Forum Discussion

POTs123's avatar
3 years ago

Bank Transaction Error

Hi \While trying to allocate bank transaction i keep getting Error An unbalanced transaction may not be recorded - on all TAX codes works fine on such codes as owner drawings.

  • Hi POTs123

     

    Thanks for your post and welcome to the Community Forum ! Generally the cause of this error is due to a a bank account being used as the linked account for a tax code.

     

    To resolve this you will need to go to Accounting > Tax code > drill into the tax code being used on the allocate transaction and check the linked account for tax collect and linked account for tax paid. One or both have been set to bank account and need to be changed to appropriate GST collected or GST paid account respectively. 

     

    This does mean any transactions recorded with this tax code while it was incorrectly linked need to be deleted and re-entered as the amount for this tax code will be posting to this account. Alternatively, you can speak to your accountant about possibly journaling this out. 

     

    Do let me know how you go. 

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.