My business does not generate invoices and all sales go through the till. I currently use Sage and input the total sales data on a monthly basis into a bank account called till receipts. I then transfer the credit card total to a seperate account called Credit cards then transfer those into the current account as they hit the bank account. The same goes for the cash element banked on a weekly basis. Any ideas on how I can set up a similar system on Quickfile as I love the bank tagging element and it’s apparent simplicity. Also is there a function like on Sage that turns a gross sales figure into a figure net of VAT.
You should be able to do the same set up new bank accounts called sales and transfer money from one account to the next.
I think you may find the following guide useful, you can post these invoices on a monthly basis if you wish:
http://help.quickfile.co.uk/main/1/accounting_for_daily_takings.htm
You can also tag from the bank although if you’re VAT registered and using Quick File to file your VAT returns then you’ll need to post your sales to an invoice so you can account for the VAT.