I collect monthly subscriptions from customers on various dates throughout the month. These are not invoiced through my quickfile account, the invoices are automatically raised by my subscription website. Rather than record every individual transaction as a sale, Is it ok to collate all of the transactions from this source and add them to a single sales invoice monthly?
I also resell some of these subscriptions for another company, so the customer will pay me, then i will pay the other company, so can these payments to the other company also be collated monthly?
That should be more than fine. The main things to consider are:
- The figures are accurate (for example, VAT)
- The figures are recorded within the correct tax year/month (e.g. don’t record a 14/15 figure in the 15/16 tax year).
This guide may of some use to you. This looks at how to record shop takings in QuickFile. Although online is a bit different to a physical shop, the concept would be the same. You don’t necessarily need to do this on a daily basis, weekly or monthly should be fine.
However, if you are ever unsure, it may be best to double check with your accountant.
Hope that helps!
Thank you, Thats just what I was hoping to hear.