“Please create an asset account ‘ Investments’.
Allocate all payments of this nature into above account. You can attach any relevant documents to these transactions within”
The only issue is I can’t find a feature for this in Quickfile, it does exist in Xero.
Note that in QuickFile you can only directly attach documents to purchases, sales invoices, clients and suppliers, not to individual bank or nominal account transactions that aren’t associated with a sale or purchase record. You can have arbitrary collections of uploaded documents in the document manager but they won’t be cross referenced to particular transactions.
Let’s say I bought £200 of shares in an unlisted company via my LTD last year.
This £200 was put into a nominal called investments and placed in the asset category.
The company I bought into got bought out and I received a payment of £2,200.
Obviously the full £2,200 isn’t a full return.
The £2,200 was paid into company bank account, I shouldn’t mark this all under misc income.
Question 1: How would I define the £200 as a return of my initial capital and separate this from the £2,200 incoming payment? The reality is my capital gain is £2k, not £2.2k
Question 2: How would I also create entries for any broker fees connected to the above (where I’m not provided with an invoice )
For the specifics such as defining the return or the broker fees, it’s usually best to ask your accountant as others have suggested above.
We’re not able to offer accounting advice, only support with QuickFile, I’m afraid. However, if your accountant can advise how they should be recorded, we can help guide you on how to do this within QuickFile.
To be clear, my account has stated that I can mark the £200 as a return of capital investment and that the broker fee can be set up via manual entry as an invoice.
Obviously, I can set up a supplier for the broker fee and set a deduction from my account.
Where I’m stuck is I don’t know how to tag £200 as a return of capital from the “nominal called investments which is placed in the asset category.”
Thanks for bearing with me whilst I’m trying to explain this.
Why not just tag the money in transaction as something else not on this list, split the payment in to two and assign £200 to your investment nominal and the remaining as the gain.