Hello. Sorry if I am doing this incorrectly, but I am completely new to quickfile and these forums but have experience in other softwares…please can you tell me how to change a transaction, for example if an expense has been coded incorrectly. And what exactly is tagging
If you believe an expense has been coded incorrectly to a nominal, you can create a journal to correct the original and post to the right one. It basically does a debit and credit leg in one operation. Tagging is basically how quickfile mirrors the required double entries in accounting/bookkeeping terms. e.g if you have, say £50, going out of your bank account you need to ‘tag’ it from there to the required nominal (e.g. 7400 for Travelling). When done you have effectively Credited bank (to reduce balance) and Debited the expense code (increase). That’s it really…
A journal will work fine although in most cases you can just go back and edit the purchase invoice to change the code.
If you have a number of incorrect expense postings to relocate you can use our new bulk re-coding tool:
http://community.quickfile.co.uk/t/bulk-change-incorrect-postings/4984
Tagging is used in a number of different contexts but usually refers to the process of going through your bank statement and explaining your transactions. E.g. you may have an untagged “money in” entry on your bank, if this were money from a client you can quickly tag it and QF will create the backing invoice.
See here for more information on bank tagging:
http://help.quickfile.co.uk/main/1/tagging_your_bank_transactions.htm