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Journal entries against bank accounts not reflected in Banking
I've just noticed that if you create a journal entry with a debit or credit against a bank account, even though this shows up correctly under "Show transactions", it does not appear under the Banking section meaning the account balance is wrong.
This doesn't seem like what you'd expect, I'd expect the journal entry to show up.
This doesn't seem like what you'd expect, I'd expect the journal entry to show up.
I’m sad
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The company has a solution in progress.
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Inappropriate?Luke,
You're right. We're progressively incorporating journal entries into our views (they're dealt with differently) and we've not got round to the bank statement ones yet.
We didn't think it's a particularly common scenario, but it's something we know we need to tie up soon. -
Inappropriate?Is there any update on this problem? I've run in to it again its really quite annoying; I've paid myself a dividend of £2000, £300 of which needs to be paid off against the outstanding balance of the director's loan account, and the remaining £1700 transferred to my personal bank account.
As a journal entry, this works fine:
DR Dividends £2000
CR Bank Account £1700
CR Director's Loan Account £300
The dividend voucher is generated correctly and everything shows fine under Transactions but crucially this means my bank balance under Banking is completely wrong.
I’m frustrated
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Inappropriate?Hi Luke
We're looking into this now, hopefully we can have it resolved before the next release, but definitely by the following one if not. -
Inappropriate?Luke,
Would it not be possible to explain the £1,700 transaction as a Dividend Declaration of £2,000, leaving a £300 Payment to Director's Loan account (i.e the opposite sign: Money In) explanation against the remaining unexplained amount?
That's the way we designed FreeAgent to handle this sort of thing (but which we've not explained well in the app, I agree). You can 'under-' and 'over-explain' transactions as long as the overall value of the explanations adds up the the same as the source transaction.
Does that make sense?
(we're still moving towards including journal entries in the bank statement views but since there's no way of tying them up as explanations for transactions it may be of little use to you. We'd rather make it really flexible to assign explanations to any kind of account, with any sign, which again we're needing to implement) -
Inappropriate?Hi
I too have this problem as I reduced a bill payment to a supplier as the had an opening debtors balance. So I journalled the difference and it makes my bank balance wrong! Help.
I know this is not meant to be an accounting software first and foremost but as I am an "accountant" role for all my clients this is proving to be a tricky one to explain! Cheers Emz
I’m unsure
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Inappropriate?Emz,
You should go back into that bank transaction, and explain it as the bill payment in full (which 'overexplains' the transaction, leaving an unexplained amount in the opposite direction) and then the balance as the payment against that initial opening balance.
Let me know that that works for you...
1 person says
this solves the problem
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Inappropriate?Hi Ed
Sorry as soon as I pressed the button I realised I was being a moron and that the fab bank reconciliation tool that FA has means I didn't need to journal that! Doh!
I’m a dummy!
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