I downloaded latest bank statement but was not prompted to identify columns.
Most of the transactions are there as per csv statement but balance totals are completely wrong.
How to correct and/or detail columns?
I think you have to select āotherā to be able to map the columns yourself.
Hi @fopetesl
What @Lurch has said is correct, you can only map the columns yourself when you select the āOtherā option when saying which bank the statement is for.
The reason the balances could be incorrect is that this is based on what QuickFile knows about your account. For example, if you have imported Januaryās transactions but not Decemberās, then QuickFile will not know that any transactions occurred in December and so your balance will be incorrect. All you need to do is make sure that all of your transactions have been imported if you want the balances to match.
If youāve only just started using QuickFile for your business, even though youāve been trading for a while, it may be worth you entering an opening balance for your accounts.
I hope this helps, but if you have any further questions, please donāt hesitate to ask.
So do I have to delete the transactions and re-import bank statement to see āOptionā?
I cannot edit opening balance when prompted to āModify Opening Balanceā since I am thrown into my Trial Balance which will not allow me to edit bank balance.
I reread the help on uploading Bank Statements and it clearly states, āIf you are uploading an Excel (CSV) file and your bank is not listed, select the āOtherā option.ā But. My bank IS listed.
So do I need to remove my bank first?
If your bank is listed but the details havenāt imported correctly, itās highly likely the bank have changed the format of their files which is causing the issue.
Can I ask, what bank are you importing a statement for?
Yes, if youāre looking to manually map the columns, then that would allow you to select Other. If none of the transactions have been tagged, you can remove them in bulk by going to More Options >> View Recent Batch Uploads.
Yes, Yorkshire Bank. CSV file:
Col A ā¦|ā¦Col Bā¦|ā¦Col Cā¦|ā¦Col Dā¦|ā¦Col E
Dateā¦|ā¦Ā£debit/creditā¦|ā¦Ā£total in accountā¦|ā¦ currency ā¦|ā¦transaction detail
So I deleted my bank import and followed instructions to import to āOtherā.
Now there arenāt sufficient choices to cover the five columns, only three offered. If I try to add the column options for money in and money out but substitute,say col B will this cause an issue?
2 columns arenāt necessary anyway. If the account is a GBP account all amounts will be imported as GBP so the currency column can be ignored and the total in account is calculated in the account using debits/credits so that column can be ignored. Quickfile will only ask you to map columns it needs.
OK but how do I enter an opening account amount? Cannot do so using prompted method since it means adjusting the imported trial balance which seems not allowed because the trail balance no longer balances.
Missing the currency column is no problem since I only do a small amount, about Ā£5K annually so I end up with date; Ā£debit.credit and detail.
If you go to the settings of the bank account (if youāre viewing the statement page, it would be More Options >> Settings), thereās an option to enter an opening balance there. This will in effect create a journal which youāll need to edit to reflect to source of the funds.
As I said above, If I do follow Options >> Settings >> Journals - Opening Balance Entry
then adjust bank opening balance and try to save journal entry I get āthe credit and debit totals do not balance!ā so I am not able to (re)enter a new figure.
For a bank account on itās own, it may be best to enter an opening balance from the bank account settings page, which will automatically create a journal for you. You would then just need to amend the journal to show the source of the funds (by default, it goes to 9998 Suspense Account).
I donāt see this option on my Banking page. I already set up Yorkshire bank which has its initial debit amount derived from Trial Balance.
Do I need to remove YB before I can see your option?
You already have an āOpening Balanceā in place, so instead of the tick box as per my post, you have the āModify Opening Balanceā option instead.
If this value has been taken from your trial balance, it should be correct, or have I misunderstood?
In double entry book keeping the debits and credits always have to balance - if you change the opening bank balance then you also have to change something else in the journal to say where that difference comes from. E.g. if itās a sale you hadnāt previously recorded youād credit the sales code, if itās retained earnings from a previous year youād credit retained profit, etc.
But if you started from a trial balance generated by your previous software and the bank account balance was wrong at the date of the TB then the error must lie somewhere in your previous records, or maybe there was a transaction that appeared on your bank account after you generated the TB but you havenāt accounted for that in QuickFile.
Probably my fault that the imported opening balance is incorrect since, as a non accounting person, (electronics engineer), I did not manage last yearās accounting package very well.
I looked through last yearās bank reconciliations which appear correct so not understood how the (very) wrong figure was calculated in the trial balance.
Thank you for your patience but how to correct?
Weāre the figures you exported from your previous software definitely a trial balance and not just the total of transactions for that year (ignoring any opening balances at the start of that year)?
I cannot but agree Ian. However going back to find out why TAS Books figure is wrong is not an option for me.
If I have to live with an incorrect bank balance figure since there seems no way to edit I will.
Sorry, missed this one whilst replying to your first.
Yes, definitely Trial Balance. What did puzzle me when generating the TB was that TAS Books insisted on first running a correction procedure. This wasnāt an option.