I have recently taken out a subscription with QF. One of the (many) reasons for doing this was the ability to record meaningful rental property transactions. I have four properties and would like to be able to take advantage of the Landlord provisions included in QF. I use the ‘cash basis’ allowed by the HMRC rather than the ‘accruals basis’. This means that the date shown on the bank statement is all important.
HMRC have said recently - “HMRC estimates that up to 4.2m unincorporated businesses are now eligible to use the cash basis but only 29% of those businesses take advantage of that simplification. HMRC is consulting on ways to expand the cash basis in order to encourage greater take-up among self-employed businesses.”
I understand that it is not currently possible to connect bank transactions directly with related properties ( or projects). Ideally, I would like to be able to link all relevant bank transactions with individual properties.
Do you know of any approach which might achieve this?
I would very much appreciate any advice you can provide.
I use the ‘cash basis’ allowed by the HMRC rather than the ‘accruals basis’. This means that the date shown on the bank statement is all important.
Vat returns use the payment/receipt date of invoices in order to assign the values to the returns when you are on cash accounting
I understand that it is not currently possible to connect bank transactions directly with related properties ( or projects). Ideally, I would like to be able to link all relevant bank transactions with individual properties.
When the invoices are raised (with properties as the project) and tagged to the bank transactions this is where the link between the bank transaction and the property takes place.
QuickFile doesn’t really support cash basis book keeping (it can do cash accounting for VAT but that’s a different thing). Obviously payments are recorded on the date of the relevant bank transaction but all the profit and loss reporting is based on invoice dates (i.e. accruals basis) rather than cash basis.
There is, or at least was at one point, an experimental cash basis periodic report implemented as part of the work towards MTD ITSA (if that ever happens) but I’m not sure whether that’s still available in the software.