I have a ltd company account with QF. I now also need a landlord account which is a totally different ltd company. Do I set this up as a brand new account, or can I use the Affinity login (not sure what this does). I tried to set up as a new account, but can’t use the same email address as my current QF account. Thanks
Hi @jlee6588
If you’re managing more than one business, it’s best practice to keep the accounts separate.
It is possible to have more than one QuickFile account, however, you can only have your email address registered against one account. Which means you will need to set up a new email address to use.
Affinity is a way of managing multiple accounts from a single login. For more information about Affinity, please check out the following: QuickFile Affinity overview
I hope this helps, but if you have any further questions, please don’t hesitate to ask.
Thanks - I have done this and set up a new account with new email. I’ve set up a landlord account, but not sure how I tag my own personal money I have paid in. Can’t see any section for Director’s Loan Account, only Proprietor Drawings Account.
Hello @jlee6588
Landlord accounts can not be set up for Limited companies. They are only available for Sole Traders. as such the nominal structure would reflect this.
https://support.quickfile.co.uk/t/landlord-bookkeeping-basics/47318
Thanks - so do you think it would be best to set up a new limited company quickfile account then? Or keep the landlord account I have just created? If keeping the existing account are there enough features and relevant information for an Accountant to process returns etc…?
Hello @jlee6588
The type of company you select would determine the nominal structure you are given.
As a rule of thumb you would select:
Sole Trader or Partnership Landlord if no corporation tax is paid (and or landlord features are required)
or
Limited Company if corporation tax is paid (and or no landlord features are required).
Fore more advice on setting up companies please consult and accountant for professional advice.
I have set up the new ltd company account on QF. Do you know how I would tag tenants deposits. They are sent into my ltd company account, then transfered straight out into a Government deposit scheme bank account.
The other thing I wasn’t sure about, was if a tenant pays the security deposit and first month’s rent in one payment to me. How do I split this and show that the deposit has been sent to the Government scheme?
Hello @jlee6588
Rent deposits.
Its basically the same process as described in the landlord article. You will need to Create a new nominal code (we recommend 0151 Rent Deposits)
When your tenant pays a deposit to you, this should be tagged to the appropriate nominal code. From your bank statement view you can tag as “Something else not on the list ” and then post it directly to the Rent Deposit nominal (0151).
Splitting values for tagging
The easiest way to do this is to use a holding account.
- In the banking screen create a new bank account (call it holding account or something similar)
- Tag the rent income in your bank as a transfer to the holding account.
- Pay the invoice using this account.
- Record a Money out transaction for the rent deposit as described above.
Once the above is complete the Holding account balance will be Nil.
Thanks. Hopefully final question. You say set up a new bank account. Do you mean a current account within QF?
Hello @jlee6588
No, create a merchant account, this is not a real bank, this is what you will use to split transactions in specific cases like the one you mentioned previously
Sorry, I’m still not quite getting it. I have set up the nominal code and bank account (merchant).
So if the tenant has paid a total of £1000 into my current account. £700 rental income and £300 security deposit. Is the following what you are saying?
- Transfer the full £1000 into the new deposit merchant account.
- Go into the correct client page (I’ve set each tenant as a client) and create an invoice for the £300 security deposit.
- Log a payment for this invoice. Selecting it was paid to the new deposit merchant account. This then makes the balance in the deposit merchant account £-700
I then need to somehow tag the £700 as rental income. But not sure how. I might have misunderstood the steps you listed, and there could be an easier way you were explained but I just can’t figure it out. Thanks
Also forgot to say that I have another transaction in my current account. This is me paying the £300 security deposit to the Goverment Scheme. I don’t hold on to the security deposits.
Hello @jlee6588
If you have received the full amount in one go and have an additional transactions for the £300 going out, there is no need to split using a merchant account, I have detailed the steps below
- Create a new nominal for Rent Deposit nominal (0151).
Go into Reports > Chart of accounts 0151 Options > Settings and Tick to Allow for sales invoices.
- Go into the correct client page, create a 2 line invoice for the £1000 security deposit/rent as per the example below.
-
Tag the 1000 receipt in your bank to the £1000 invoice.
-
Tag the £300 payment the The rental scheme to “Something else not on the list” and select the 0151 code to clear the balance.
Amazing thanks for all your help.
I also have a question about tagging a couple of transactions if you help. I have listed it below, but if I should create a new topic please let me know.
Question 1
I have two ltd companies. Company X and Y. The landlord property company is Company Y.
When Company Y purchased the Leasehold property it got the money from Company X. I’m not sure how to tag this in QF for Company Y, but also Company X.
Question 2
When Company Y transferred the purchase payment to the solicitor, it included the solicitor’s legal fees, the stamp duty and the purchase amount for the property. How do I split these 3 amounts and tag them?
Hello @jlee6588
Question 1
You need to have Company X set up as an entity in Company Y’s accounts so you can tag the transaction, this could be as a nominal code but I would recommend doing it as a bank account (merchant account)
You would record the purchase of the Leasehold property as normal
Did the money get paid into company Ys bank first?
- If so record a Money out transaction in the merchant account (Company X) and tag it as a transfer to the Company Ys bank then pay the invoice.
- If not pay the invoice using the merchant account.
Either way the Company X account will show a liability of the amount paid.
Question 2
The solicitors invoice would have 3 lines to the respective codes (legal fees, the stamp duty and the purchase amount for the property). This is similar to your previous query.
e.g.
Legal fees, £100
the stamp duty, £100
Purchase amount for the property, £100
Payment £300
Hope that helps
Hi,
So for example, if the payment from company X to Y was £50k. Do I tag the £50k that is showing in my current account as a transfer to the new Company X merchant account? If I do that it shows as a negative £50k balance in the merchant account. Can this be left as is, or would I still have to do a money out transaction?
With Question 2. Yes I have the full invoice breakdown. But how do I tag the 3 parts?
Hello @jlee6588
The single invoice is entered with the 3 lines on it (totalling £300 in my example)
You can then tag the £300 payment to the invoice in the bank
This topic was automatically closed 14 days after the last reply. New replies are no longer allowed.