Negative balance company bank account

[abrabglimited]

Obviously I made a mistake as after reconciliation my bank account shows negative amount.
PayPal shows positive balance, but at the moment is zero after all available funds are transferred to the bank account.
Shall I de-tag all of the transactions from sales and start all over again

[rhc]

Hi, before you started entering all your transactions was there any kind of balance on your bank accounts/PayPal account? If so, have you entered these balances as an opening balance into quickfile, in the settings for each bank account?

[abrabglimited]

£2000 as Directors Loan and zero in PayPal. Then all transactions from sales start automatically to be created as invoiced sales which I have transferred to the bank account

[rhc]

In you PayPal account did you enter the PayPal fees? Also in your PayPal account are there all transactions tagged, are there maybe duplicates? Do you use auto-bank feeds for PayPal and current bank account?

It is always difficult to guess what’s going from distance. You should may add as much information as possible.

Maybe this post is of any help

Tagging your bank transactions

What is bank tagging? When you connect a bank feed or upload your bank statement to QuickFile, you will notice that the individual transactions are highlighted in red as “Tag Me”. The tagging process allows you to work through the bank statement and provide an explanation as to the nature of each transaction, this is typically one of several things: Client payments (usually allocated to a sales invoice). Supplier payments (usually allocated to a purchase invoice). Salary payments or drawings …

[abrabglimited]

Thanks for your reply. I will go through every transaction carefully one more time to see what is going on but when I tryed untagging them and tagging them back again now PayPal got £2161 and the bank account is fine. The trouble is that PayPal balance in actual is £0.00

[Paul_Courtier]

Sounds like youve got duplicates or tagging it wrong.

If you tag each PayPal transaction to an invoice or receipt, and only tag the transfers out to your bank as transfers it should all balance.

[rhc]

Have you ticked this box in your paypal feed settings?

[abrabglimited]

Yes I did. Seems like I have them from before
Will go through it all