Hello there, Mattix. When profit is overstated, but the cash isn't there, the program is likely counting your income twice. This happens if you import your historical sales transactions and then also add the bank data for the same payments. Instead of linking the two, the system treats them as two separate sales, doubling your income on paper.
To rule this out, head over to your Bank Transactions page and click on the Posted section. Review the entries you’ve already processed. If you see payments that represent income you’ve already imported or created manually, click Undo to move them back to the Pending tab.
From there, use the Find Match option. This correctly links the entry to your existing transaction rather than creating a second sale. If you come across any genuine duplicates that shouldn't be there at all, you can simply exclude them.
Additionally, we need to ensure your starting line is correct by verifying your opening balance. Sometimes an import doesn't account for transactions that were still pending on the day the account was connected. Let's head to your Chart of Accounts and open the register. Locate the very first opening balance entry and compare the date and amount against your actual bank statements for that day. Then, make the necessary changes,
You also have to do the same thing for other transactions. This will highlight exactly which are missing or duplicated, allowing you to bridge that £20,000 gap.
Moving forward, you'll want to reconcile your account regularly to ensure your books are up to date.
For additional concerns, reply below. We're here to help.
