I’m looking to move over from Quickbooks as Quickfile just seems much more intuitive. However, I’m confused by one aspect: the purchases I raise invoices for don’t appear in my profit and loss report. Only expenses that I haven’t raised an invoice for are in the report (charitable donations, pension contributions etc).
The invoiced purchases are all marked as paid and appear in the dashboard (Purchase Management), but just not in the profit/loss report. I need this report to be accurate as it’s the main way I report to my accountant.
Can you help?
One thing that can catch some people out is the date range. Double check the date range you’re viewing the P&L report for.
All purchase invoices should show up against the nominal codes you specify, providing they’re in the correct date range.
Thanks for your reply. I realise now that all the purchases that don’t appear in the profit and loss report are in the Plant and Machinery category. Is that because these purchases are classified by Quickfile as [Asset]? I am claiming Annual Investment Allowance, so I want all my equipment costs as 100% expense in the year of purchase…how do I do this?
You don’t. Where things appear in your accounts and how you account for them on your tax returns are two separate things. AIA isn’t a profit and loss expense, it’s a separate tax return category under capital allowances that gets deducted from your book profit to get your taxable profit.
Many thanks for taking the time to reply. I don’t really have any understanding of the various accounting protocols (clearly!), but what I want is to have all my income and outgoings on one page that I can send to my accountant at the year end, so that he can then do the correct accounting.
Is there a report in Quickfile that provides this function? I’m currently able to do it in Quickbooks by generating a profit and loss report; although i now realise this is because I’m not categorising my equipment purchases correctly (although I’m sure the accountant is!)
Any advice gratefully received.
The Trial Balance report will give you pretty much everything you need - it shows opening balances, total debit or credit for the year, and closing balances, across all your nominal codes both P&L and balance sheet. I usually give my accountant the relevant year’s P&L plus a trial balance at the year end date, but I also give him a list of individual assets I’ve purchased, sold or scrapped during the year so he can work out the capital allowances accurately.
Of course the beauty of a web based book keeping system like QuickFile is that you can set up a username and password so your accountants can log directly into QuickFile themselves and extract any reports they like or drill right down to individual nominal ledgers. You may wish to offer them that option.
That’s really useful - thanks very much
This topic was automatically closed after 7 days. New replies are no longer allowed.