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Partnership Accounting


#1

My husband and I have a Partnership business with 4 different accounts, can Quick File work with these so that we can look at our Partnership as a whole for tax purposes?


#2

Hi @Cherry

Each QuickFile account should represent one business so the accounts would be separate.

Is there anything in particular you were looking to achieve? For example, we you looking for a quote for year end but for the 4 accounts as a whole, or looking to access them all through one login?


#3

We would like to simplify our accounts to give an overall view of where our partnership is in terms of accounts, tax liability, etc but it wouldn’t be cost effective or productive to have 4 separate quick file accounts.


#4

There isn’t a way to produce an overall view, but I think what may be more beneficial to you if QuickFile Affinity. This would essentially allow you to have one login to quickly access any connected account.

Affinity is also priced based on the connected accounts and will work out more cost effective.

Affinity as a whole has been designed for accountants, bookkeepers and those with multiple accounts.

There are a few guides which may help with this. It’s also worth noting that Affinity comes with £10 free credit, so you’re welcome to sign up and give it a go before hand.


#5

Hi Cherry,
Why do you currently have 4 accounts?
Do you mean 4 separete businesses or just 4 sources of income with combined running expenses?

As a partnership you are both self employed so, you may be able to set up a single set of accounts on Quickfile, using several bank accounts, several sources of income and even keep expenses with separate nominals.
The accounts will then produce a combined profit and loss for your partnership tax return where you can split the profits between the 2 partners for your individual personal tax returns


#6

Hi George, thank you for your response this is so helpful. Yes, 4 sources of income coming in to the partnership. I’m hoping to look at all as an overview and prepare for end of year as a partnership. The way you explain this sounds what we are looking for, I only hope its easy to organise as accounts are not my strong point so hopefully Quick File is user friendly and intuitive for beginners.


#7

Hi George, I’m wondering if I should initially sign up as Partnership in that case even although I’m completing the information to get started and my partner can join in at a later stage? Thanks again for your help.


#8

Thought so, I use quickfile for myself and run an Affinity accounts for clients. I have found other users very helpful as well as quickfiles support.
So I’m sure you will find lots of help on this forum to combine your business into one set of accounts.


#9

Yes, your partners details can be entered at any time.
It will be free until you have 1,000 entries


#10

George, you are a Star, thank you for your help. You’ve given me the confidence to get started on this momentous task.