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Creating Purchase Invoices for receipts! Ridiculous


#1

Hi - I hope im doing something wrong here as if not this is pretty insane.

I have uploaded bank records to Quickfile and just uploaded a months worth of receipts using Camscanner, so far so good…

Now I want to match these receipts against the transactions on my bank records. However, from looking through the knowledge bank it appears that in order to do this I have to create a purchase invoice for every single transaction that has taken place and then match against this…

Please tell me this isn’t true? Because if it is its completely impractical and i will have to switch to another package ie Xero. This isn’t going to save me any time at all, I have on average 50-70 receipts a month and if i have to create a Purchase Invoice for each of these i’ll be here until Christmas!

Thanks,
Damien


#2

Hi @damien82

Ideally, you should have one purchase invoice for each receipt for auditing purposes.

That said, it may be possible to merge some of these together if they’re the same supplier and the same date. For example, if you have 2 invoices given to you by the same company for design, and one for print, it may be possible to merge those two and tag the 2 receipts/invoices to one purchase invoice. This could even be done if there’s a few days difference (providing it doesn’t cross two accounting or VAT periods).

At the end of it, you should consider if HMRC were to ask you to prove a particular purchase, could you easily find it?

If you have many purchases, perhaps the bulk purchase input would make it easier for you? That way, it would be a simple enter price and click to confirm. There’s more information on this here.


#3

Thanks for coming back to me so fast.

If its mandatory then why don’t Xero do it that way? They just allow you to match a receipt to a bank payment without having to create a PI for every single transaction. It seems unnecessary…

It will take me forever to do it the way your suggesting.

How about if i created a PI for each month and then part paid it with each transaction? I could then have a whole months receipts in a single file. Would that be ok?

Thanks,


#4

The simplest way is to bulk tag all your bank entries, this will allow you to create all the backing invoices 50 at a time. Then you just need to link the receipts you’ve uploaded to those invoices.

Eventually you could just use automatic bank tagging to create the purchase invoices for you based on specific rules.


#5

I’m not sure how Xero handle this exactly, but the idea of having a purchase invoice is that it provides additional information on the nature of a payment or receipt, i.e. supplier, VAT, nominal code etc. This is not only useful for reporting purposes but may be required if you are audited.

Creating purchase invoices can easily be done automatically or by using bulk bank tagging as suggested by @Glenn. You can tag 50 payments in a few seconds, you can even just tag them to one generic supplier if you’re not interested in being able to report on expenditure per supplier.

You could technically do this too but I would recommend bulk tagging over this as it will give you more accurate reports.


#6

Thank guys, that has fixed my problem :slight_smile: Very good support i must say