How to adjust my banking accounts

Accounting
1

Hello,

currently I see I have different bank accounts, for example:

  • my bank
  • director loan
  • bank reserve
  • petty cash
  • credit card
  • paypal

Some of these account show a wrong balance. For example I have -£600 in credit card but I don’t even have a business credit card.This is clearly some errors where I may have tagged a purchase with credit card. Is there a way to adjust the balance? Any suggestion is appreciated

2

Hello @mbong

The balances are made up from the transactions that go through them.

You would have to move the balance(transactions) to where it should be located

for example

If you paid an invoice with the credit card account and it should have been with the bank account.
You could transfer that amount between the two banks.

3

Hi @QFSteve
Thanks for the feedback. How do I transfer amounts between two banks? I have 3 transaction in my credit card bank related to 2020? if the total balance of the credit card is -£600, shall I just create a new transaction in the credit card for that and another transaction in the other bank account with a positive sign?

4

Hello @mbong

if the total balance of the credit card is -£600, shall I just create a new transaction in the credit card for that and another transaction in the other bank account with a positive sign?

  • Create a money in transaction on the credit card for the £600.
  • Tag it as “Bank transfer between accounts”.
  • Select the account where the money is coming from and save.

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5

Many thanks! It worked

Now I have another problem, after I have cleaned up everything, I am ending up with a balance of £1,000 in my bank account while in reality I have £2,000 (numbers are just random). What would you suggest to do to align the numbers?

Thanks

6

Hello @mbong

Again the balance is made up from the transactions going through it.

If there is a difference then there is either

  • Something extra posted to the account
  • Something missing from the account
  • Something entered incorrectly on the account

When you entered your opening balances did you enter your banks opening balance?

You can also use our bank reconciliation tool
Here is some more information.
https://support.quickfile.co.uk/t/reconciling-your-bank/8844

If you look at Scenario 2,
For example, does it balance 6 months ago, 3 months ago, 1 month ago
Find a point where it does balance (check opening balance first) then look for the discrepancy from there

7

I’ve occasionally had this issue and the way I’ve done it is to track back until the balances were right and then correct any transactions.

8

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