Hi, I’m quite new to QuickFile and getting ready to submit our first MTD VAT return. My company has a current account and a savings account, the latter being used only to keep hold of money we know we have to pay out (eg VAT on our sales, PAYE/NI etc). The result is lots of transfers between accounts, which really clutters up the real transactions. Before using QuickFile, I did our accounts on a spreadsheet I made and simply didn’t type in the transfers between accounts - I treated the two accounts as buckets in the same account. I’ve been populating QuickFile by importing csv statements and some of the transfers are showing up twice, as I import both the current and savings account statements. If I delete the transfers after import and treat it like in my spreadsheet, am I going to cause trouble for myself, or will it close off some functionality to me? Nothing’s ever paid from the savings account and the only other activity it has is a few pence of interest every month.
You could, but it would be cleaner all round to treat the current and savings accounts as separate bank accounts in QuickFile, to reflect the real life situation. If you import the current account CSV into the current account in QuickFile, and the savings account CSV to the savings account in QuickFile, then when you go through and tag the current account transactions those that are transfers to/from savings should offer you the option to link the matching untagged transaction on the other side, leaving only the interest transactions actually needing to be tagged by hand on the savings account.
It’s a lot easier to spot any mistakes or discrepancies when you know that your QuickFile bank balances at the end of each day should always match your real life ones.
Hi Ian, thank you, the linking between the two halves of the transfer explains the duplicates I’ve seen. I was focussed on getting the VAT return done, so I imported and tagged the current account transactions, then specified the savings account and imported its transactions. I think QuickFile created the other half of the transfers for me and confused me in the process! All fixed now and VAT return very painlessly submitted. Thanks again for your help!
Yeah, if you import both CSVs before you start tagging anything then it should work better. If you tag a transaction as a bank transfer and there isn’t a matching untagged entry on the other end then QuickFile will create the other side pre-tagged, hence the duplication.
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