Hi,
Any pointers on how I could create a graph or data of my accumulative cost from a specific date? I tried to use the custom reports but it seems I can’t control the date range in regards to input calculation. For example, I can see accumulative results for my current accounting period, however, the first input is the summation of the previous year rather than zero.
Likewise, I would like a graph to show my profit margins.
Hi,
Any pointers on how I could create a graph or data of my accumulative cost from a specific date? I tried to use the custom reports but it seems I can’t control the date range in regards to input calculation. For example, I can see accumulative results for my current accounting period, however, the first input is the summation of the previous year rather than zero.
Likewise, I would like a graph to show my profit margins.
Hi @Bolz
You can change the date range at the top of the graph, but it is limited to maximum periods, depending on which view you’re using (weeks/days/months).
The figures used however are for the nominal codes. Let me double check on the expected behaviour here, and I’ll come back to you shortly.
If you can get back to me that would be great. I tried changing the date, but the start time is never zero.
I initially wanted to see my spending behaviour/patterns between 2 dates and compare it with previous years
Would something like the segmented profit and loss report work in this case?
Not really. I am currently using segmented profit for monthly reviews but I can’t control the range of months nor does it include gross salary, only net salary.
How are you entering salaries? If you’re doing proper payroll journals then you should only see gross salaries on P&L, with the net amounts just appearing in the balance sheet.
As the payment to staff leaves our account, we tag it as salary. As the NI and paye tax leaves our account, this is also tagged appropriately. I dont think we are doing anything over and above this.
Thats your issue then. Your tagging payments out, but your not reversing those payments by creating a journal to show expected wage costs.
You need to reverse those entries with a journal and place them in gross pay
By default QuickFile is set up for the simple case where you don’t have to deal with any NI or income tax deductions (for example for small Ltd companies where the only salary is to directors below the threshold where NI starts to be payable), where it posts salary payments direct to P&L. If you have anything more complex than this then you need to go into your account settings and set “post net wages to balance sheet only” to “ON”. Once you have done this, tagging wage payments will just post debits to the “net wages” nominal 2220 on the balance sheet.
Then you need to create journals to apportion things correctly. Payroll is complicated because the way the payments break down when the money leaves your account is not the same as the way it needs to break down on your P&L report. For the P&L you have one expense which is the gross wages, and (possibly) another which is the cost of the employer NI contributions. But what you pay out is one lump sum to HMRC covering the employer NI plus the employee NI and income tax deducted from wages, and a separate sum to each employee for the net wages left over. The journal sorts this out by apportioning the costs to balance sheet nominals which the payments then reverse. If you have wage costs made up of
then your journal needs to:
When you pay out to employees that will debit net wages, and when you pay HMRC for your monthly PAYE bill that will debit PAYE and everything balances nicely.
(if you have pension contributions then you’ll also have to extend the journal to deduct the employee’s contribution from the net wages and debit the employer’s contribution to 7007, and then credit the sum of employer plus employee contributions to another balance sheet nominal - I use 2230 pension fund - which then nets off when you pay the contributions to the pension provider).
Great. Thank you for all the feedback. I think we might benefit from the service of a bookkeeper. Does anyone have any recommendations?
Hi @Bolz,
There is a guide here: Getting a quotation from a QuickFile specialist which might be helpful, it also includes a link to the accountants directory.
Hope this helps
If you send me your email address I can send you a spreadsheet which allows you to take the relevant info from your payroll and then produce the journal for you to input into QuickFile.
Regards David
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