Reconciling Accounts

I am a sole trader and mix my personal and business transactions in one bank account. The section of the Quickfile help entitled ‘Soletrader bookkeeping - the basics’ instructs me to download my bank statements then delete all the personal transactions as they are irrelevant. I can see that (although I want a package that will allow me to see my whole financial picture, business and personal, at a glance. My question is - how do I reconcile my bank account when I have deleted half the transactions?

If you’re a sole trader and do not have a dedicated a Sole Trader Business Bank Account, you do not need to reconcile your personal bank account. You may find the posting below useful:

You could also either use the ‘Proprietor Drawings Account’ (1202) as stated in the above posting or ‘Add a New Custom Nominal Account’ to tag all personal transactions (both money in and out ) of your personal bank account to, as a transfer to/from the ‘Proprietor Drawings Account’, that way you will be able to reconcile your personal bank account.

Thank you Joe. That’s very helpful. I’ll give it a go!