Hi, can you tell me the best way of entering fuel receipts and other day to day expenses that is paid for by a business account to claim the vat back to be able to reconcile the bank statements?
If you send your receipt images through to the receipt hub, and then enter them, you can then tag the payments from the bank statement. Once everything is tagged your bank statement will be clear, and the vat figures will be generated by having entered the fuel expenses. Might be a good idea to take a look at the Getting Started guide if you are new to the system.
When starting to use a new way of keeping accounts sweet there is always going to be a bit of a learning curve that for me took more years than I expected.
But, QF is a good and straightforward system for recording your fuel receipts and other day to day expenses.
By keeping the Banking reconciled and everthing Tagged the rest of the accounting should dissipate so your accounts show a true picture.
Use the Bank tagging rules to process your Fuel/Other outgoings and the paperwork can be matched to the receipts raised via those rules without too much work later via the Receipt Hub.
Here’s an example of a fuel purchase that I have put through the books;
Bank Account Description
“PURCHASE - DOMESTIC, LLANDUDNO, TESCO PFS 3765, GBP 75.27M** 7958”
Bank Tagging Rule
TESCO PFS 3765
New receipt raised from rule,
Attach to an Invoice ticked
Supplier Name tesco F/STN Llandudno Junction
Purchase Category Fuel and Oil (MOTOR)
VAT Rate No VAT.
My example has no VAT reclaimed as no longer VAT registered, but you would change this to the appropriate rate to reclaim the tax.
Focus on the Banking being reconciled and tagged and you should see it all fall into place.
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