negative whereas it should be positive. Is that right?

[mandyandy]

Hi Matthew.
On the dashboard it will shows when payments are outstanding, so when I download my bank statement I tag the card transactions showing to the correct entry on the dashboard.
So in theory if no payments are pending it should show a balance of 0 on the merchant bank statement?

[QFMathew]

The outstanding payments aren’t directly affected by your bank balances. They are derived from your sales and purchase invoices. For example, on my test account, I have this on my dashboard:

This is made up of my purchases (“Money you owe”):

and my outstanding sales invoices (“Money Owed to You”), which in this case, is a partial payment on an invoice:

The same figures are used for the bar chart too.

As you tag payments to sales invoices and purchase invoices, then yes, these figures will decrease. If you click on the values (in the first screenshot above), this will produce a list of all invoices that are outstanding.

Hope that helps!

[mandyandy]

Thank you, I understand that part but I’m confused as to why it’s showing as a minus on my bank management page under merchant account ( card transactions) showing as - £832 surely this should not show as a minus once all transactions are tagged?

[ian_roberts]

Exactly what transactions are you tagging from where? Are you talking about making card payments from your business to other people or receiving card payments from your customers? Your mention of a “merchant account” suggests you mean the latter - normally in this case you would log your customers’ invoices as paid into the merchant account and then tag the money arriving in your current account as a bank transfer from the merchant account.

If you’re talking about debit card payments going out of your current account then there’s no need to involve a merchant account at all, just tag the current account transactions as “payment to a supplier” when they show up on your bank statement.

[mandyandy]

Hi Ian,
Yes it’s payments from customers, and I do it exactly as you have said.

[QFMathew]

If you have entered all money in transactions (money from customers), and all transfers to your current account, then the balance should certainly be 0, unless you have money pending transfer. The fact that it’s a negative balance would suggest that you may have missed one or more money in transactions.

Are you able to pull a report from your card provider, similar to a bank statement? Reconciling your account on QuickFile would be a good start to try and identify any issues:

Reconciling your bank

Introduction When you have an automated bank feed running on your account, you rarely need to worry about balance reconciliation. The transactions are automatically pulled from your bank so will always be aligned. If however, you’re manually marking invoices as paid then there may be some extra work to get everything balancing. This is where bank reconciliation comes in. When you view your bank statement you will be able to see if your transactions are tagged. When a bank transaction is tagge…

[ian_roberts]

@QFMathew

The fact that it’s a negative balance would suggest that you may have missed one or more money in transactions.

Or possibly that you accidentally posted a payment to a different account. If you go to sales → view payments, then that will give you a list of all the payments you have received in reverse chronological order including which bank account they were paid into. If it’s just one payment that has been mis-posted then you might be able to find it with a search for a payment amount that is equal to the amount by which your merchant account is overdrawn. Though that only works if the merchant service normally settles your funds in full and invoices you for fees later rather than witholding their fees from the settlement amount, in the latter case you’d have to do a bit of a fuzzy search for the overdrawn amount plus or minus a suitable amount to account for fees.

[mandyandy]

Thank you Ian,
That’s exactly what I thought, I think it’s possibly the later, that I have tagged it into the wrong account, I have done already done a ‘search’ but this didn’t help.
I’m at work at the moment but I will try having another look later
Thank you for confirming.