Logging purchases manually vs bank tagging

Hi, whenever i buy something, diesel, food, stationary etc etc, i usually created a New Purchase then input all the details and write the QF number on the receipt. I fell behind on my accounts and i came accross information on your knowledge base on how to upload my bank statement and save me time.

However uploading my bank statement only inputs the transations on my QF back statement and then allows me to tag them, it does not create a New Purchase as such as i have been doing, A) will the new way of my uploading my bank statement cause any accounting conflicts B) should all purchases have a QF number or is it ok just to upload my transactions then just tag them

A fast response would be appreciated

Regards

Gary

The way you were doing it originally will create a purchase invoice and when marked as paid it will lodge a payment against the invoice which will show up on the bank as tagged (green).

Now when you upload the statement and tag the items on the bank it will create the purchase invoice for you and link it to the bank transactions. Once tagged click the green button on the bank statement and it will show you a link to the invoice (with a QF number).

Both methods are valid, but when you upload the bank statement and tag from there you know your bank is always reconciled saving you a job later. You can still attach receipts to invoices created from bank tagging, you just need to go into the invoice preview screen, scroll to the bottom and you’ll see an upload box.

Hi, i have just hit a slight issue, when i upload my bank statements and i tag a transaction, i choose the option Payment to a Supplier, then Create a new purchase invoice, it doesn’t allow me to create separate items within that one purchase, i.e, i have a Costco receipt, total is £24.37 but only £16.99 is vat-able, the £3.99 does not include vat.

How do i have separate items when tagging uploaded bank statements

Regards

Gary

Bank tagging was designed as a faster route for most routine single-line transactions. In that respect there’s no facility to enter multiple lines. Instead create the invoice manually then go back to the bank and link the payment to the new unpaid invoice, it should pickup automatically when you go to tag it.