One of my businesses is stock photography; a photo library sends me money into my PayPal account from time to time when my balance from aggregated sales reaches a certain threshold so I don’t instigate the ‘sales’ by raising invoices.
Until now I have just given my accountant a printout of the relevant PayPal transactions at the end of the year but I’m wondering how to record this in QuickFile. Should I create a invoice for every payment I receive but not send it to the photo libraries?
You can generate invoice then flag it as sent instead of actually emailing it to photo libraries or if you are getting full amount in paypal then you can tag that receipt direct to sales account
You could raise an invoice for every sale or do bulk entries and just account as per daily takings. All depends how much you want to tag and track payments and invoices. The main thing is that all the payments are somehow linked to an invoice.
The simplest option depends on how you deal with your bank/PayPal feeds and what you do with that money once it enters your accounts but it’s probably easiest to just tag transactions as they come into the bank in Quickfile.
The think to remember is that “invoice” is simply a label that Quickfile uses to describe the record of a sale. There doesn’t have to be a matching real world invoice sent to a real person.
If you don’t need to keep a detailed record of how much is owning then just create an invoice when you get the money and flag it as paid without sending it. You could also consider using the Cash Register Tool (again that is just a label) as a fast way of logging and paying these transactions.
Hi - I’m new to QuickFile - semi retired but still with a small VAT registered limited company that I happily run using Excel spreadsheets to create invoices (one main sales customer) & Cash Book/Nominal/VAT Accounts - at the moment I only need QuickFile to be able to digitally send my VAT returns to HMRC. My question is how can I achieve this in a simple way via QuickFile & can I test it using my Qtr.1 VAT figures