I’m still piloting QF and so far so good except that, like others, I unexpectedly find myself over the 1000 mark so into payment territory. Not a massive issue except that mine is a very small business so I’m quite surprised. I’m wondering if I could be more efficient, especially around entering purchases paid for by credit card.
This is what I’m doing:
I am registering each credit card transaction as a Purchase and manually checking these off against the credit card statement each month.
I then bulk tag these Purchases and ‘pay’ them from the Joint Credit Card (bank) account. I press the radar button to indicate that I want to ‘allocate individual payments corresponding to the invoice date’. This seems to replicate each transaction in the Joint Credit Card account as well; is this why the number of nominal ledger transactions are as high as they are? Should I simply select the ‘allocate one lump sum’ instead? I am guessing that this will reduce significantly the number of accounting transactions.
Also - and/or alternatively - should I enter each purchase in the Joint Credit Card account and NOT in the Purchases account? Then pay by lump sum. Again, I am guessing this will reduce the total number of nominal transactions.
Grateful for any help; thanks!