I’ve been using QuickFile for my IT business for about a year now, which straight forward as all my clients require invoices.
I also work as a freelance sound engineer and the vast majority of my work is paid cash in hand on the night and the promoter doesn’t require an invoice (I sign a sheet they provide to say that I have received £x in cash).
I’ve recently created a second QuickFile account to manage payments for my sound engineering business and would like to know how to log these cash payments; do I still create an invoice as normal and just not send it to the promoter in question?
You can tag it straight to the nominal code (‘Something else not on the list’), however I would suggest creating an invoice for a more accurate record if nothing else.
You can do as @Parker1090 suggests and enter this on your cash account and tag directly to a nominal code. However I believe even if the client does not request an invoice, any sale should still be logged to an invoice internally.
Just to add to that if you want to keep track of how much business you do with each promoter then create client accounts for each and put the cash through those. If you really don’t care then create a single “cash sales” account and put it all through that.
If you are working a big gig such as a festival then you could create it as a project if you want to keep track of your profit and loss on that specific event.
Thanks to everyone who replied. You have all pretty much confirmed what I thought, I just wasn’t sure how to do this correctly from an accounting point of view.
I’ll create a client account for each promoter as suggested, create invoices as normal and then simply log the payment without sending the invoice to the promoter(s).