Purchase transactions - Must there be an purchase invoice attached?

Accounting
1

Hi

I am currently checking through all of my purchases as my company is now a vat registered company on the flat rate scheme.

Most of my purchase transactions are created by auto-downloading transactions from my bank and creating the equivalent purchase transaction in Quickfile. My question is this:

Must each and every purchase transaction have a scanned invoice for that transaction from the supplier uploaded next to it in quickfile?

Many of my purchase transactions are items like regular payments for insurance. Many of the insurance companies do not provide invoices and just collect monthly payments. Is there an easy guide I can consult as to what I must record with regard to purchase invoices in order for them to be claimable?

Or is it ok as long as there is a corresponding bank transaction proving the supplier was paid?

Many thanks

2

On the flat rate scheme you don’t reclaim the VAT on your purchases anyway so I’d imagine (but I don’t know for sure, I’m not an accountant) that they’re less strict on the record keeping than if you were on normal VAT accounting where you need to be able to show a VAT invoice from the supplier for each thing you want to reclaim.

3

From a FRS VAT perspective, @ian_roberts is correct, as you’re not reclaiming VAT on purchases it doesn’t matter whether any evidence is attached.

From a wider accounting perspective then yes there should be an invoice attached to all expenditure. In the case of monthly things like insurance then although there are 12 payments there would only be an invoice/payment confirmation attached to the first one of the year usually.

4

Thanks for the replies.

Robert Cashman