Hi! How to I register that I have made a deposit from the business cash to the bank?
Have you got a auto bank feed? If so, deposit your cash to your bank account and wait until the deposit shows up in your bank account within quickfile. Usually that should be the case on the next day. On the next day, go to your bank account in quickfile and look for the deposit transaction. Click tag at the end of the transaction and use transfer between accounts and click on your cash account. Done.
This method assumes that you registered and tagged all all your cash income in your cash account in quickfile to invoices. Or that you registered at least daily or weekly or monthly cash turnover in that account. Also, if you paid for something in cash you will have to record this in that cash account.
You can find more here:
Hi! No I do not have the automatic banking thing. But I will look and read on the link you provided me, thank you for your info and help!
I do not have a cash till, I’m only a small business and very very little cash coming in and I keep them in a cash box. I dont earn enough to deposit daily, weekly or monthly. I only deposit once to be honest.
I do register one each customer. I actually didnt know I could register all in one?
Is thede maybe a way to start over? I have not had this for very long and only in August last year I registered my business. I barly get anything coming in.
When you say I can register several in one go, can I do the same with bills/expenses? I sont have Bill’s but I do use the money to buy things my business need. I have registered every receipt manually.
Sorry if my questions are silly but things are different from what I am used to. I’m not from UK but moved here 1.5 year ago.
Are you just a self employed sole trader (not Ltd, not vat reg.) ?
For purchases you should record each one separately. You don’t have to upload receipts but you should keep them on a save place just in case hmrc want to see them.
For cash income, you can record it as daily lump sums (if you get small total amounts in a week you can also record it as a weekly sum) but you should make a note from where the money is.
Yes I am a self employed sole trader. Thank you for your help! I understand! I do write everything down in details on a notepad I keep together with all of my business papers. All the invoices from expenses are kept in date order in a binder. I logg all income and expenses manually by hand as well.
Essentially you have to think of your cash box as a kind of “bank account” in its own right - there’s a “petty cash” account set up by default in the QuickFile banking section. When a customer pays you in cash you log that payment into the petty cash bank account, and when you deposit cash at the bank that is simply a “bank transfer” from the petty cash account to the current account.
You can enter the bank transfer starting from either end, using the + New Transaction button at the top of the bank account detail page. You either add a “money out” transaction to the petty cash account and tag it as a transfer to the current account, or you add “money in” to the current account and tag it as a transfer from petty cash - in either case QuickFile will create the other end of the transfer automatically.
Thank you so much for your help!
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