I am just starting with quickfile and can anyone tell me what I have to do as I have started a business but I have a day job where do I log my pay from my employer?
You tag it as drawings. Its unrelated to the business so that’s where it would go.
Also tag any unrelated personal expenses the same way.
Thanks a lot, I will try that.
Nowhere. Any expenses/payments unrelated to the business do not go in Quickfile.
where do I log my pay from my employer?
Do you mean you’ve set up a bank feed for your personal bank account, and you’re wondering how to tag your non-business income?
If so, it will honestly be easier to not have the bank feed until you have a separate business account, mostly because you’ll be doing this extra work all your personal expenses, too.
Hi so what you are saying is only use quick file for business transactions you don’t have to put in income from a day job that has nothing to do with the business.
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Hi I have not set up a company account so everything is done through my personal account. As you say I should set up a company account and don’t use the bank link in quickfile until I do.
Yep.
That would be best as using your personal account means you can’t efficiently/reliably use the bank feeds or statement uploads either. By using your personal account you’re just making unnecessary work for yourself. Starling do free business accounts, no reason not to have one really.
Basically you have two questions.
Do you record other income in quickfile. The answer is no, that’s for your self assessment.
As advised a stand alone bank account specific to business income and expenses makes things simpler.
However if you do use your own bank account (and if you’re self employed there’s nothing wrong with that) you’ll need to filter out other income and personal expenses.
The simplest way to do that is to tag all of it as proprietor drawings.
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Thanks for that I will take it on board when I finally get started.
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