I have two bank accounts:
Artist Clients Account
I’m getting really good with my transaction tagging now, but I am having real trouble with the separation between my multiple artists on the clients account. Ideally, I want to click a button and Quickfile tells me the balance for just one client within the one bank account.
I have been advised that I need to setup my clients as ‘suppliers’ I can add the suppliers in, but I do not know how to assign existing, tagged transactions into them - I have 839 transactions that I need to assign to suppliers I believe.
Any help would be appreciated - If I’m able to do this, my life will be incredibly easier!
You can’t do this directly, but there may be an option, depending on your account. If you have transactions in your bank account that specifically mention the client’s name (e.g. “Payment from Client A”), then you could do an advanced search for that reference. This would then show you the balance too:
How are the transactions tagged at the moment? E.g. are they tagged to an invoice, a nominal code or something else?
This would depend on your situation itself. I’m assuming from your description that you would sell your client’s work and take a commission or something similar. If you could give us a few more details, perhaps we could suggest a way of making this work for you.
Thank you for the reply
Currently, they are all tagged to nominal codes.
We are a management company for artists that do work on commission.
I just did a test and it does certainly work, EG, CliTone in the description with the advanced search does give me the NET Value, which is exactly what I need right now - I will do this for all transactions over the weekend and see where I’m at. Just hope I don’t make any spelling mistakes, ha!
Thank you for your help here, I’ll be in touch regarding the commission side of things when I’ve done this as that is
certainly another area of development I need.
Regarding opening balances on bank accounts, there is obviously only one figure you can fill in but my opening balance is a mixture of several clients i.e:
Opening Balance £2000
Client a) £500
Client b) £500
Client c) £500
Client d) £500
How would I go about inputting this correctly?
I would strongly recommend you to have a chat with your accountant on the specific details here. We are limited in terms of what advice we can offer here.
When you set an opening balance you’re just dropping an opening figure onto the bank account, it’s basically a journal with the other half posted to suspense.
If you want to specify that this opening balance is made up of funds received from client a, b, c etc. then instead create a dummy invoice for the respective clients and totals with the date set to your opening balance then pay it into the new account. That will still give you an opening balance but will set show the origins of those funds as client sales.