Being new to Quickfile I am wanting to make sure that everything is as it should be.
I have intergrated Paypal and each day it has updated with the appropriate sales invoices to mach payments made through paypal. It shows in the Chart of Accounts in General sales which match the invoices however under assets and liabilities code 1251 there is a fig in red which is considerably less? (Im not understanding why)
I have also intergrated Stripe but that does not seem to raise coresponding invoices and does not show in General sales but does appear in Assets and Liabilities under 1252 in red? (again im not understanding)
Would be so greatful if someone could advise as getting it right will save so much time in the future.
First check the date range in the Chart of Accounts, that caught me out when I went to see what my figuires looked like.
However the Assets and Liabilities section has got me confused as well, none of the bank / petty cash balances seem to agree wtih the actual accounts and I can’t immediately see why Paypal is red when the rest of the balances are in the black. What I also see is that two accounts, which are redundant and had their balances transferred to the current account earlier this year are still showing balances despite the appropriate bank accounts being zero.
Are you accounting for charges in PP and Stripe?
I didn’t think that there was an invoicing function within Stripe but I could be wrong as we originally introduced it as a payment option on our invoices. Are you tagging the Stripe entries in the holding account?
Again this is probably to do with the date range - CoA shows the sum of credits and debits within the selected range, not the balance, so it will be out if there was a non-zero balance on a particular bank account prior to the start of the date range.
The trial balance report is more helpful, this gives the same numbers as the CoA in the middle section but also shows the opening and closing balances.
I have a funny feeling when I was trying to intorduce original capital transfered from my personel account I may have done things wrong.
I have not entered anything regarding charges yet from Paypal or Stripe but have noticed that under bank charges paypal fees are there.
Stripe has had a invoicing function for a while.
I have checked the date range for the accounts and it is correct, I am thinking it may be easier to wipe the system and start again but manually each month enter the sales processed through stripe, this is what my father does with his business and that did not throw up these issues.