Hi
Just checking in case I have missed it but I cannot see how to tag a bank transaction without having to create an invoice? I post only bank transactions to the nominal but I’m finding it frustrating that I can’t post a bank transaction and define it by department and then report on this. I don’t want to have to create new nominals for each grant we receive or exhibition we hold.
Any help would be fantastic!
Kind regards
Sarah Jane
Generally we would advise against posting directly to a nominal unless it’s something like bank charges, but it does depend on how you work.
Using an invoice allows you to not only add VAT (if you’re registered), but also allocate it to a client/supplier and find any documents relating to it too, which helps with things like audit trails should HMRC ever query it. Tagging directly to a nominal skips this process and can make it a little bit trickier when you’re trying to cross reference or check things.
You mention about costs per department. I think what may help here is project tags. This allows you to group invoices (sales and purchases) to a “project”, which could very well be a department - they’re pretty flexible.
I’ve included a few links below relating to the projects within QuickFile that may help:
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