I want to use QuickFile to do accounts from 1st April 2021-31st March 2022. If I bring all the bank transactions in back to then, it may bring me over 1000 entries because there will also be transactions for my second year… is there another way to do this? Should I do just the one year of transactions and roll back once I’m done with the first year, keeping a trial balance andP&L and Bal sheet…
Hello @Jenniferuth
Have you not got a trial balance from existing accounts as a starting point?
There would be nothing to stop you importing bank statements for year 1, complete the year.
Print off any report you may need including the trial balance etc
You could then use the option to clear your account. (How do I clear my account?)
All data would be wiped and you can start fresh for year 2.
You would loose all history and have to enter the trial balance again from scratch.
Alternatively you could take a subscription out £45 + vat, retain your history and reports, if you are not going to be processing many transactions going forward in 12 months time your account would revert to the free tier.
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Hi,
just to add to QFSteve post, the £45+vat is for a whole year.
Also, depending on the amount of invoices you raise per month but if you raise about 20 or more sales and purchase invoices per month you are very likely to reach the 1000 ledger entries threshold.
Hope this helps
Thanks for this.
I was hoping to avoid the £45 fee.
there most likely won’t be over 1000 transactions for the year. But I have read that as it is a rolling year, then if I import all of the 21-22 transactions to complete a set of accounts for that year, either by bank feed or import… they will all be imported now, rather than day by day as they originally happened. This means as this current year continues the account will go over the 1000 entries in a rolling 12 months. I was wondering if there is a way around that.
There are approx 40-50 bank transactions per month. Am I correct in thinking for each bank transaction there is a ledger transaction counting as two in the size of the account?
These accounts are for a market trader on a cash basis so there will not be Sales invoices created, just ledger transactions for sales.
Reference my reply to @QFSteve, there are approx 40-50 bank transactions, no sales invoices, but some purchase invoices and expense receipts, So I’m assuming that level will probably bring any one year over the 1000 entries threshold…
Also, a journal would be 2 ledger entries…
No trial balance as this is the first time of creating accounts… an accountant did a Tax return for this client las year, just from calculations using the £1000 expenses claim. That was a 7 month period of trading up to the end of the Tax year. This next year she is certain she has over £1000 to claim, so needs to have a set of accounts. She has not outstanding accounts sales or purchases from that first period and no assets either. So all there is to bring in is the opening bank balance as proprietors capital from previous year’s trading.
I used ‘Market Trader’ as a way of defining the kind of trading… it’s actually Direct Marketing, online sales… so no stock on hand either.
Hello @Jenniferuth
It does sound like you will be over the threshold for the year.
40-50 bank entries (affecting the bank), once tagged to say where they came from/going to would be 80-100 per month
e.g.
£100 Money out transaction on the bank (where to?)
Tagged to payment for broadband etc
This would be 2 nominal postings
Yes that’s right. But one purchase invoice (also sales but not applicable in your case) is (at least) two entries for the invoice plus another two for the payment (makes 4). So, a total of five purchase invoices per week, each paid in full in a single bank transaction times 50 weeks per year will hit the threshold, and that’s before you’ve factored in anything like transfers between bank accounts (depositing cash, taking drawings, getting payments settled to your current account from paypal/stripe/barclaycard/whatever).
That said, £54 per year including VAT is astoundingly good value compared to the competition, considering what you get for the money.
Yes, I agree, just was looking for free ones, but for free QuickFile gives you a heap of usability…
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