Hi, this is probably something really simple, but I just can’t find out how to do it.
Coming from Xero, I used to be able to “reconcile” each transaction by clicking on it and choosing the category from a drop down list, ie, cost of sales, sales, wages, whatever…
After that, when running a P&L report, these amounts are tallied up and away you go.
In the webpage view (as opposed to the phone app which has vey few options), in the bank feed, the transaction appears, I can tag it as, say, payment to supplier, but after that there is still nothing showing in the purchases sections.
The bank feed is surely only useful if it each transaction can be categorised, ie what I always used to understand as reconciled, so I’m definitely missing something simple here! Help appreciated.
As I type this, suggestions are made to this topic but none of them match so it’s probably so simple I can’t see it!
When you chose “payment to a supplier” it then gave you various options to link the payment to an existing unpaid purchase, create a new purchase for this payment, “pay down multiple invoices” or hold the funds on the supplier’s account to allocate later. Which of these options did you choose?
The way QuickFile works it’s the “purchases” section that links your expenses to the categories and handles all the VAT, so anything where you have an invoice/receipt from a supplier should be done as a purchase. You should only use the “something not on the list” option for expenses that aren’t invoiced and don’t attract VAT, and for balance sheet transactions like payment of wages, tax to HMRC or paying over contributions to a pension provider.