Accounting for uninvoiced receipts such as royalties

Support
1

Hi, I may be missing it but can’t see how on Quickfile one enters a payment received that has not been invoiced for, such as royalties.

Suggestions much appreciated.

Many thanks.

2

I found this in forum which is may helpful

3

Thank you for looking rhc, much appreciated. But I’m afraid the post does not answer the question: how on Quickfile do you log money received that does not relate to an invoice?

Presumably there is a way round that?

4

Hello @GJH

Do you need to show the income received on a vat return?

If so you have to enter an invoice as the vat return only picks up sales and purchase invoices. Follow @ian_roberts advice from the article @rhc sent you above

If not you could post a money in transaction on your bank and tag it to a nominal code

5

If there is no VAT involved, I usually post this sort of transaction to nominal 4900 Miscellaneous Income

6

Hi Steve & Rob,

Yes, I need to show the income received on a VAT return.

So will look at @ian_roberts advice as suggested.

Many thanks for your quick replies,

Graham

7

OK. Ian Roberts states about royalties, “You need to enter them as “invoices” in QuickFile anyway, but you could use a dummy client (or a separate client for each source, if you prefer). I do the same with my retail shop - I don’t generally issue proper VAT invoices to retail customers but I create one invoice in QuickFile for each day’s retail sales to properly account for the VAT”.

8

This topic was automatically closed after 7 days. New replies are no longer allowed.