i found quickfile looking for a excel template to do my books on Sunday, it looks really good and i played with it for 10 hrs so far ,
any way a bit of back ground then a question ( please bear with me, i am a builder and was never any good at school )
we traded as a labour only roofing partnership (cis 20% tax deducted ) for 20 years with 2 sub-contractor working for us also on (20% cis tax) our accountant has been telling us for a long time we had to go vat registered.
so from 1st may 2014 we started a ltd company charging the vat on our invoices been-in paid into our new business bank account but that account was only opened in june
we still had money in our old bank account that we used for running costs, diesel etc.
we was still used the old debt card for fuel and tools till we got money in the new account. We still have some direct debits i.e. phone and insurance that go out of there to date
here is me question
i downloaded my new banks statements from start to now and that went ok. but what or how do i add the expensive from the old bank account so i can have them on the books to do my vat
i tried to down load them but they just messed up my total figures so i deleted them and thought maybe do it as a cash payment but then do i have to withdraw the cash from my new account to balance it ?
which is the best way of doing this ?
the vat should have been done for the 31 july, and i cant keep on putting it off (i did say i was a builder)
The important thing here is who’s name the bank accounts are in? If the old bank account is in your sole-trader name and the new one is in the LTD name, you should not be uploading the old account data into the LTD company account on QuickFile, they are 2 separate entities and the accounting must be completely distinct.
You should therefore have two QuickFile accounts, one for the sole tradership and another for the LTD. Presumably you also have 2 VAT numbers?
Going forward you should keep all activity in the LTD, otherwise you’ll be creating a headache for yourself completing separate accounts and returns for your sole-tradership and LTD.
If I’ve misunderstood anything let me know, I made a few assumptions
OK so technically as you’re still using the old partnership bank account it is still trading. You may need to treat the activity on that account as a directors loan in your new limited company, but I’m afraid it’s more in the realm of accounting advice so it’s something that you will need to seek assistance from an accountant for.
With that said it may be best to move any funds you have left over on the partnership account and transfer it to your Limited company bank account, then proceed only to use the LTD account. Make sure also to update any direct debits you have there too.
It’s still to bring all those expenses you incurred into the limited company as it will reduce your VAT. I suspect you can just enter them all on the directors loan account (a bank account to show any monies loaned to/from the director) and tag them all to invoices from there. I’m not an accountant so I’m afraid I can’t give you a definitive answer here.
There’s a useful guide here on LTD company bookkeeping to help you get accustomed to the basics.
They’re expenses so they go as “Money Out”, even when it’s the directors loan account.
Once you’ve input them click the red “Tag me” button for each and tag them as supplier payments. This will create the supplier invoice and automatically link the bank payment.
