Tagging payments with no invoices as "Something else not on this list"

[Shippy92]

Hi Guys,

I am currently looking into using Quick File for my small Sole Trader account and one issue that I can see so far is when I receieve a payment from a client without actually having to raise an invoice.

Basically, I work for a photo agency on a part time basis and at the end of every month they send me a breakdown of the commission I receieve and then pay the amount directly into my business account. Due to this I do not actually ever need to raise an invoice.

What is the best way to log this kind of payment using Quickfile?

Thanks in advance

[Parker1090]

Hi @Shippy92
I’m not an expert on this by all means, but here’s what I would do.

On your bank statement, click “Tag Me!” and select "Something else not on this list"
Select “Commission Received” from the Post to Account option.

I’m sure someone from Quickfile will be able to clarify if this is correct or not, but it’s probably the way I’d do it.

[Glenn]

@Parker1090 is correct, this is the quickest method for explaining the income. Although check with your accountant as strictly speaking I believe even this sort of referral income needs to be invoiced. But the net effect on your books will be the same.