Posting sales without an invoice?

[gardenman_2803]

Within a recent topic entitled 'Can this be used for a B&B?, the accountant posted ‘You can tag money you receive into bank or cash to sales account without issuing any invoice’. Not sure if this has been raised in another topic, but can anyone guide me as to how to do this as it could be really beneficial to my business? Thank you

[QFMathew]

I suspect what @FaradayKeynes was referring to here is the bank tagging feature that allows you to post directly to a nominal ledger, bypassing the invoice altogether.

Let’s say £100 cash has been received, the following entry is made to Petty Cash.

Now when you click the “Tag Me!” button, you will see an option at the bottom “Something else not on the list”.

This will then allow you to post the double entry directly to a nominal ledger, you can also split the balance across multiple ledgers.

Just one important thing to note: If you are VAT registered you should avoid this method for any VATable items, as the VAT return uses data from invoices to generate the figures in boxes 1-9 on the VAT return.

[ian_roberts]

You can post bank transactions directly to nominal codes like 4000 (general sales) by using “something else not on the list” when tagging bank transactions, but it’s not generally recommended. Many of the reporting elements in QuickFile, from VAT returns down to the monthly sales and purchases bar graphs on the dashboard page, take their data from invoices only and won’t include anything you’ve tagged directly to nominal accounts. Also if you tag direct to nominals then you don’t have any breakdown of which money came from which client.

Even if you never actually issue your customers with a (physical or electronic) document that you call an invoice, it’s probably still worth recording it as an invoice on the QuickFile side. You can create invoice records on the fly when bank tagging so it’s only a few extra clicks compared to tagging direct to nominal 4000.

[gardenman_2803]

Hi Ian, your response is along the lines of QF Support, so thank you. I follow exactly what QF Support said, but immediately realised it would be a bad move to try and do it that way…afterall I have done it by creating invoices for every job (irrespective of how the customers pay) for almost three years now with no problems, so ‘no point fixing it if it’s not broke’. Additionally, the reporting is always there when you interrogate on invoice data.