Multiple Bank Account Transaction Matching - Automated Reconciliation

How-to
1

Scenrio.

ONE Quickfile account instance →

  • Company Bank Account
  • Personal Bank Account

Company pays salary of £1000 to employee into the Personal Bank Account.

Company Bank feed identifies £1000 going OUT
Personal Bank feed identifies £1000 coming IN

Simple.

So now I want to match them.

I click on the £1000 OUT going transaction in Company Account and say “Bank Transfer Between Accounts” → Quick File now identifies that there is a £1000 IN coming amount that matches and I confirm.

All good so far.

NOW I try to do this BULK. :frowning:

Select all salary payments from the company to the personal account and BULK “Bank Transfer Between Accounts” … only this time … nothing is matched and it’s duplicating transactions.

There are 1-1 matches. Not even close to a delay in date or a change in amount.

I’ve now got hundreds of duplicate entries which I am having delete.

Do I have to go over each one MANUALLY ??

2

Hello @PeterBetts

Company pays salary of £1000 to employee into the Personal Bank Account.

I am not sure what you mean by this?

You would not have employees personal account set up in your company accounts.

If it’s you personal account, for example, and you are paying employees out of you pocket and being reimbursed, You would just a transfer between the company bank and the Directors Loan Aaccount/Drawings account.

3

OK. You are asking a specific question with respect to accounting. This is not about accounting best practice. You are right and in reality I would not mix company and personal…

BUT …

I have FOUR account instances with Quickfile => Two Ltd Companies and One Partnership and …

ONE instance that I use to just monitor money flow. Household expenses, credit cards, payment from my companies, payments to gym etc etc. Just general living. I use it to track my expenses but also summarise what moneys my companies have paid me and to double check the financials.
Anyway…

Forget COMPANY and forget PERSONAL, Think

BankA <–exchanges money with–> BankB

I open BankA online banking app to send £1000, outgoing to BankB.
I open BankB online banking app and I see receipt of £1000, incoming from BankA.

Simple. A pays B.

Now I come into Quickfile.

I have both bank statements loaded into quickfile and I can look at the transactions of each bank and see £1000 OUT from BankA and see £1000 IN to BankB.
Great so far. This matches what I did.

I then select the £1000 OUT transaction in BankA and select "Bank Transfer Between Accounts” into BankB.
It tells me that if it finds a matching record in BankB it will let me know.

I click OK and it presents me with the matching £1000 IN coming record in BankB.
If there is ONLY one transaction and perfectly matches the date and amount I am uncertain why it is asking me to Select One ?

I select the ONLY transaction and I click save.

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I look at the tag and I can see that £1000 from BankA has been tagged as a transfer to BankB

and vice versa if I were to look at BankB. I can see the transfer came from BankA

Great full traceability. No problem.
So this is all great and 90% what I want … (Apart from why it asks me to select from a list of ONE items that match ?)

Now imagine I have spent the last few years sending money back and forth between accounts. I have hundreds of transactions that are OUTgoing and INcoming between two banks.
All the imported bank statements match perfectly and identify all the correct sums on the correct days.

I now FILTER the transactions in BankA (using the search facility) to identify a BULK group I want to tag. I then hit “TagSelected” and select “Bank Transfer Between Accounts” to BankB

I WANTED the tool to correctly match all the individual transactions from BankA to BankB and auto Tag. (just as the manual one by one route worked)

BUT instead it just creates NEW entries in BankB and replicates hundreds of entries.

Question :Should multiple tagging work? What am I doing wrong ?
Question : Why does a manual tag show me a list of ONE item rather than matching automatically?

(Work around… I did create a “reconcile” pseudo bank to sit in between A and B
So A posts to “reconcile” and then B receives from “reconcile”. That works but I loose traceability of what account monies have gone to and from. Nasty)

I did include step by step screengrabs, Only to be informed I can only add ONE embedded image,

4

Hello @PeterBetts

Why does a manual tag show me a list of ONE item rather than matching automatically?

Even if there’s one transaction, doesn’t mean it’s a match. QuickFile has no way of knowing if that is the case or not, hence we give the user the option to accept/decline it.

I WANTED the tool to correctly match all the individual transactions from BankA to BankB and auto Tag. (just as the manual one by one route worked).

No, it’s not designed to work in that way, See above - We don’t know that the transactions match, so we can only prompt the user. Even if you did that in bulk, we’d have to list all those entries just for you to confirm.

You are welcome to start a feature request for it in the community forum, please outline your use case and how you would expect it to work. That way other users can vote on it.

5

Thanks for all your responses…

I can understand if the singular matching has a manual user entry requirement that the bulk won’t work. BUT

“Even if there’s one transaction, doesn’t mean it’s a match”

Maybe I cannot think of the Use Case but if the Dates are identical AND the transaction Amount is identical and there is ONLY ONE… why not match?

This would assume an identical transaction value on the same date does not appear in another account - coincidentally. Is that the problem?

So can I create a RULE ? that also matches the descriptive text ?

  1. Sub-question… with RULES …
  • do they only trigger on NEW bank feed inputs ?
  • Can I manually trigger the rule set to work across the entire account ?
6

Hello @PeterBetts

  • Do they only trigger on NEW bank feed inputs ?
  • Can I manually trigger the rule set to work across the entire account ?

Yes and yes, more information can be found at the link below

https://support.quickfile.co.uk/t/automated-bank-tagging-rules/8840

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