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Reconciliation with paper bank statement


#1

I daily do book keeping on QF, and at the end of the month the bank statement comes in. There are probably a few items ie direct debit s I haven’t accounted for but use to add them on my spread sheets when balancing with the statement.

Is it necessary to upload a crv bank statement or would it duplicate item that I have all ready entered???

Thanks for you time in helping.


Reconciliation from bank statement
#2

Hi @Claireabell

This entirely up to you, there is a risk with uploading a file as if the items you have already entered are different it may not recognise it and duplicate the transaction.

When uploading the file it does do checks for duplicates, looking at the date, amount and description. So if the description you have typed has a missing letter this may not be picked up.

You can delete duplicates one by one if there are only a handful or you are able to delete/undo the whole upload from the file.

hope this helps :slight_smile:


#3

What bank are you with? Sounds like you would be better off using the bank feed then you don’t need to wait until the end of the month and everything is pretty much reconciled as you go.

Looking at this and your other posts I think you have in general come at using Quickfile from the wrong angle entirely and seem to be trying to replicate your offline spreadsheet method which only makes Quickfile harder to use.


#4

Ok thanks I did upload a statement on our reserve account and yes it did duplicate transactions that I’d already entered.

Thanks for reassuring me as there are not many people to talk to apart from online, which has been amazing. It’s just abit daunting self learning and hoping you’ve got it correct.

So you don’t have to upload statements? Only maybe if you haven’t entered any purchases??


#5

Hi @Claireabell

There is no right or wrong, it is all personal preference. You can upload if you want to or you can enter the transactions manually. Whichever way works best for you :slight_smile:


#6

I think your right! Years of reconciliation in black and white and on paper…and you can see the figures and balancing to paper statement, and also sales, go straight to the hard file and it’s on paper lol.

I’m just trying to get my head around this, this week and your maybe thinking I must be abit thick! And it’s easy. :woman_facepalming:.

I’m starting to get it, sales I’ve got sorted. I’ve just got the purchase sorted. It’s just the credit card entry I’m not to sure about as you can see my posts and attachments. Any help would be good. I wish there were seminars you could got to, I just like to shadow people to make sure I’m doing it right.

Now the vat side if things! I’ve got my old system still going as I want to make sure I pay the right amount of vat to HMRC. I’m sure ones I’ve done a couple of months it will be the best thing!!

Many thanks :pray:


#7

Also to reconcile you enter the figure on the statement start balance and the end balance??? Is this correct ?


#8

:pray: thank you. Appreciate you time


#9

Hi, you are correct with reconciling the statement and entering the balances at the start/end.

With regards to your Credit Card I would suggest treating this as a bank account to process the transactions.

:slight_smile:


#10

To reconcile QF from a paper bank statement - do you enter the figure on the start balance and the end balance from the paper statement?

I’m not use to reconciling this way use to spread sheet on excel. Sorry if it a simple question/answer. :roll_eyes:


#11

Thankyou again it’s becoming a lot clearer. I will not look back in a few months!


#12

QuickFile don’t offer any training directly but we are aware of some training courses such as this one:
https://www.eventbrite.co.uk/e/an-introduction-to-quickfile-tickets-56447427776

This online event taking place on 11th April may be of interest to you?

:slight_smile:


#13

I’ve signed up for it, thanks again.


closed #14

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