Anyone got a few minutes to help a complete novice?

hello there totally new to filing and book keeping.

For the most part its very intuitive and easy to follow.

I have a few little snags

1 - having used my directors loan account a lot at the start of my business its correctly showing overdrawn. Now on a couple of occasions i have drawn cash from my business bank that i would simple like to show as moved from my current account (business) to my directors loan account, reducing what the company owes me. I read the help files that simply said do a bacs payment. However cant find any way of doing this on the software?

2 - i buy stock (mobile phone covers) and i sell stock but when i check my profit and loss page it does not include my stock purchases as a minis figure from my trading and all my stock is showing as a company asset. I assume therefore that stock, is not what i thought it was. What am i supposed to be selecting when i buy my items that i sell?

Im hoping that one of you smart people can answer these 2 things for me easily :smile:

thanks in advance

“A couple of weeks later you want to reimburse yourself the £20, so you make a BACs transfer from the company account to your personal account.
The withdrawal shows on QuickFile as a debit from the company account, now you would tag this as bank transfer to the DLA. This brings the DLA account back to zero, to show that the company has no further liability to it’s director(s).”

this is what i found in the help files and makes perfect sense other then how do i get the debit to show in my quickfile at all? Surly i need to enter something?

1 would just be tagged as a transfer between accounts, from bank to director’s loan.

For 2, as you’ve discovered, “Stock” is a balance sheet item rather than a profit and loss one. Normally if you’re buying items you intend to resell then you’d put the purchases down as “General purchases” rather than “Stock”. Then at the end of the year work out the value of unsold stock and add a journal to move that value from “closing stock” to “stock”. This will leave the correct cost of sales on the profit and loss and the unsold stock on the balance sheet.

On the first day of your next accounting year journal the “stock” value back to “opening stock”. Put purchases as “general purchases”, and at the end of that year journal closing stock back to stock again. Your total cost of sales for that year is then opening stock plus purchases minus closing stock, and the cycle continues.

The reference to a BACS transfer is the actual act of making the payment rather than the way you account for it in QuickFile. In your case it sounds like you paid yourself by taking cash out of the business account rather than by sending yourself a bank transfer. As far as QF is concerned it’s still a transfer from bank to director’s loan.

ok yeah i follow that bacs is the method of transfer and i get IF it was showing in my quickfile i just have to ';tag it ’ as a transfer between accounts. what i dont understand is how to make it show on my quickfile in the first place i can find no way of entering a cash withdrawl in the banking section, or entering a transfer between accounts.

method 2 for my stock issue is great thanks

is there an easy way to bulk change all my ‘stock’ purchases into ‘general’ purchases.

When you’re looking at a bank account view in QuickFile there’s a button at the top to add a new transaction. You can do it from either end, create a “money out” transaction on the current account and tag as a transfer to directors loan, or create “money in” on the DL and tag as a transfer from the current account.

For bulk recoding see this thread - if that tool won’t handle your case then you’ll have to ask QuickFile staff to help you.

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