Recording receipt of cheques vs bank reconciliation


I have recently taken over as treasurer for our local village hall and am new to Quickfile / accounting in general. We issue invoices and receive payments as bank transfer, cheque and cash.

I want to register the receipt of cash/cheques when I get them and then later reconcile against the uploaded bank statement csv file once a month, Everything I try results in a duplicate being created (ie paid twice). I suspect I’m not approaching this correctly. How would you do this?

many thanks, Karen

Hi Karen
If you are uploading CSV file for bank then you dont need to record transactions manually, just tag them once they appear on bank screen after import from csv file


I would use a holding account - a fake bank account called something like “Cheque holding account”. When you receive a cheque in payment for an invoice you mark the invoice as paid into the holding account, when you bank the cheque you tag the money in on your bank account as a transfer from the holding account rather than as payment from a customer.

Thanks for your help. I think I’ll just wait until the bank statement comes in and mark as paid then. May use paper/pencil for the rest!

It all depends whether you are having people log in to QuickFile to see their invoices, and if you want them to show on the client’s view as “paid” when you received the cheque or only when it clears. If the former you need to use a holding account, if the latter you can just tag the payments on your current account. If your clients don’t view their invoices through QuickFile then it makes no difference really (unless you’re VAT registered and on cash accounting, in which case you must record the payment when you receive the cheque rather than when you bank it).