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Incorrect Bank Balance Due to Bank Feeds

Hello when starting with Quickfile i entered the opening balance option for my bank account. Since then, i decided to subscribe for the automated feeds into Quickfile which work very well. However, since pulling in the feed Quickfile has added the balance of my account on top of the opening balance i had first stated, so now i have double the balance showing in Quickfile than i do in reality.

How can i correct this please?

Thanks

Hi @Inkfish

The bank feed would just import any transactions since it was set up, so it shouldn’t affect the opening balance (unless some of these transactions have been included in this figure).

If it’s just a case of the transactions being duplicated, deleting the transactions should resolve this.

Yes that would do the trick but its the reverse of what i am trying to do. Is there no way to just delete the opening balance, or revert it to zero? If i were to do as you say then i would lose all the tagging information within Quickfile that i’ve already applied, which i don’t want to do (for tax purposes).

To provide a bit more context… i have essentially backdated all the transactions within Quickfile to the start of the account being fed. This will be a huge help come next year as everything will be within one system and tagged correctly. Thanks

Opening balance is just a journal. If you go to the settings of the bank account you can edit the opening balance or you can find it in the journal section of your account.

Hi, the account balance in Quickfile and the account balance in my actual app are completely different. The opening balance checkbox has been unchecked so i am unable to remove the opening balance of the account and now i am unsure wherther or not one is even applied.

Before writing my original support ticket i calculated the difference between the balance in Quickfile and the balance in my actual Tide bank account and it was exactly double the opening balance (hence it was applied twice). Since then i have no idea whats happened or why the account balance is so different - by over £500! any help/ advice appreciated.

Hi @Inkfish

If the opening balance checkbox is unticked then it would seem you did not enter one in this way. It would be worth going back and checking through all of the transactions to see whether they are all correct and you havent got any extra/missing. It may be that you entered a transaction as the opening balance somewhere so you would need to remove this ‘duplicate’

Hi, I am 100% certain i added the balance into the opening balance box. I know this because i did calculations on it to see where the discrepancy was and as stated in my previous response, the deficit was exactly the same as the opening balance. I believe this is a bug.

Other than an opening balance being applied twice, how else could a discrepancy between my Quickfile account (being fed transactions from Tide) and my Tide account exist? I have the same number of transactions excluding 5 that amount to know more than £40 which were incorrectly paid form this account that i also deleted in Quickfile.

Perhaps if you can explain that it will narrow down my search for the offending transactions?
Thanks

Is it maybe possible that you applied the opening balance twice, maybe ocne in bank account settings and once as a journal? Did you check the bank account in your charts of accounts, maybe you can find there something.

If you would like us to take a look at your account and see whether we can locate the discrepency then feel free to send a private message to @QFSupport with the details

So this is the only entry i have in my journal. Perhaps i have done this incorrectly… can you advise? A client paid 2 invoices with one payment and so i needed a way to display this. I didn’t realise i had made a journal entry, i am not sure if this is the right or bad way to resolve this issue.

NOTE: completely unrelated but your WYSIWIG editor is not displaying within Firefox incase you want to forward that bug to your web dept.?

So i did some further calculations and downloaded my Tide bank account csv. Everything is in order after summing the transaction amounts. It tallies up correctly with my Tide account, so i’m wondering does the expense allocation dialog box credit the account until it can find a suitable invoice?

I have many tagged transactions like the one in the image above. I dont associate each transaction with an invoice, thats far too time-consuming and as far as i understand it, not necessary as all the invoices are stored at the said suppliers website (Google, Facebook, Amazon etc). So IF the tax man were to ask me to prove the transactions then its ver easy for me to just download them at that time.

However as i have not connected each transaction with an invoice, is your system crediting the supplier but not actually debiting my account until i do? I think this is where the discrepancy lay. Please confirm. Thanks

No. When you tag a transaction you either pick the existing invoice or you create one at the time of the tagging.

It doesn’t hold it anywhere.

So in the example ive provided (the screenshot) its allocating the amount as a credit to the supplier record i choose?

And a credit on a suppliers record is effectively a debit on my account?

If the answer is yes to both those questions then i have no idea why the balance in Quickfile is so different to my actual Tide bank balance. You jave screenshots of my journal page and access to my account so i guess ill just wait to hear back from you?

Thanks

Kind Regards
Mario

inkfish studios.com

I don’t know what you are doing when you tag a transacrion. As in, you haven’t said which option you pick.

But if you pick payment from customer or payment from supplier then you enter the customer or supplier name and quickfile will either, find an invoice that matches the amount, allow you to create a new invoice, or select multiple invoices to pay down.

In all cases, there are no credits on any supplier account.

There’s two parts to recording a purchase like this in terms of nominal accounts. When you create the purchase invoice in QuickFile that will debit the relevant expense code or codes in P&L and the purchase tax control account on your balance sheet and credit the creditors control account to balance it. When you tag the payment to a supplier that will debit the creditors control account and credit (i.e. money out from) the relevant bank account.

So when you just tag the payment like this but don’t allocate it to a purchase invoice then the amounts will just sit in the creditors control account on your balance sheet and not show in your P&L - you need to create purchase invoices for that.

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