How do set correct balance now I have opened my Bank feeds

How-to
1

HI,

I have just set up bank feeds after 4 years of usngthe software and the account balance is wrong. How do I set the correct opening balance?

Thanks

Ash

2

QuickFile doesn’t get the balance from the bank feed, it’s just calculated from the transaction values. So if you work out what the difference was between the actual bank balance and the QuickFile balance the day before you started the automated feed, manually create an in or out transaction as appropriate, then that should bring the balance into line.

That transaction will have to be tagged as something, if you’re a sole trader then probably just call it drawings or capital introduced (depending if it’s in or out), if limited then I don’t know how best to tag it as I’m not an accountant.

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