I am a newcomer and hoped to get a little help here.
Topic is not new, but I did not see solution reading through the older posts. So my issue is:
I have tagged Bank items. They show and save as Tagged.
These are payments (accounting fees) without having set up any Supplier invoice in the Purchase “module”, simply because I am in the Flat VAT scheme and do cash accounting, therefore don’t have to follow my Supplier ledger on an invoice basis.
All these items are shown in the Suspense account, which I can weirdly remove through re-tagging these through the Chart of Account. Never seen such a solution before.
I am looking for a solution that does not have to go through the Invoice module and setting up supplier invoice, in order to clear up my Suspense account.
Many thanks for your quick reply.
I have set up the tagging rules, and that setting function does not show any reference to the suspense account, i.e. whether bank items hit that account or not.
I read an earlier post which said any bank entry would hit the suspense account first, and the only way to avoid that would be to book first the invoices and settle the payments through the invoicing module - which I would find a bit of overkilling the booking, hence my question.
Since I posted my question, however, the suspense account cleared up by itself, and I do not see it on the Trial Balance, nor on the CoA, anymore. Which is weird, because I have an opening bank account balance, which I have not allocated yet, therefore the counterbalance should be reflected on the suspense account…
I prepared screenshots about the current situation, which is:
Tagging rules don’t give a hint about the booking concept
Banking items tagged. (all of them except 1 item, insignificant).
**First I have done the tagging using the tagging rules, which did not work, i.e. none of the tagging rules were applied to the matching items. Therefore I have re-done the tagging manually through the banking view.
if all my items tagged, why can’t I see them on the Trial Balance, nor on the Chart of accounts? and why can’t I look into the details through the TB view?
My Ledger (Journal) is empty, apart from OB. why?
Is there a glitch in the software? Can somebody please help and look at my account?
When you enter a new bank transaction there’s a debit and a credit due to double entry accounting. One entry goes into the bank nominal (e.g. 1200) and the opposing entry gets posted to suspense (9998). While the opposing bank entry sits in suspense it is effectively unexplained.
Tagging the bank entry removes the double entry from suspense and allocates it to something like a purchase or sales code. Untagging it reverses that action and places the double entry back into suspense.
Are you sure you have the date range appropriately set on the CoA? Maybe the opening balance entry is out of the report range?
Looking briefly at the screenshots you linked to in Dropbox, your bank entries are in 2019 but both the TB and CoA end dates are set to 31/08/2018. Can you update the end date to bring those bank entries into scope and recheck?
When you directly tag items from the bank it won’t create a journal. A journal is more useful when there are multiple debits and credits in a single transaction. Let’s say if you split one item on the bank to multiple nominals, in that situation it will create a journal. But for a single DR, CR it won’t. With that said you can still click the green “Tagged” button on the bank to see where the counter-entry is.
Thanks for your quick reply. I also try to answer your questions.
1 Re suspense account: Yesterday, after I tagged my bank items, still I saw the suspense account was intact, aka the suspense balance did not reduce after having tagged a few items and refreshed the screen. The only way it started to move, when I went into the Chart of Accounts, looked into the Suspense account balance, which navigated me back to the Banking view. Through this view I re-tagged the already tagged once items (which they did not appear as having been tagged, through the CoA view), and only then the Suspense balance started to move. That was the point when I first posted.
While waited for a reply, I left this page and re-started to tag the remaining items through the Bank, thinking at least I should finish that process.
A little time later, when I re-checked my suspense account, this issue automatically resolved and I have no clue how. The way it looked to me, at first the banking transactions tagging through the Bank did not work properly. as if the Sync to the dashboard reports happened only with big delay. Hope this clears what and how I did. I understand the suspense account concept, only it did not seem working properly at first. Do you have an idea what might have gone wrong?
Note: I still have Opening Balance Bank with a Suspense counterbalance, which Suspense account, however, does not appear on any dashboard report. (date periods are aligned)
2 Date range: they are aligned. I only imported all transactions until 2019, and did not notice that I sent the screen shots showing 2019 details. Issue is independent from the date range, they are automatically aligned, aka I selected sep1 2017 to Aug 2018 and all reports automatically pull numbers for that period.
