Please can you add a field to “project tag” a bank transaction when using the “Something else not on this list” option. I know you can do it via the the sales and purchase invoice options, but this involves extra steps, especially for a business which is not VAT registered.
Thank you
Whether you are VAT registered or not should not affect whether you record sales and purchases in your accounting software.
If you are limited company then you have a legal requirement to maintain full records.
If not, then you still need to be able to extract the data for your tax return and if transactions are not turned into sales or purchases when they should be then these will not be in your Profit and Loss.
Thank you Martin, however as a Chartered Accountant I do know what I’m doing!
This is merely requesting the ability to add the project level tagging (to produce a segmented p&l) without having to go through the invoice / bill route for transactions that do not require them (e.g. bank charges).
No problem; that information was not apparent and it seemed like trying to shortcut adding sales and purchased but still keep the project tagging.
I can’t think of an example from my bank statement that would need project tagging but I accept that you may well have a need for this.
I certainly support this request. We have some “large” (or “named”) customers, who we’ve set up records for. But also a lot of occasional, mostly one time only, customers, where it just isn’t practical to create individual records. Those would be tagged directly to Sales from the bank statement. But there’s no way to assign them to a project, which makes that functionality quite pointless for us.
So, yes, would be great if that gap could be filled!
Currently in QuickFile, project tagging at the bank transaction level isn’t available outside invoices or bills. For non-VAT transactions like bank charges, you can’t tag directly, but the request to enable this is recognized as a useful feature for segmented P&L reporting.