I don’t send invoices I just give receipts for the payment so effectively the invoice is already paid on entry is it possible to mark paid on entry?
What is the receipt for, e.g if you are a shop you might be better using the cash register tool, or if you don’t need to issue invoices you could bulk import sales?
When your creating an invoice at the very bottom it gives you the option to add a date, payment and paid from option. You just fill that out before saving.
That’s for purchases, not sales.
Ah my mistake. Didn’t notice that.
It would be nice to have though,
My Partner also uses Quickfile, and as a hairdresser, she receives cash and credit card payments using SumUp.
If it’s a credit card payment from SumUp, then she sees the amount less commission enter her bank current account, so uses “Enter cash register takings” to enter this as cash, then goes to the current account and enters it as a bank transfer.
If it’s cash, she enters the amount in the same manner when she takes it to the bank. When it appears on her current account, it’s again marked as a balance transfer.
Hope the helps.
Sounds like there’s a step missing here, does she also add the invoices for the fees?
We asked HMRC about this. Since the fees are never received, and the individual card payments not recorded (as would be the same with cash going into a petty cash box) then it would simply be a journal entry which would balance to zero. Their suggestion was to treat the received amounts as a cash payment where the fees have already been deducted. Equivalent of someone asking for a discount prior to paying cash.
I’d ask for clarity about that personally. You can speak to 5 different hmrc call handlers and get 5 different answers sometimes.
Technically her turnover would be the total charge, then deduction of fees.
Unlikely in your partners situation but someone else who’s nearing the vat threshold, could mean failing to register at the right time.
Oh right, interesting approach. I think I’d be inclined to get someone from HMRC to give you that in writing. Not saying it’s wrong but I think it is an edge case/unique approach.
Luckily my friend is a VAT inspector, so straight from the horses mouth so to speak. Mind you, he does know that she’s not near the VAT threshold, but never mentioned it. He is adamant that HMRC would regard it as valid.
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Sorry, forgot to add that there’s no VAT on credit card charges (VAT notice 701/49), so it’s fairly easy even if VAT registered.
Its not whether charges carry vat, its whether those charges would be considered part of your turnover. But if you’ve had the answer from a vat inspector I guess that’s good enough for me.
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