Hi
my bank account is not compatible with Quick file therefore I’m manually entering all transactions:
How do I input a new transaction and allocate it to the correct nominal code?
when I use the banking feature it will allow me to ‘‘input new transaction’’ but with only very basic features ie Money in or money out but does not let me put it to a specific code
for example I have money out for wages and also money in from a grant and I want to show them correctly in the chart of accounts
Whenever you import bank transactions it’s just the basic information that we need at that stage, e.g. amount, date and reference. The process of allocating to invoices or to a specific nominal code is covered in the bank tagging process.
You will notice whenever you upload or create a bank transaction it’s status will appear as “Untagged”. If you click on that red “Tag Me!” button you will have a number of options to explain the origins of that transaction.
You can post directly to a nominal ledger using the option “Something else not on the list”.
Generally if the funds relate to a client receipt or a supplier payment I would use the options:
Payment from a customer (money in)
Payment to a supplier (money out)
These options will create backing invoices from the bank entry. If you’re VAT registered this is important as the electronic VAT return will use invoices to generate the relevant quarterly figures.
