Hi all, so i've been using QB coming up 2 years and having trouble with reconciliation,
The balance if off by over £40k from the beginning at 0 balance to the current date.
I'm unsure why but have an idea potentially but need confirmation.
I think i'm selecting the wrong type of category for the expenses or just in general for all sorts of transactions.
I am an electrician and so there are so many categories that baffle me, all I'm after is an expense category such as purchases (purchase of materials, tools etc) but instead, when selecting the Purchases category, it comes under 'cost of sales' which i think is potentially where i'm going wrong? if this is the case then i need some help to maybe select the correct category or creating one because i cannot find a suitable one for my needs.
What would be great is for example,
Builders Merchant- XXX
Category- Purchases/Expenses/Materials
20% VAT
I hope this makes sense, obviously i'm not an accountant so these things are not straight forward to me!
Look forward to hearing from you
