I have received an invoice from a supplier (my business insurance). I would like to pay this from my business bank account, but unsure of the correct procedure. Do I simply pay the invoice and then tag the transaction in my business account in quickfile ? Can I then attach the actual invoice that I have paid to this transaction? Many thanks for your assistance.
There’s several ways you can go about it but all ways end up with a “purchase” recording what you’ve bought, how much of the total is VAT (if you’re VAT registered, though in the case of insurance that’ll be zero anyway), and what category it’s assigned to, and then a “payment” assigned to the purchase saying when you paid for it and which bank account (real or dummy) the money came from.
If you have an invoice I would start from the Receipt Hub - upload the invoice to the hub, then tag it there to create the purchase record and attach the supplier invoice to the purchase.
If you have an auto bank feed on your business account then do not tick the “paid” box at the bottom of the receipt hub form - this means the purchase will be created as unpaid. Then when the money out transaction appears on your bank feed you can tag that as “payment to a supplier” and it should offer you to connect the payment to the unpaid purchase.
If you don’t have an auto feed then you either manually create the money out transaction on the business account with the “new transaction” button at the top and then tag it the same as if it came from a feed, or you go to the purchase and “log payment” from there, which will create the bank account transaction pre-tagged. You can also use the shortcut of ticking the “paid” box in the receipt hub but this will always create the payment bank transaction on the date of the invoice, which may be different from the date when you actually paid it.