Rental property accounts (ltd)

I am looking for advice how to match quick file categories with the expences for running a residential rental business. Is there a guide what categories to assign to what expences? E.g. should paying solicitors when buying a buy to let property be logged as legal or capital expenditure? I am planning to use quick file service for submitting end of the year accounts to company house and HMRC, so would like to do everything right from the beginning. On another note, I seem to be unable to edit the purchase log once saved, e.g. to change where this was paid from - bank transfer or debit card. so, if I make a mistake, do I have to delete and start again? many thanks for your help.

Hi @Emko

It may be best to speak to your accountant regarding the categories, or someone else on these forums may be able to advise better for you. I’m not an accountant and wouldn’t want to give you the wrong advice.

As for the changing where payments have come from, if you go to the invoice (purchase or sales invoice), there’s a link at the top for the payments:

You can then see the payment method and the bank account this has been logged against. Clicking the pencil icon, you can change these:

Hope that helps!

Thank you so much. I found it now with your help. However, I still seem to be unable to change amount of payment. Is that possible and if yes, how? I may be missing something obvious here.

As I am new to bookkeeping, I assume, some of the numbers may be estimated when I log them in at first, before I receive an invoice. E.g. I know approximately how much solicitors will send me an invoice for, but I don’t know the exact figure yet. Any tips will be greatly appreciated.

You’re not able to edit the amount of the payment, so you would have to delete it and re-enter it. You can however modify the description (just click and type).

Advanced figures aren’t really used in QuickFile (i.e. there’s currently no forecasting functionality), so really you only need to enter data as the invoices arrive. I wouldn’t recommend entering estimated figures as they would affect your P&L report, and VAT (if you’re registered).

Hope that helps!

Ok, thank you. May be I need to ask then for general advice of forward financial planning with quickfile? Shall I put sum as 0 and write the explanation in the notes? Or put the estimated number and then delete and change to the factual amount? I probably ned to find the way that would work for me, but just in case you can advice on the best strategy? It seems natural to want to know what expenses the company is likely to have in the foreseeable future and match it with expected income. This way one would know if and what they can afford on a monthly basis? Am I right that quickfile is not the software for this and it would only help me with keeping actual cashflow in order for reporting and tax purposes?

QuickFile’s functionality allows you to record your expenses, income etc and prepare the required reports and figures for HMRC, Companies House etc. (among other things)

In terms of forward planning (cashflow forecasting for example), we don’t have the functionality for this at the moment. However, there is a lengthy topic on this that you may wish to look at (and add your vote to if you wish).

Perhaps you could use purchase orders, even if you don’t send them, but use them to enter details and then convert them to a purchase invoice when the actual invoice arrives? That way you would have a record of it, and you can see what’s outstanding.

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