QF Reports not working correctly

Support
1

Hi There

I spent some time trying “Reports” I have to say some of the reports are a little bit confusing. The numbers just don’t add up and some numbers I don’t even know what it is.

Profit & Loss Report is what I need but because of the Suspense Account, the report is wrong. I am not sure why I can’t delete it or exclude it from the report. The Suspense Account is also included in the Segmented Profit and Loss Report

Cash-based Profit & Loss Report is without Suspense Account, but the report is wrong as well. One invoice is not included in General sales, Why? It’s included in the Profit & Loss Report

I am sorry, I probably don’t fully understand how all these Nominal Accounts work. I just need something simple which would work for me ( and shows me the correct report)

Thanks

2

The suspense account is for anything that hasn’t yet been allocated to its final “resting place”, typically untagged bank transactions and any bank account opening balances. If you set an opening balance on a bank account then you will need to manually journal it off the suspense account onto wherever the funds actually “came from”, typically either retained profit from a previous year or capital introduced.

3

Hello @patrick797

In double entry book keeping when you post a transaction, 2 or more accounts are always affected.

e.g. Money Out of the bank - Tagged to a Stationary Nominal code recording the purchase of stationary.

The Suspense account is used when QuickFile does not know the other side of the transaction

e.g. Money Out of the bank - Not Tagged

The value would remain in Suspense until it is tagged

I am not sure why I can’t delete it or exclude it from the report

You need to tell QuickFile the other side of the transactions by Tagging them of the values will remain in suspense

4

Thank you for the replies. Yes I have done some bank transactions not related to my business. If there are bank transactions which have nothing to do with the business I delete these transactions. I don’t tag them. Why the deleted transactions are still in the Suspense Account?
It seems that QF has too mush control over the numbers / accounts. I thought I can manually control the input to QF

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