Hi,when logging daily sales figures from a cash register/epos system we not only have general sales at different VAT percentages,we also have commission based sales,ie,national lottery and payzone sales…These sales need to be recorded as commission sales and kept away from my general shop sales.,does your system allow this?
I also need a facility to logs lottery win payouts so that my cash totals tally up,does you system allow this.
i’ve tried looking through your web site but cannot find where i would carry out these tasks.
You should be able to do this. They would be recorded as sales invoices (perhaps on a daily basis). If you click on the little cog on an invoice line, you can change the nominal code that the line is saved to.
In the accounts package i currently use there is a section for commission sales that allows you to enter your sales and your outgoings (ie,in the case of lotto,your sales minus any commission/adjustments).We keep this section separate to our general sales and at the year end we have a profit figure based on sales minus any outgoings net of commissions, now other than maybe keeping two sets of accounts,ie one for general sales and one for lotto i cannot fathom how else i could do it on your system,any help / guidence would be appreciated and do you have a phone number for supports as conveying through emails etc is difficult,thanks.
Based on how you describe it the simplest way I can think of to handle lotto sales in QuickFile would be to create a new nominal code in the sales section for your commission income, and a merchant “bank account” that will represent the money you’re holding on behalf of lotto. Go into the chart of accounts and find this new bank account in the “assets and liabilities” section, click the yellow cog wheel and enable the option to “allow this code to be used in sales invoices”.
Now when you create your daily invoices from your POS records you can record two lines for the lotto sales, one posted to the commission code for your share and one posted to the bank account code for the remainder (i.e. the total minus your commission), for example
This will show the lotto holding account as “overdrawn” for the amount you owe to them, and when you do pay that money over it’s just a transfer from your current account to the lotto holding account to clear the negative balance. If you have to pay out for a prize then again you can just account for this as bank transfers - from “cash” to “lotto holding account” when you pay the winner and from the holding account to your current account if/when Lotto pay you back.
The one wrinkle in this method is that the full value of the lotto sales will get added to your VAT return box 6, not just your commission, and it’ll need a manual adjustment to box 6 to correct this - if you search the holding bank account for entries saying “items for invoice” that’ll tell you how much you need to adjust.
Disclaimer - I’m not an accountant, this is just my thoughts on how I’d record it myself, similar to the way I handle gift voucher sales in my own business. I also don’t work for QuickFile so I can’t help with anything that would involve looking at your specific account.
things are starting to look a little complicated , i think it may be time to look at some other mtd ready packages that are more suited to what i do
btw,today was the first time i’ve had any official notification from hmrc that i have to start finding a different accounts package,i have even had a joint inland revenue/vat inspection lasting over 12 months and have given both inspectors a tour of my current package and neither have mentioned that in a few months it could well be redundant,
