My bank balance in quick file is less than what my statement balance is at the end of the month when it has reconciled perfectly?
There could be different reasons. One of them could be the opening balance. As you opened the bank account in quickfile have you entered an opening balance to match the balance of your bank account on that day?
Yes the opening balance is correct. It went wrong somewhere is last two months as there was some credit notes and payment on accounts. But then when we reconcile it, it matches. I don’t know what is going on.
Another reason could be that quickfile shows (for most bank accounts) the balance from the previous day (if you use the bank feed feature). Quickfile also only shows completely cleared transaction. That means if you have paid for something over the weekend that will may show up on your bank account but not in quickfile. Quickfile will only show that transaction when it is cleared which may can take a few days.
Thanks for your quick response. I have figured out now. It was one supplier paid twice transaction wise. But there are some issues other than this with quick book which is making me feel to switch to some other software.
1 No option in statement for payment on account.
2 if there is a credit note, the statement balance doesn’t take that into account. Which misleads the customer and creates mistrust.
You can tag a payment from your bank statement as a payment in account (prepayment), by using the “pay down multiple invoices or hold on account” option.
First, click “Tag me” and select the top option for a payment from a client, or payment to a supplier
It’ll automatically search for matching invoices, but regardless of results, you can find the hold on account option at the bottom -
It’ll ask for the client name - enter this, and it’ll show you all invoices that it can be tagged against. But, you will have an option to assign it later -
And that’s it! The payment will be shown as held on account which can be used for future invoices.
This will the appear on client statements, like so -
This is assuming you’re using the default statement layout. There is another one you can enable in your account settings which will show the payments and how they’re allocated.
Credit notes should be included in the outstanding balance. If you could provide us with some examples of scenarios you see this, we can take a look for you.
You’re welcome to send @QFSupport a private message if you’d prefer, with your account number and examples on the account.
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