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How to ensure the bank balance matches that of my bank

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.

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)?

New to Quick File, so everything is from scratch

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.

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

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

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

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.

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.

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