Keeping Accountant Happy

My accountant is trying to get me to enter more transactions into Quickfile to make end of year accounting easier and less time consuming. Can anyone help me with the following points that they have outlined?

Which parts do you need help with? Your accountant has explained it pretty good. Have you tried clicking on the red tag me button to tag a transaction?

From the wording of that advice I guess you don’t use any kind of automated bank feed? In that case the key thing you need to know about is the “new transaction” green button at the top of the bank statement view in QuickFile.

When you do things like “log payment” against an invoice that creates transactions in the bank account for you that are pre-tagged, but there are certain things like bank transfers and PAYE payments that can only be done using the “tag me” button, so need to start from an untagged bank transaction. If you have a bank feed then you’ll get your untagged transactions from that but if you don’t use a feed then you have to use the “new transaction” button to create the untagged transaction by hand so you can then tag it.

The third point is to do with the fact that when a customer pays you in cash you need to record the payment at the point when the cash comes into your hand, and not the (typically later) point when you pay that cash in to the bank. So when the customer pays you you “log payment” on their invoice and choose the petty cash account, which will mark the invoice as paid. Then later on when you deposit the cash from several customers all at once in your bank account there’s no complexity of trying to split up the bank deposit into payments from several different customers, it’s simply treated as a transfer from petty cash to the bank - create an untagged “money in” on your current account for the amount you deposited and tag it as a bank transfer from the petty cash account.

If you have online banking you can still import your statement manually. It you have more than a couple of invoices a week this will still be easier than marking them as paid individually.

You can then set up automated tagging rules in QF which will cover transfers between accounts.

I used to pay invoices manually but regularly found that importing entires from a csv file every week was more accurate. It it also generally quicker despite out publication cycle meaning that we have about 6 “dead” weeks scatted through the year with little or no traffic on the bank account.

All parts I think. I don’t use bank feed. As a restaurant and takeaway business, there are many transactions, some cash, some card, so at the end of the day I just enter one total. In relation to wages expenses, I have no idea how to enter these. Do they have to be entered as a “supplier”? And as for the petty cash account, I also have no idea. I initially just wanted to use Quickfile for VAT submissions which has been fine, but because of no longer using a cash book for this purpose, my account now has trouble finding or following some transactions. I have allowed them access to my account as well as providing them with payroll related expenses and paper bank statements. So I’m not sure of the issue they are having, but it’s causing me to have to do extra work. Does that help? It’s the best I can explain.

The issue they most likely have is charging you for their time in cleaning up the Bookkeeping. They probably want to reduce their fees by asking you to do the basics.

If you upload your bank statements then it will make everything easier. You can tag wages as such etc. No need for supplier invoices, wages aren’t suppliers.

Follow ians advice above as he explains it well.

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