I have to revise my 2nd point again: the amounts now look fine, it was a miscalculation error from my side and sincere apologies for that. Periods were fine, I only forgot that I started to pay accounting fees later than I ordered the service, which is a silly thing to forget. Anyways, at least we know now that the dashboard pulls the figures from the right period.
However, I have a few further questions, which may not be technical (professional) ones. Hope you can help with them, too:
I am not able to view the journal entries from my TB, only through the CoA, which I think would be great to have.
(for that matter, not sure what the difference between CoA and TB is, as I can see figures linked to both, whereas I would expect the CoA would show the Coding structure and how it is linked with the B/s and PNL, and the TB would show the balance amounts) Could you please kindly explain the difference?
When I select a period for my TB, it automatically syncs with the CoA, but to view my Journal for the same period, I have to go into the Advanced Search section, and overwrite the date range manually, which is a bit of a hassle. Is there a chance to upgrade the Journal view in order to align its default period to the TB? (keeping the editing option of course)
I would also find great help if the Journal view would show the period on top of the report, just like as the TB and CoA shows, is there a chance for this upgrade?
is there an account setting option somewhere, to define default (view) settings, e.g. that all reports should reflect the same period by default?
Many thanks for your patience, Matthew, and your reply in advance.
The TB doesn’t directly link to the ledger detail view. Although I’ve asked if this can be updated so that the nominal code numbers in the far left column link through to the ledger.
The CoA is mostly concerned with your nominal ledger structure (as you mentioned). From the CoA you can create new ledger accounts, rename accounts and remove unused accounts. The CoA just happens to show balances too, as it was built before QuickFile had a dedicated TB report, it just remained after the TB was introduced. The TB also shows opening and closing balances, which the CoA doesn’t.
In the journal list (Reports >> Journals) there is an advanced search slide out that will allow you to filter by date. However neither CoA or the TB links directly to the journal list… perhaps you’re referring to the ledger detail view?
Great thanks for the diligent answers.
Re TB view:
Agreed, it would be nice to link the TB to the Journal (aka the ledger), because that is how it should normally work (since the TB builds up from the ledger).
As such, I would also normally expect that I would be able to see the ledger activity through the TB report and not the CoA…
Re the CoA vs TB differences:
I was just wondering that, in order to make a distinction between the two reports and since the TB has been introduced, perhaps the classic roles of the 2 reports could be restored and the legacy solution replaced?
…aka the CoA could (should?) only show the Ledger structure without the amounts, whereas the TB should show the Balances and the ledger movements. This segregation might also help to gain transparency over the reporting concept, and it would also solve the issue of how one can look behind the TB numbers ( right now you have to go through the CoA which is a bit confusing, I think).
Re Journal view:
What I meant here is the visibility of the Journal period. I think the date filter should or could be moved from the Advanced Search slide (as you showed) to the Report face, similarly to the TB and Coa reports - Those clearly show you in which period you are, when you look at the report (and you don;t have to look for this information behind a Seach function). I think showing the date range filter on the face of the Journal would be really useful, otherwise one might get reconciliation issues - although if the Journal is not linked to the TB, it does not make too much difference, but it would make a big difference when they will be synced.
MAny thanks for the explanation of the default date ranges. Not sure if I understand correctly: are you saying that I should be able to see the same dates across all 3 reports during my session? As it is not the case in terms of the Journal: I need to actively manage the date range for that, in order to align to the CoA period.
Re Downloading the Journal: I meant to download any ledger for the bank, even if it contains simple double entries with just one DB and one CR.
Re the Alert message at tagging from the Bank:
I meant something like: “please note that tagging Bank items through the Bank will not create any journal, and so it will not appear in the Journal report. If you want your Bank items to be booked into the Journal, please do this or that…”
If you check the TB now, those links should be there.
I presume it’s like this because there’s no direct link from the CoA/TB to the Journal List. The journal list exists independently, unlike the ledger detail page which is a drill-down from the aforementioned reports.
Across TB/CoA and ledger detail yes, date ranges should be consistent. But not the Journal List as per my previous comment, this report is independent, similar to the sales and purchase invoice lists.