Hi, I have set up Quickfile to manage the accounting for my property business. Is there any way to segregate and run reports on the financial performance of specific properties within that overall business? Thanks
If you use the project tags you can allocate a property name to each tag and then use these for your invoices. You will then be able to run a P&L for each tag.
Projects in QuickFile will give you some information on these tags.
Please let us know if you need any help
Hi Beth, thank you very much for your reply. I can only see the Project Tag available when creating a purchase or a sales invoice. Is it possible to do this when tagging bank transactions? What I would like to be able to do is set up a direct bank feed and tag transactions to different projects (properties) so that I can run a P&L report for each one.
Unfortunately it’s not possible to tag a bank transaction, only invoices and estimates.
The only other option would be to create custom nominal codes, although that could get a bit messy!
Ah that’s a shame, that would have been really useful. Thanks for your help though
Actually how would that work as it might be worth the effort?!
What do you need to tag to specific properties that isn’t (or at least, can’t be represented by) a purchase or a sales invoice?
Well what, by my understanding, my aim was to streamline the accounting process as much as possible by setting up an open banking feed with automatic bank rules so that the majority of transactions are automatically tagged. I was also hoping that I could auto tag transactions to different projects/properties so that I could perform internal analysis of different properties.
My understanding of sales/purchases invoices that they are external (Sent to people outside the business) and I would need to manually set one up for every transaction in a project to segregate and analyse different properties.
What do you think?
You don’t necessarily have to create the sales or purchases separately, bank tagging rules can create them on the fly. For example you could have a rule that matches any incoming rental payment from a particular person and create a matching sales “invoice” record for the appropriate “client”. You don’t have to actually send the invoice out, it’s just the device by which you represent the income in QuickFile. Similarly you could have a rule that auto tags outgoing direct debit payments with a particular reference number by creating a “purchase” from your electricity supplier.
Great, that seems like it would satisfy my needs. Thank you. May I ask why it is recommended to turn off Auto tagging and Tag manually? Doesn’t that just nullify the benefit of the Auto Tagging function?
Also I set up an open bank feed for my NatWest Account yesterday and it seems to have uploaded the same transaction twice. Could you help with this?
If it is just the one transaction then you can select and delete that particular transaction. If the whole import has duplicated then there is an option to remove everything from the import (More Options > View recent batch imports).
With regards to the auto tagging, this can do some unexpected things. The tagging rules would still work, but they would need to be confirmed before they’re actioned.
Hope this helps, please let us know if you need any further help.
You can setup default project tasks for the client and even supplier (if you have different suppliers for each property), so you don’t have to manually add to each invoice or receipt. Once you’ve setup the client or supplier, go into modify and enter the tag under default project tags.
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