After speaking with HMRC i have found out i can use traditional self employment method or can use the cash method but i don’t know where or how to set this in quickfile such when i bring up the profit loss it shows up depending on the method i am doing
Are you refering to accrual or cash based accounting?
Business records if you’re self-employed
This refers to the method of reporting (i.e. completing your SA100) although it doesn’t change how the bookkeeping is done, for that reason there is no setting for this.
HI Glenn,
If going on what hmrc says it does, they say accrual is for what your invoice and receive but cash is for when you get it or pay it, one of my invoice was on 2nd april 2014 but wasn’t paid until 8th april 2014, from what i can tell quickfile is counting it part of 14/15 for income but it should be 13/14
Depends where you’re looking? Ledgers and P&L are always accrual based.
1 Like
Profit/Loss report since i am selecting april 6 2013 to april 5 2014 it only seems to be collecting for that time wha tti see in and out i can test it if you want
P&L is always an accrual report. If you are working on a cash basis you’d need to total and NET all your sales and purchase payments. But you should only need to do this once a year to complete your tax return.
1 Like
Might be a nice feature to add to make it easier for those who use cash accounting, but i prefer accrual makes it easier to keep track
This topic was automatically closed after 7 days. New replies are no longer allowed.