Hi all, this may be more aimed at the QF specialists. My name is Hayley, Martin has just pointed out to me that when he first logs onto the account it shows that he owes quite a bit of money. I cannot understand this as I match all of the banking as soon as I bring over the bank statements to the receipts of purchase yet if I click on Money I owe then there are 24 items found. Am I missing a stage and how do I rectify this?
Also as I am coming to year end how do I archive previous years records so only the current years accounts are showing?
Sorry not done accounting for over 30 years since I was at college.
Hi, All of my payments are tagged from the bank statement or log payment button. On our Dashboard under Balance at a glance in Red “MoneyYou Owe £1,474”. When I click on the Red button Money You Owe it the list from Purchase Management of 39 outstanding items which I have already tagged, logged or paid all purchases as stated above.
When we first started using Quickfile I believe we might have setup the banking incorrectly. I have one account listed as Fusion - Debit Card Account and monies showing and another which says Current Account but no monies showing. Should everything be in the current account and if so how do I transfer the transactions from one to other?
If you have paid part of the balance, the money you owe on the dashboard will show the full balance rather than the partial one, and also on the outstanding invoices screen. However, you can go to More Options >> Show all partial balances to reveal these if you wish.
If they are tagged to be paid in full, it may be worth trying to find the transactions you believe to be tagged to the invoice and tracing it backwards (e.g. start with the payment, find out where it’s tagged and correct it if it’s wrong).
It doesn’t necessarily need to be the current account. This is just a default account QuickFile sets up for you to use, but you’re welcome to set up more if you wish.
Still having a horrendous time with this and getting no where. At the moment I have £1544 in the red “Money You Owe” box on the dashboard. I always tag payments from my imported bank statements weekly and are all paid in full with no part payments. When I click on the “Money You Owe” box I get a page tittled Purchase Management of “UNPAID” items that I know I have correctly tagged as Paid some going back 200+ days.
The answers given so far have not helped me resolve this issue, which I need to resolve for my year end and tax return.
It’s possible you tagged the payments to the relevant supplier but didn’t assign them to a specific purchase, in which case they will stay as “prepayments” on the supplier accounts. Try the “log payment” button on an unpaid purchase, and if you do have a prepayment lodged against that particular supplier then you’ll get the option to “apply from credit”, to allocate (some of) that prepayment to pay off the purchase.
“Money you owe” in the dashboard doesn’t take account of prepayments, so even if you have a zero balance with a particular supplier (prepayments and outstanding purchases are equal) it’ll still show as owing until you assign the payments properly.