If you’re trading as a limited company you may already be taking a part of your income as dividends. It is important that you keep the correct paperwork to support those dividends. This includes a set of board minutes to agree the dividend payment and a dividend voucher which is issued to the shareholder.
From today QuickFile are making it much easier to produce the backing documentation needed to support any dividend payment. You can find these new options in the “Reports” section under “Dividends”. You can then create your dividend documentation from any postings made to the “Dividends Paid” nominal code (3102).
You can also create dividend vouchers when you directly tag an outgoing payment from the bank to the dividend category. To make sure everything is prepopulated please first take a minute to setup your directors, shareholders and share capital profiles in the Management Information section (found in Account Settings menu).
That’s it for now, we hope you find this to be a useful time saver. If you’d like to suggest any improvements, we’re always happy to receive feedback.
This is a brilliant feature and one of the reasons why I have often sent clients to FreeAgent. You have implemented better that they have with share capital, alphabet shares and the choice between interim and final dividends.
Very very well done!
That’s great to hear, glad that you like it
That’s a really nice feature. Will it be also possible to add a corporate shareholder?
There’s no specific way to add corporate officers or shareholders yet. We can look into that, however in the mean time you can save the shareholder as follows and that should work fine:
It still prompts for a DOB, but that won’t appear anywhere on the Dividend documentation.
I’ve identified what could be a bug with this:
Dividend Report > Create Dividend Voucher
I see both of my journal entries prior to creating a voucher. However, after creating a voucher for one of the entries, the second one can’t be found using that same screen. I’ve tried deleting the voucher and then they both appear. I’ve then create a new voucher with the other entry successfully and experience the same behaviour.
Happy to share screenshots/give account access via PM if that helps.
Let me send you a PM and we’ll definitely look into this.
@sasopuksic just a quick one to let you know that there’s now a dedicated checkbox for marking officers and shareholders as “Corporate”.
Impressive! Not come across this elsewhere although I am a bit out of date.
This feature is awesome - thanks folks!
Just a quick note - there’s a typo in the vouchers: “it was proposed and resolved that a an Interim dividend” (emphasis mine). Easy fix, I’m sure!
Thanks for your feedback Curtis, we’ll get that fixed.
Thanks for adding this. Minor feedback, aside from also noticing the typo. I just managed to enter the dividend transaction the wrong way around first go (money in and money out on DLA still gets me! ) Slightly surprised that the dividend voucher creation doesn’t pick this up?!
Can you please let us know what steps you took to create this, and I’ll pass this over to our development team?
Thanks @QFMathew I made a new transaction in the DLA, then tagged this to the dividends paid account - just got it the wrong way around first time. It still let me create a dividend voucher but seemed to use the absolute value of the transaction - I would have expected it to either refuse or show a negative dividend - ie. something obviously wrong?
Thanks for making us aware of that. We’ve just implemented a fix so it will only suggest dividends transactions that are leaving the bank account.
Thank you for this feature.
Is there any way the account ‘Dividends Paid (3102)’ be changed when creating the dividend?
I can see that the dividend is only generated if there are entries in 3102.
Long ago before Dividend vouchers came along and to be able to easily ‘see’ how much dividends are paid to each shareholder (with different classes of shares so the amounts can be different), I use other dividend paid accounts under
3103 Dividends Paid to shareholder No. 1
3104 Dividends Paid to shareholder No. 2
I have found doing it this way to be very helpful for year-end reporting and for tax return purposes.
(Freeagent has the feature where dividends are tagged to each user so it does produce dividend summary for each shareholder - I was trying to recreate this in QF).
I am unable to create any dividend vouchers for these shareholders.
Is there any way either:
a) there is a way the dividend paid account can be changed.
b) I could create dividend vouchers by from the transactions recorded in 3103 and 3104?
It’s not possible to change the account that’s used at present. However, you could do a bulk move on the transactions from
3102 to be picked up by the dividend voucher feature.
This should still give you the overall desired effect, in that the dividend voucher page would show you who it was paid to, when, and how much etc
Thanks, Mathew, yes I could probably do that.
But it’s so much easier for me to just type a date and figures in a separate existing div voucher template that I use.
Also, I prefer not to move transactions ‘unnecessarily’ in an accounting system as it may end up creating issues.
Do you think this could be possible in the future? That is what I am asking in my initial message.
I would appreciate it if this enhancement so to speak is given some thought and is hopefully not too difficult to update.
We can certainly consider it as an enhancement. The best thing to do is to start a #feature request, outlining the idea, and we can monitor the interest in it.