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Daily Takings Bulk Entry ok for MTD?


#1

SALES
I’m currently entering sales on a daily basis, creating an invoice and logging the receipt of funds( invoice paid) Is this acceptable for MTD? or do I need to enter every sales invoice individually?
PURCHASES
I’m entering every invoice to supplier accounts and assume this is ok for MTD.
How can I change to a paid plan, so MTD will be included?
Your assistance would be appreciated.
Kind regards
Margaret.


#2

Whether you use bulk invoicing or input every single invoice, either method is fine.

However if you do decide to go down the bulk invoicing route, then you must have sufficient backing data for those bulk totals. You would need to be able to demonstrate to HMRC how you arrived at those figures and have sufficient breakdowns for all your sales and expenses.

If in doubt I would recommend you run this by your accountant so they can validate your procedures.


#3

Thanks Mathew, for the info on bulk entry.
I’ll submit another request re the VAT.
Kind regards
Margaret.


closed #4

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