I have a question why unposted transactions from bank accounts appear in profit&loos account and can I change it (it incorrectly lower or rises company profit)? And related question: GoCardless payments appear in GoCardless bank account in Quick File and they are tagged from there by the system. And this is brilliant. But the same transactions appear in my current bank account once Go Cardless pay the money into it. I can’t tag them from there as they already have been automatically tagged by the system from Go Cardless account and I can’t also remove this transations from bank account as it will change the bank balance. This untagged Go Cardless money transfers also appear in my profit&loss as a profit (incorrectly). How shall I propely deal with it?
If the invoices have been paid into your gocardless holding account then when the money arrives in your current account you would tag it as a “transfer between accounts” rather than “payment from a customer”.
Thanks a lot. But what about this suspend account showing balance of untagged bank transactions? Does it have to appear in P&L?
These will appear in the suspense account until the transaction is tagged. Think of the suspense of account as an “unknown” area - anything here is only there because details aren’t known.
QuickFile works on a double entry accounting system, so for every positive action, there’s a negative one (e.g. a customer pays money into your bank - positive; the outstanding invoice balance is reduced - negative). With the bank transaction, until it’s tagged there isn’t a balancing entry, so it sits on the suspense account.
I hope that makes sense?
Ok, make sense. Thank you.
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