How to ensure the bank balance matches that of my bank

[redonion]

I’ve set up a bank feed today, backdated from 1st January this year, 2021 – to try it out. However, I would like the bank account balance to match that which is on the account itself. It’s a lot less.

Please reply as if talking to a 3 year old.

[QFMathew]

Hi @redonion

Have you always used QuickFile, or have you used previous accounting software?

If you have always used QuickFile, has it been since you’ve had the bank account, or did you have the bank account first (so there would be transactions before your QuickFile activity)?

[redonion]

New to Quick File, so everything is from scratch

[QFMathew]

Thanks! So the first thing to do would be to reconcile your account, which is where you match a date range on QuickFile against a bank statement.

There’s a guide on how to do this, here: Reconciling your bank

If you start with the statement range and work your way down, this will help identify any issues.

So for example, start with 1 month and an error is picked up, narrow it down to 2 weeks, then 1 week and so on (depending on how many transactions you have, you could narrow this down further).

It’s just the case of inputting these missing transactions into your account from there.

[redonion]

I did reconcile until it said perfect, and then GO – but it didn’t change the balance on the statements

[rhc]

Did you add an opening balance in your bank account settings within quickfile?

Setting up your bank accounts

Introduction Your QuickFile account will come preloaded with a basic set of bank accounts. The main bank accounts are visible on the Dashboard and you can obtain a full list of accounts by clicking on the “View all” link. [image] In QuickFile, bank accounts offer a flexible way to not only keep track of your current account but also to manage savings accounts, credit cards, merchant accounts (e.g. PayPal, Streamline, Barclaycard Merchant Services etc), loans, and even cash coming in and out …

If you come from a different accounting/bookkeeping system you can upload your trial balance or enter your opening balance.

Importing data from another system

Introduction When migrating to QuickFile from another accounts package you may need to consider how you will bring across the data stored there. This guide will discuss 3 methods for importing data. You can also use our interactive questionnaire here to point you in the right direction. Unless you have a very new company you don’t want to go back and import every single invoice and bank transaction. Importing Opening Balances is the quickest way to get started on QuickFile. Most accounting app…

[redonion]

@rhc

Did you add an opening balance in your bank account settings within quickfile?

No. If I knew I had to, or how to, I would have done.

I would simply like to know how to change the bank account balance to match that which is on the online account itself.

[rhc]

Go to your bank account in quickfile. Click option, then settings. Tick the box for opening balance and enter the bank balance amount and date when you started to enter transactions to your account. You said you entered the first transaction on the 1/1/21 - write the amount from the end of 31/12/20 or very early 1/1/21. Remember, that amount will end up in your suspend account until you declare the source in a journal.