My bank balance will not sync

Support
1

I don’t know what I need to do to make my bank balance match the balance showing in Quickfile. It’s out by nearly £20,000! Sorry if this is a stupid question.

2

Hi @abitsmith

Has it ever matched? Have you tried reconciling to make sure there aren’t any missing/duplicate transactions?

Another thing to check is the opening balance, whether you have set one and whether it is correct

3

It doesn’t “sync”. Quickfile simply takes the opening balance and then adds/subtracts all the transactions you enter.

Is everything tagged and up to date, do you use the bank feeds, have you been logging/entering payments/transactions manually? Could be literally anything at this point!

4

Thanks, Beth.

No it’s never matched. I don’t know how to reconcile, other than checking each input one by one, but that wouldn’t change the balance, unless I can delete some of them, and I don’t see how that would help.

I entered a load of purchases manually, then realised it had thrown the balance even further out, but only by a few thousand rather than the £20,000 current discrepancy.

How do I alter the opening balance?

Best wishes,

Abi

5

Thank you, Lurch.

Yes, stupidly I entered some transactions manually, so it’s entirely my fault. A more accurate question is “how do I make it right?”.

Best regards,

Abi

6

I’ve just gone through and tagged each transaction, and input the accurate opening balance, with the result that the discrepancy is now slightly larger. Is it OK to just ignore it?

7

Hi @abitsmith

Ideally, having the bank balance matching your actual balance would be best.

You would need to enter an opening balance (assuming there was a balance prior to using QuickFile), which should predate your first transaction.

Reconciling would be the best way to ensure all your transactions match up. You would need bank statements to do this for the opening and closing balances, as well as the date range.

There’s more information on reconciling, here: Reconciling your bank

Hope this helps!

8

Thanks I’ll try that, Matthew.

Do you recommend Scenario 2? What will Quickfile do with transfers into savings ‘spaces’ as Starling calls them?

Also, what should I do with the purchases I input manually?

I’ve made a complete mess of all this! Feel like quitting and starting again without the bank feed.

9

I think your issue is, I’m assuming you add a payment to paid invoices directly from the invoice screen instead of importing your bank statement and tagging the transactions to the invoices.

Somewhere down the line you have either duplicated transactions and/or forgot to add an opening balance.

The way to fix it would be to check whether you have duplicated transactions, and delete them.

So yes, it will take a while but the way to stop this happening in future would be to reconcile your bank every month’.

10

Thanks, Paul.

Yup I think that’s what I’ve done.

Long day’s work ahead, but I hope it will be worth it.

11

I’m not sure how you’ve managed to do that if you have duplicated transactions. If everything is tagged then you must now have duplicate sales/purchase invoices too?

Nothing. As I said above, Quickfile just takes the transactions from Starling and adds/deducts them from the balance. Spaces are an in app thing and do not change your balance anyway.

Tag them from the bank.

12

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