Setting up a brand new accounts system for a limited Community Interest Company (similar to normal limited co) and transferring last 6 months activity onto Quickfile. Two Q’s. Firstly we have set up the main bank account and uploaded the bank statements To create suppliers and clients, is the quickest way to Tag off the bank statement or create individual accounts? We also run a Petty Cash book, is there a recommended way or best practice guide to setting this up?
Firstly, for Petty Cash, there is a bank account set up for this. I’d recommend you treat cash as a separate ‘bank account’ and use it from there. Take a look at all your bank accounts under ‘Banking > All bank accounts’.
I think when it comes to tagging transactions, it depends on you and how you feel best really. I do a mixture if I’m honest. If it’s a payment (in or out) and we have no email address for the client or supplier, we just input it into the bank and tag it. However, if we have an email address, I always like to send confirmation of payment, so do it from the invoice screen itself (‘Log Payment’).
If you feel happy uploading your statement and just tagging, then there’s absolutely no problem with doing it this way. However, if you create a new purchase using this method it logs it to one nominal code. So, if you purchased stationary and printed materials in one transaction, you would have to set up the purchase, and then either log payment, or tag it.
Reading back over my post, I feel like I’ve gone off on one a bit, so any further questions - please ask!
