Hi guys,
I am about to ask you for help here.
All data deleted due to wrong tagging and some mistakes made by accountant so I did close previous financial year on date, then delete all data and begin with fresh, correct data in Quickfile from new financial year date.
Initial balance added as an transaction - tried to use trial balance option but it fails into suspended account as there is no option to tagg these into correct nominal (LTD company).
Some transaction came from bank feed, and it’s weird -
there is a difference between real bank acc balance and Quickfile balance
and, when transaction tagged, it’s not visible in ledger and in report (see pictures attached). Also there is no transaction in real which might explain difference of £38…
Regarding the balance, do you already have an opening balance on the account? This could throw it out. If you do not have an opening balance, I recommend checking all of your transactions to make sure that they are correct.
When you’re viewing your Chart of Accounts, you have it for the period 23/02/2022 - 22/02/2023. However, the transaction you are highlighting is for 22/02/2022 which is outside of this period so wouldn’t be showing in this instance.
I hope this helps, but if you have any further questions, please don’t hesitate to ask.
Hi Sian,
As said, I could not use trial balance as because there are no correct nominals to be tagged for. Tried and all balance was added under suspended account = it§s wrong, this one must be zero all the time.
For second one, you§re right - date range change shows income under correct nominal…
So now only one issue persist: why bank ballance is incorrect? All transactions are added in through bank feed connected, so there should be exactly the same amount on the both bank and QuickFile sides…
The balance in QuickFile is derived from the transactions on your QuickFile account. If you don’t have an opening balance (either from a Trial Balance or elsewhere), then the balance will be incorrect.
When you import your transactions, you would be given the option to create new options if required. Nominals from QuickFile won’t necessarily match up with other software packages.
Doesn’t make sense at all: initial balance £100, new bank feed £100, sum £200 must be.
Or:
First transaction (initial balance) sale £100, bank feed £100, must be £200 - there is not any chance for balance difference, doesn;t matter what kind of transaction have been used.
According to nominals: relevant nominal should be used for every transaction, even it’s an initial balance. In fact, QuickFile does not have any nominal account what could be used as a nominal with trial balance for LTD company. That’s the reason I have used first transaction in relevant account as a initial balance.
You said the trial balance file didn’t work. Where did it come from? Also, when you replied to Matthew above you mention an initial balance of £100 was this entered into quickfile or do you only have the second £100 from the bank feed? What was said above is that you need to enter the initial £100 as well
Guys, please…
Read the first post in this topic to avoid your misunderstanding - there are screenshots attached from my Quickfile so you can see all necessary details to understand what this case is about.
The £100 initial balance was only used as an example to highlight nonsense posted QFMathew: even the initial balance has been added to the accounting via trial balance or via the first record in the ledger, the sum must be ALWAYS the same.
And that’s the problem because it was not. Also please pay attention to the facts in the matter, like THERE IS NO NOMINAL in QF how to pair transactions after being added into the trial balance, and all transactions fell under the suspended account.
So, in easy way my questions again:
1) how is that happen that the balance shown on the screen above is different? 2) What nominal should be used if the correct nominal is not available in QF?
First things first, please use a polite language.
Second, as Sian mentioned above, the Initial Balance was posted to ATH Sales on the 22/2/22. Your third screen shot with no entry for ATH Sales shows 23/2/22 to 22/2/23. So if you change the date by one day to the 22/2/22, does the entry show up?
Bank account balance could be different if there are still pending payments on your bank account. Also, did you set a opening balance for that bank account (if applicable). You can also reconcile your bank account in quickfile by uploading a bank statement. Or, look for the date when the balance was correct the last time and look for missing or wrong entries.
When opening balances are in your suspense account then you didn’t tell quickfile from where the money came from, retained profit or money introduced or …
If you think there is not the right nominal account, you can create one or more.
Hi RHC,
my language is not rude, just strict. Not reading previous answers or not reading the initial post with questions in full might waste the time of other supporters they may know the solution - and it’s something we (all) do not want it.
No entry for ATH Sales - this has been answered by supporter above and I did admit it was my bad I did not change the date range to show the correct date. This exactly is a reason I am politely asking everyone who might help with, please READ all answers in first, now I am about to repeat the same again and in full description to avoid another misunderstanding…
You’re right, IF there is a transaction pending on the bank account, then records in QF may be temporarily different. Problem is that there was no pending transaction, nor in the amount of £38 what is the difference between the real bank statements and QF records.
The uploading bank statement is not a relevant option as I do use a direct bank feed.
Finally the most important issue.
Yes, that’s exactly what I need to sort it!
If the initial balance added into QF comes via the Trial balance option, then all transactions are temporarily under suspended acc until reconciled.
The problem is, there is no nominal for correct reconciliation, only one available is for sole trader, not for LTD.
Create a new nominal? Yes, I can do that. But this may be (potentially) wrong for HMRC because no correct nominal has been used. And that’s the problem. But anyway:
If the initial balance is added into accounting not via trial balance but as a sale, I think it’s not wrong - that money came from sales so add it as a ‘lump sum’ and tagged as an income from the sale should be correct (as we know old data has been deleted and newly added, all figures are the same on its end/beginning). So I can survive with the solution - however, it’s not perfectly clear as should be and I am ready to potentially explain all details about that.
What I can not explain, what is the difference in the bank account of £38?
I am a very small company with a very small count of transactions, so for me is not to hard remember all of them. For that reason, I am very confused and that was the reason to came here for any possible help or explanation…
Even if you have a Auto-Feed for your bank account, you upload a statement to reconcile the account - to look for errors.
On they day you started quickfile, what was your balance on your bank account? Is that the same as your opening balance you entered in quickfile? I ask because is it possible that there was a payment pending or in process on that day which was maybe not included in your opening balance but should be or the other way? On your bank account screen shot, if you add the income together and take away the outgoings from the 24th only then you get the 1228.59 (your bank account from your bank). All the outs on the 23rd together make the difference between quickfile and your bank (37.99).
Is it possible that you opened a sole trader account and not a ltd account?
