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1

I have some items on my bank statement from my last financial year.
These are highlighted grey.
Is it possible to still tag these and add receipts too?
If so how?

Many thanks

2

Hi @Stevenson

If they are greyed out, it sounds like they have been locked, likely by a year end procedure. This prevents any changes being made once the year end process has been run (e.g. if the figures have been used for a tax return, you wouldn’t want them changing).

However, if you have just locked them for convenience, you can still unlock them by following this process: Undo Year End - #2 by QFMathew

If you’re still stuck, however, just let us know and we can take a look at your account for you.

3

Yes they were locked by the accountant for eoy.
Can i unlock them temporarily just so i can tag them on my bank statement?
If not how can i remove from bank statements?
Thanks

4

Hi @Stevenson

If you follow the unlocking process as @QFMathew linked to above, you can then tag the transactions as you normally would.

Then, once you’re done, you can run the year-end process again, which will once again lock the transactions.

I hope this helps, but if you have any further questions, please don’t hesitate to ask.

5

You can, but if your accountant has already done your year end accounts then you might want to double check with them exactly what to tag things as.

The balancing entry for untagged transactions in QuickFile is always in the “suspense account”, which is part of the overheads section of your P&L report. If you were to tag the transactions as some kind of overheads expense then that wouldn’t change the bottom line, but if you tag them as something in some other category then it might move things around, e.g.

  • if you tag them as purchases in the cost of sales range (5xxx) then that would increase cost of sales and decrease gross profit, but also decrease overheads and therefore leave the bottom line net profit unchanged
  • if you tag them as purchases of assets then the debit would move off your P&L altogether and onto your balance sheet, increasing the net profit for the year

Your accountant is the one best placed to advise on the specifics.

6

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