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Can sales & purchases be tagged together


#1

Can somebody tell me how I get a reply to my question which was placed here a week ago. Does this company not respond as if someone can let me know that, I can then stop wasting time and look elsewhere. It just seemed like it could work for me

My question is
I have a home made accounts system created by my IT guy, but with MTD am being forced to go to a software provider to enable my returns to be sent (I have also outgrown it without further programming). We are VAT reg but deal with Sub contractors where there are 2 types of job. Most SC are not VAT reg but some are

If we provide a service to the Non VAT reg public or business, the SC invoices the client at our price thereby not adding unrecoverable VAT and collects payment. We then invoice the SC for our ‘introducers’ fee which would be incl of VAT. Typically, the SC agrees a fee of £30, and invoices the owner for £40 which is our price, and we invoice the SC for £8.33 + VAT = £10 to leave them with £30 net.

In another format where the order has come from a VAT reg company, we will instruct the SC to do the job and upload their invoice for £30 for payment.

We therefore might have numerous jobs each month where the SC is invoiced by us as a Client, and they also invoice us as if a Supplier

There will be a payment made in one direction or other which is for the net amount owed, but that encompasses both Client and Supplier invoices

My 2 questions are-
1 Is there a facility to enter my VAT figures into an XL spreadsheet to submit to HMRC
2 On the accounts package does tagging allow me to mix the net amount paid between Client and Supplier screens to arrive at the net amount being reconciled? If not what can I do to sort the problem


#2

Hi @JackoPage

We certainly do reply to queries, although please accept my apologies but I can’t seem to find your previously posted question?

Regarding your set up, it’s not something I can comment on and probably best answered by your accountant. But to answer your 2 questions:

  1. Is there a facility to enter my VAT figures into an XL spreadsheet to HMRC

Not within QuickFile. There are tools that act as bridging software between another application and HMRC, but QuickFile doesn’t support this. The VAT returns within QuickFile are made up of the figures in your account itself.

  1. On the accounts package does tagging allow me to mix the net amount paid between Client and Supplier screens to arrive at the net amount being reconciled? If not what can I do to sort the problem

There are a few ways you could do this. I think a holding account may be the best way to do this (in effect tagging both the client payment and supplier payment to/from the holding account), leaving you with a balance of the amount on your own bank statement.

Hope this helps, but please feel free to let me know if you want any further details on anything and I’ll try my best to help. Plus, as this is an open forum, other users may also add their comments and suggestions below too.


#3

Hi Mathew: Thanks for the reply and maybe my first post didn’t show as the robot hadn’t finished dealing with me to approve me, which it seemed to do yesterday?? Sorry & apologies as Q1 sent was a stupid question and should not have been submitted!

I haven’t signed up yet but I am certainly looking to do so, but need reassurance that the software suits me with what I need before I spend hours setting it up. We provide Energy Performance Certificate in Eng & Wales and have 5/600 Energy Assessors that we sub contract the work to, of which 100 are active and these act as both Supplier & Client. We probably have 120 corporate Clients in addition, who can appear in the Assessor database also ( as a Purchaser), but are mainly Clients. We are VAT reg

Q1 – would I need one holding account per Assessor, or a ‘general holding account’ and can you advise what is involved in creating a holding account? Would it be a time consuming exercise to tag them in the manner you suggest, as I can see that speed might be one of the benefits of having a new Accounts package. Can you give me a link to anything that would show how a holding account works and whether it is a simple exercise to use it in the manner that I would need to, - just trying to get the easiest option from a time viewpoint

ALTERNATIVE?? If the bank entry is shows a payment debit of £100 which represents £300 owed to the SC as a Supplier and £200 owed by the SC as a Client, is there a way to amend the imported bank data to show 2 entries or copy and paste into another line being a Debit of £300 and a Credit of £200 instead of a single entry of £100, and then to tag each line separately. (Is that any easier than a holding account?) If not, is it possible for you to create that in the software as there must be many people who need to split a transaction between a Supplier & Client like I need to (If you don’t ask, you don’t get!) Might that be done by a split of the entry to the side, on the same line as the net figure entry with tagging buttons available?

Q2 – I have 2 SQL databases such as the details of the Assessors, who would be both Supplier and Client plus another in Wordpress ‘emember’ db holding details of my Corporate clients. The Assessor one is in a spreadsheet format with a ‘title’ of the column at the top of each column, such as ‘Name’ ‘email’ or ‘phone’ etc, and will I be able to import the Assessor details into the Client and Supplier schedules easily rather than enter individually which might be long winded, and also auto update when a new Assessor is added? Will the Wordpress ‘emember’ details also be able to be imported as and when a new client is added? My website is in Wordpress

Also, my software adds details of the job to a SQL ‘Orders’ db as the public submit the data from our website, which is again added to when we process the order and send it to one of our 100 ‘active’ Assessors, and will the ‘Orders’ db be able to be imported into your software to form the ‘un-invoiced’ outstanding jobs until they are invoiced at the last stages of the job

Q3 - I also work for a firm of Solicitors who need 5 separate Accounts packages, and the existing software team want £40k on one of the companies to update the existing (no longer provided) accounts package to MTD compliant. Would the software be capable of dealing with that form of company as I presume that the existing data will be stored in databases somehow. Would it be possible for your software which is MTD compliant, to run as a mirror image of the existing software they use and any changes in the data base of the existing software, to be reflected in your software which could be used to submit the compliant VAT returns? The other 4 are small Ltd companies

Thanks for your help


#4

You could use a generic holding account. The descriptions should be easy enough to work out.

As long as I’ve understood correctly, the situation is basically a contra-invoicing account. You owe a supplier money, and at the same time you’re invoicing them for a different amount and only the balance is paid.

This is a bit of an older post, but it touches on this concept: Contra-Invoicing, Same Customer and Supplier, Netting-off receivables and payables

It shouldn’t take too long, but it depends on how you work. There are multiple ways of doing the same thing in QuickFile (e.g. paying an invoice), so it’s just about finding the best way for you and your business.

Splitting the entry is also possible, although you would just delete the original transaction and replace it with two new transactions for the different values. It’s a very similar setup to that of the contra invoicing with the exception of no new bank account.

If you can export them initially as a .CSV file, then yes, you should be able to import them into QuickFile (this guide should help: Importing clients and suppliers). The automatic updates is a bit more tricky to answer.

We do support Zapier (for paid accounts) which may help (see this page on Zapier for info). Alternatively, we offer an API (available on all accounts). If you’re familiar with code, or if you have a developer working on your site, it’s possible to send client/supplier info across to QuickFile. Full details on our API can be found here: https://api.quickfile.co.uk.

The jobs can be import, perhaps as estimates? Would that be an option? I think the API would be the best way to do this. Currently you’re not able to import estimates (but we can certainly consider this as future development).

For things like this, Affinity is the best option. This has been designed for accountants, bookkeepers and those managing multiple accounts. It’s charged different to the standalone accounts, but full info can be found here: QuickFile Affinity overview

It depends on you have want the mirror image to work. Each account could be linked through an API, but this would mean updates to the code on your side. The other option is to import the data as you go, which is a bit more time consuming.

Are there any options that you have at the moment, or how would you plan to use the systems side-by-side?


In most cases, it’s likely to be best to sign up for an account and just give it a go. Individual accounts are free for at least the first 60 days, and remain free past this if they’re in the XS, S or M categories. Affinity also comes with £10 free credit, so you’re more than welcome to try it out first hand.

Hope this helps!