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Currently there is a £10k deficit between the balance in my bank and the balance shown on quickbooks. I moved over to quickbooks from a different software at the start of my financial year. However there were payments in and out of the account in Month 1 that were relating to invoices form the previous financial year which I have marked as "Excluded". When I look at the Excluded section (for ease) there is £10k paid out and £20k paid in which matched the £10k deficit I am seeing. My question therefore is...Since these excluded transactions are from the previous financial year and documented in my previous accounting software, in order to make the banks balances match...Would it be acceptable to create a sales invoice for £20K and a purchase Invoice for £10k and tage the payments accordingly? Or is there a more correct method? Any help would be much appreciated.
I was unable to upload my bank entries for June/July because my bank will only go back 90 days. So I entered them all manually by going to Accounting - Chart of Accounts. I then selected my bank account and entered all the receipts and payments manually. However all these manual entries do not know appear in any of my reports. What am I doing Wrong?If I access the bank account through banking none of my entries are there. If I access my bank account through Chart of Accounts they are all there?
Before my business began earning any money I paid out of my personal account for certain setup costs, such as computer equipment and software. Then, when money started coming into the business, I repaid myself with a series of lump sums ... round figures with a final balance repayment at the end. I kept receipts for all the items I paid for personally and uploaded them into Quickbooks (which does a great job of scanning them and automatically detecting supplier, date, and total amount, so thank you for that). I also categorised the appropriate repayments from my bank account, in Quickbooks, as expenses. And everything adds up. The expenses come to the same amount as the receipts do, as you’d expect. However, individual items do not conveniently match up with a corresponding expense, because items were bought as and when required and have a variety of costs, whereas the expenses (the repayments to myself) were nice round lump sums. Let me give an example using just the first few items.
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Hi, I have a client who is having issues reconciling banking. There is a payment which matches to several invoices with a difference which has been added, when the amounts match and we click save, we get the following error message. This transaction has already been accepted.I have checked and this has not been added to the bank and all the invoices are still awaiting payment.Hopefully someone can help me.Many thanks all
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Hello all, I have recently moved to Quickbooks from Xero and connected Wise to Quickbooks. The Wise account has four currencies in use: GBP, EUR, USD and CHF. We frequently convert the currencies between each other to pay suppliers using funds received into Wise from customers. Within Quickbooks, I have an account set up for each currency and the feed is automatic. The issue I am having is with these transfers, Quickbooks does not let me make a transfer unless one of the currencies involved is the home currency for our account (GBP). For transfers such as AUD to USD, I have to create a transfer from the Wise AUD account to a GBP clearing account and then transfer from that account into the Wise USD account. This is time-consuming and initially we moved from Xero to Quickbooks to automate the matching of transactions and basic bookkeeping functions. If anyone could please advise if there is a workaround it would be greatly appreciated. We have an active Paytracker a
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HiI have been trying to refresh my bank feed for a couple of weeks now and still keep receiving the same "there was an error" message. Initially, I spoke with my bank, who investigated and told me that the issue was not with them but with quickbooks - that was last week. This week it is still producing the same error message which is halting me completing my accounts. I need help!
