How to Bank Reconcile

[LVSCTreasurer]

Hi

I seem to have missed the point in the Bank rec.

All my transactions are marked as tagged.
I enter start, stop date & start, end balances
Click Go and get a shortfall of £xx.xx I tick the items that make up the £xx.xx

Then what do I do? How do I show the outstanding cheques only.

Thanks

[QFMathew]

Hi @LVSCTreasurer

@LVSCTreasurer

How do I show the outstanding cheques only.

QuickFile doesn’t record any cheques that haven’t been credited or debited to/from your account, and links only to the tagged bank transaction. Do you have a cheque holding account set up on your account at all? I’m just trying to understand how you record cheques in order for you to show just the outstanding ones, which I’m assuming are the ones yet to clear - although please correct me if I’m wrong.

But to answer your question of “How to bank reconcile”, there’s a guide in our Knowledgebase that may help:

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…

[LVSCTreasurer]

I post the payment for a purchase invoice when I pay it.
Should I wait until it is cleared throug the bank before it is paid?

You mentioned a cheque holding account how could this operate?

Regards
Graham

[Lurch]

@LVSCTreasurer

I post the payment for a purchase invoice when I pay it.Should I wait until it is cleared throug the bank before it is paid?

That’s how I do it, all payments are done via tagging from the bank once the transactions are imported. Much harder to get it wrong which means there is no real need for reconciling. I have been doing this for the last 2+ years and have never reconciled and everything is spot on.

@LVSCTreasurer

You mentioned a cheque holding account how could this operate?

Uncleared Cheques and Bank Tagging

The other thing you can do is create a “cheque holdings account”. This is just a type of bank account used to track presented but uncleared cheques. So effectively as soon as you send the cheque you can mark the invoice as paid, but instead of paying it from the current account you would pay it from the cheque holdings account. Now that cheque holdings account is overdrawn, when the cheque payment finally appears on your current account you then just tag it as a transfer to the cheque holdings …

[LVSCTreasurer]

Hi Thanks for that will have a think which way to do it.
As nearly all our transactions are as cash (payins) and cheques is there any way to show the cheque number /payin ref in the bank transaction screen and a lot of teh cheques are for the same value.

Regards

Graham

[Lurch]

http://community.quickfile.co.uk/t/allow-bank-transaction-descriptions-to-be-modified/6493/5

[jojo]

Great this has been implemented- Thanks Glen & team