Enter a transaction without posting an invoice or PO but assigning it a nominal code

Hi… as per topic title - Sage allows you to enter a transaction without assigning an invoice but still having the option to assign the transaction to a particular nominal code. Is this possible in Quickfile? Thanks. jimmy

Hi @tweaksbridge

Yes, this is possible. However, are you VAT registered?

Hi @QFMathew ,

Yes we are.:slight_smile:

No problem! In this case, any transactions with VAT, you would need to assign them to an invoice of some sort for the VAT to be picked up in the VAT return within QuickFile.

But smaller value transactions or ones without VAT (e.g. a non-VAT registered supplier), can be tagged directly to a nominal.

This guide goes through the process of tagging these transactions, which hopefully makes it a bit clearer than what I can - Miscellaneous bank tagging

Hope that helps!

Is this really good practice? I thought zero-VAT purchases were still supposed to go in box 7, which would mean they have to be done as “purchases” in QuickFile.

Always best to ask your accountant to be sure.

When tagging transactions, it’s best to avoid posting everything directly to nominal accounts, instead use the option “Payment from a customer” or “Payment to a supplier”.

Personally, I would always opt for an invoice to give you a better and clearer record.

Awesome. Thanks for your help.

It’s for posting £0.01 transactions like Paypal and banks do for verification purposes. You dig?

Hi @tweaksbridge

For postings like that, then it shouldn’t be a problem. But it is always best to speak to an accountant to check

1 Like

This topic was automatically closed after 6 days. New replies are no longer allowed.