Tide Bank upgrade balance reconciliation

Tide Bank has recently (and is the ongoing process of) migrating their accounts to a better system, which leads to a change of sort code and account number, whilst retaining all the original transaction history. This means I have revoked the previous account details’ open banking feed and created a new one with the migrated account details. The opening balance of the new account is effectively the pre migration balance of the old one. This leaves me with twice the real balance in my Quickfile accounts! I suspect I need to make a journal entry to effectively zeroise the original account. How do I do this, and / or is there something else I might do?

Hi @JemcastAJ

Can I just check, have you set up this account as a new bank account on QuickFile and that you want to set the opening balance of the new account to be the same as the closing balance on the old account?

I have set it as a new account and have set the opening balance to what was left in the old account. In effect Tide have simply changed the sort code and account number. The issue is I have all the historic and reconciled transactions under the old account details, as well as a new open feed to the new sort code and account number. But I now have two banks showing the same balance so that gives my bank holdings in total as twice as much as I really have.

Hi, If I understand that right, I think you should just use a “transfer between accounts”. Transfer the closing balance of the old account to the new account, which would been shown as a money in transaction. No need to use the opening balance feature.

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That makes total sense…and I’m sure there’s an easy way to do that …? Using a particular journal entry?

No, if you go to your old bank transaction list, you just create a money out transaction dated the last day, then tag it as a transfer and select the new bank account. That’s it.

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Thank you @Paul_Courtier. The Tag to open up the transfer was my missing link!

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