Share trading company: How to create/update transactions?

Accounting
1

hi, currently we have a company which uses share trading platform. So there is no “Inovices/sales” or “Purchases” per se, but BUY and SELL transactions all along. (With purchases for accountant, etc)

  1. How (or what’s the best way) to update the transactions into QuickFile? i.e. BUY & SELL scripts
  • My interface contains “Sales” & “Purchases” tab in QF, but not a place to upload the transactions other than the bank feeds.
  • Or is it simply ok to provide the transactions in an excel sheet to the accountant and bank feeds via QuickFile and calculate the net profit/loss outside of QuickFile?

thanks in advance

2

Hello @lightview

Sorry for the late reply.

I would be unable to comment on how to process this as I am not and accountant nor bookkeeper.

You may wish to check the details of how to process this with your accountant as they would be more familiar with your business and could offer tailored advice.

3

thanks mate.
I believe its more of Which tab is suitable in Quickfile (I could see only bank feeds and invoices). Would it be a good idea to have a transactions tab or is it standard for accountancy software NOT to have transactions?

4

Hello @lightview

In most accountancy packages that I have dealt with transactions are divided up into the various nominal codes in the chart of accounts (Reports > Chart of accounts in QuickFile).

This is because of double entry bookkeeping (every transaction has a Debit and a Credit).

5

thank you Steve. completely agree to your point.
But my thought is that, The closed transactions (BUY & SELL) also has two legs. So it very much fit the double entry bookkeeping, but was just checking there is no provision to enter them like a bank feed or invoice/expense etc.

6

Hello @lightview

They would have to be entered as sales and purchases to show on the vat return.

You could try

  • Setting up a bank feed
  • Tag receipts as receipt from customer
  • Select “Create new invoice for this transaction”
  • Select the trading platform (have a dummy customer set up as the platform you trade on)
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This way you would build up your invoices based on the trades you make

Please bare in mind I am not and accountant and this would be beyond the scope of our support and would refer you to your accountant for professional advice

7

thank you for the idea

8

The same logic should work for buying from suppliers.

9

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