I am very new to QuickFile. Les than 48 hours. I am switching from Quickbooks Desktop.
I briefly hold client money for the payment of disbursements to various Government Organisations. I have set up a liability account for the purpose of recording the amount of client money I am holding. I’d like to be able to produce a report that shows by customer name, what amount of money I am holding. I can’t figure out how to do that … can anyone advise me?
Hello @MJCotton
How have you recorded the payments?
Are they Prepayments on account?, if so you can go to Sales > View Payments and apply a search for Unallocated amounts.
Hi Steve
I copied the setup I had used in Quickbooks. So I have a Bank Account (“Client A/C”) to hold the money and an “Other Current Liability” account to track the money and the payments I make from the account on behalf of the client. The payments in Quickbooks are charged to the Client Disbursements account “tagged” by Client name. Running a report in Quickbooks against the Client Disbusrements account shows me for each client how much of their money remains unused. Any unspent funds are returned to the client once the job is complete. It almost like having sub-accounts.
So in QuickFile I set up an account called Client Disbursements under the Assets & Liabilities section. Then when the payment comes in to my current I tag it to the Client Disbursements account and move the money to the Client A/C. I’ve just researched “sub accounts” in your knowledge base and I see one suggestion was to use “project tags”. Do you think that is the right approach?
Hello @MJCotton
Project tags only works by allowing you to specify projects on client invoices.
From the sounds of it you are not using the Clients / invoicing functionality at all.
The Clients / invoicing functionality is what is used to break down debtors owe you and what prepayments you are holding for them.
If you are to submit vat returns you would also need to create invoices as the returns look at the invoices and their payments to generate.
The bank transactions can be tagged to client and supplier accounts and also create the invoices Tagging your bank transactions
Hi Steve … I will definitely be using Client Invoicing and I will be submitting VAT returns through the system. Right now I am in the process of transition.
In fact I did enter an invoice for Jill Hobbs: Invoice 1386. In that Invoice there are two lines, one of which is for a Government fee which I have tagged to the Client Disbursements A/C that I set up. This would be typical if other invoices that I will create in the future. I am going to enter a new Client Invoice now and tag it to see what this does and how it works.
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