You have no doubt found that there is a simple way to record sales and purchase invoices in QuickFile. But what about all the other income and outgoings that are not invoiced in the traditional sense? These may include salaries, tax payments and interest payments or receipts.
For this we defer to the bank statement and the plethora of bank tagging tools available in QuickFile. Once you have uploaded your bank statement into QuickFile or entered the transactions manually, you will be able to tag the items individuals. The tagging process enables you to tell the software what each transaction relates to, all the fiddly double entry accounting is done for you in the background!
When you click to tag an item you will be presented with the following popup:
One of the common items we would process in this way is a salary payment. You can view a detailed guide on recording salary payments here .
You will notice there is also a range of other options to record bank transfers, tax payments and miscellaneous transactions.
It is very unlikely that you will need to post a miscellaneous transaction as QuickFile covers the majority of accounting scenarios. If however you want to post a bank transaction to a specific nominal account you can select the option ‘Something else not on this list’ from the bank tagging pop-up.
You will now find a list of nominal accounts to post your transaction to.
You can select the account you wish to post the transaction to and add some narrative for future reference. You can also split a single bank entry over multiple nominal accounts. This effectively creates a simple journal in your accounting records.
You can find more on bank tagging here.