Hope someone might be able to help me. I use QuickBooks in a property letting company. I am new to QB and having problems when posting transfers between accounts.
The steps I follow are;
I log onto online banking and transfer monies from the Clients current accounts to the office current account to account for client repairs.
I then log onto QB and the bank automatically updates the feed.
I then need to post the transactions from the feed.
In the clients account feed I would post it as an expense to the office account
In the office account feed I deposit it to clients repairs.
This then causes a duplicate in the office account history which then effects the balance in QB against the bank balance. It also causes un-cleared transactions on the bank reconciliation.
I hope someone can point out what I am doing wrong
Hi Francois I thought the whole point of cloudy (garbage) software is that you pay through the nose but the upside is that you get help direct from QB. Thats not a dig at you but at cloudy garbage!
Anyway - sometimes its easier to talk double entry ie what is being debited to where and what is being credited, but I think I can see your issue.
When you transfer from the bank from one account to another that is all it is, just a transfer. So QB needs to replicate exactly what you have done, rather than what you are trying to do. You should NOT be posting anything to the repairs expense until you have the invoice from whoever is doing the repair - that will then debit the expense account. (That invoice is keyed separately to the inter account transfer and indeed separetly to the payment of that said invoice).
So its a debit to the office account and a credit to the clients account only. Im pretty sure there is a transfer option (you may need to overkey the default option you are seeing in the screen away from an expenses/sales nominal) You may need to strip it out of the Bank feed if you arent confident in doing it that way and just do it manually (if QB allows that).
Im assuming that the correct and strict controls for maintaining and running a clients account are being followed.
Dont know if you saw my other message.
-- Edited by Cheshire on Monday 13th of November 2017 06:29:46 PM
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Hi Joanne, many thanks for your prompt response , I totally agree with you regarding cloud base accounting software. BQ support just keeps referring me back to the accountant (who do not use QB and actually recommended Sage to the owner) I just cant stand looking at messy accounts. I will try your suggestion. Many thanks again.
I have seen your other message, will reply on that link.
Hi Francois
Im appalled by QB support referring you back to the Accountant given they advertise their software as being easy for anyone to use and Im sure I keep seeing adverts that say you can do your tax return direct from QB so they are obviously trying to cut out Accountants (which is frankly beyond numpty-ish).
Hope you got it sorted - failing that, this might help. Its American and they use the annoying 'checking' accounts and other stuff but it might help..... go to about 2.27mins in www.youtube.com/watch
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
If you click on the "+" in the top right hand corner there is a "Transfer" option where you can move money from one account to another. Hope that helps.
