Hi, hope someone can help, I’m a sole trader looking for simple, free online cloud accounting as someone who needs it to be easy. Have I come to the right place? I’ve tried researching online and quick file came up, thanks in advance,
I say you’re definitely in the right place, but I’m biased
We try to make things as easy as possible, and where you need a helping hand with features within QuickFile, we’re here to point you in the right direction.
We also have an active community which includes accountants, should you have anything we’re not able to answer.
QuickFile is free for accounts graded as XS, S or M, and just £45 + VAT per year for accounts graded as L or XL, based on your nominal ledger entries (which takes into account bank transactions, invoices, etc.).
I hope that helps!
thanks so much, i’m just a sole trader so i assume i’ll come under one of the Free options, i’m not sure what Normal Ledger Entries means though, i’ve previously had someone else do my book keeping and i understand having it all Online and being able to understand it fully is the way forward, if you can explain Normal ledger entry that would help, many thanks. Ps, is online the same as cloud based? thanks
Rule of thumb - it’ll be free until you hit roughly five paid-up invoices (sales plus purchases, so three of one and two of the other or any other combination) per week on average across a whole year, sooner if you have purchases or sales that are split across more than one category (e.g. if you separate out the goods cost from the delivery cost).
If you think of your accounts a a pile of different books where you record different things (general sales in one, cost of goods you’re selling in another, money owed to suppliers, bank account balances, etc etc) then each time you record a transaction you make an entry in at least two books. The “nominal ledger count” is simply the total number of lines you’ve written across all the different books.
When you create a sales invoice that is two nominal entries (one in the sales book, one in the “money people owe me” book, called the debtors control account), and when you get paid it’s another two (one in debtors control to reverse the sale entry, and one in “bank account” to record the fact you’ve been paid). Hence four entries per paid-up sale (or purchase) times five per week times 50 weeks per year hits the threshold of 1000 where you have to start paying.
There are other things that generate nominal entries too, e.g. transferring money between bank accounts (two entries, one on the sending side and one on the receiving side).
Thanks Ian, this is very helpful and much appreciated!
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