For my business I only send around 20 invoices per year to customers but buy a lot of (generally) small value electrical items off of ebay and amazon (and a few other stores) that I use in the projects.
Once in a while I’ll go through, print off all the invoices as PDFs, upload them to the Receipt Hub, Manually tag them with details, find them in my bank account and then reconcile them together.
My specific question is:
I often buy a number of items at the same time from Ebay - i.e 10 different items from different suppliers. Ebay bundles these up as a single order but bills me 10 different times. So once I have a combined invoice of £15.51 for 3 items (in the receipt hub) - I can find the 3 lines in my bank statement 6.65, 2.58 and 6.28 which total 15.51 but I can’t assign them. (I know I can do it the other way round - many invoices to a single bank transaction).
My more general question is:
This is taking me ages to do. I’m using automated bank feeds and a dropbox plugin to connect up to ReceiptHub. Is there something obvious that I’m missing that would make my life easier? I’m a developer - so would prefer to spend the time building something to do this rather than manually typing things all in.
Even something as simple as naming my receipts and have receipt hub automatically process them from the filename would be a start.
This is taking me ages to do. I’m using automated bank feeds and a dropbox plugin to connect up to ReceiptHub. Is there something obvious that I’m missing that would make my life easier? I’m a developer - so would prefer to spend the time building something to do this rather than manually typing things all in.
Hi JohnS,
First of alI am not an accountant. So, is something enough for HMRC or not I can not answer this question and you should always ask your accountant. But If you do it properly you should attache a physical bill/invoice/receipt to every invoice you create in quickfile. Sometimes it is difficult to get invoices for example bank charges/fees but they are on your bank statement, so you have to keep the bank statement for the day when HMRC ask for that. If you don,t upload your receipts to quickfile this could be fine as well (it may depends on your kind of business) as long as you keep the physical receipts on a known and safe place for the day when HMRC/Taxman is knocking on your door.
The general consensus is, if HMRC asks for proof, can you retrieve it easily and prove it?
You could consolidate the purchases under one generic supplier and record the purchases in bulk, for example, at the end of the day or week - depending on your volume.
Thanks Matthew. It sounds like I’m doing too much work trying to get all the details into QuickFile and maybe I’ll be fine just pulling these receipts out of my email accounts and saving them somewhere handy such as Dropbox.
I’ll have a look into whether I can automate the email to pdf and naming process a bit - happy for any suggestions if people have done it already though
