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?
The system automatically locates duplicate transactions and matches them. However, there are times the system can’t locate any similarities in the details of the transactions. You can manually match the transactions.
Edited or deleted transactions
You can run the Audit log to verify the details of the edited or deleted transactions.
Feel free to visit us here in the Community and let us know how it works on your end. I‘m always here to help you in making sure your transactions are accurate and reconciled.
I understand the below and am confident that the discrepancy lies with "Outstanding Transactions" that have been excluded.
As mentioned in my question:- Any transactions that appeared in the new tax year but were related to an invoice for the previous tax year have been excluded as the payments were recorded on my previous Accounts software.
My question is more related to the correct way of handling this:
Would it be acceptable to make 1 purchase invoice and 1 sales invoice to cover the total amounts for the excluded transactions and tag the excluded invoices to the relevant invoices?
Ie if there was 10 sales transactions totaling £10k... make one sales invoice for £10k and tag all exempt sales transactions to this one invoice?
You can create 1 invoice and then in the description section you can enter the details that is for the relating payments or missing invocie numbers then either get the payments out of excluded and then record the payments off the total amount of the invocie or just record the payment on a date of your choice.
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