I have been using Quickfile for the first time this year, year end 31st October. I started the current account with the opening balance shown on my bank statement, of £11284.06. I imported the statements into Quickfile and then tag the various transactions against sales or purchases.
After the first 2 transaction the balance on Quickfile does not match the correct balance in my account, and the has followed through the year.
The 2 transaction were £3700 paid to out and allocated to the directors loan account and the £793.44 was paid in. The first balance on Quickfile current account shows £11152.20 after those 2 transaction but should show £8377.50.
The first thing to do would be to reconcile your bank account, just to be sure everything is there and nothing’s missing.
The other thing to check, because there’s an opening balance, is the date of the opening balance compared to the transactions - is it before them?
The last thing to check would be the number of transactions on that day. The balance is only shown against the last transaction of the day rather than every transaction.
Thanks, yes I have checked all those. I have tried moving the opening balance start date to a couple of days before as that is genuine from my bank statement, but that makes no difference, and should not as I set the date to 1/11/19 and the first transaction date is the 4/11/19. I have not completed a reconciliation for the whole year as the first 2 transitions on Quickfile are wrong from my imported statement and produce an error from the beginning.
How does Quickfile calculate the bank statement balance? Is it not just opening balance, plus and minus transactions?