Hi
Are there any book keepers that work for a street food business? I’m new to using quickfile and need to help to ensure I’m entering my details correctly.
I’m uploading my bank statements and am currently using the tick box on the left next to each entry to confirm that I have the corresponding invoice.
Q1. Should I be tagging each entry to a nominal ledger to differentiate equipment from ingredients & trading costs, travel, etc?
I’m entering my cash purchases in ‘Purchases’ and have created Suppliers called ‘Trading Costs’ ‘Equipment’ and placed in the ‘General Costs’ ledger. These are appearing in my bank statement on quickfile as ‘tagged’.
Q2. Is this the correct method?
Many Thanks Anna
Hi @tandooroven
I’m not a bookkeeper (nor accountant), but I’ll try my best to help or at least point you in the right direction.
For the vast majority of business expenses, you should create a purchase invoice and use the corresponding nominal code to assign them to the correct categories. So you may have rent, travel, insurance etc. If however you find that you need a nominal code that doesn’t exist by default (like your ingredients for example), then you can create these under Reports >> Chart of Accounts. You’re welcome to add as many or as few as you need, although generally try to keep it simple not to complicate things.
General Purchases (4000) is generally used for things you buy and intend to sell on. You could very well use this category for your ingredients.
Equipment would generally be classed as an asset, depending on a few factors such as how long you intend it to last, and it’s value.
I hope this helps, but if you would prefer to contact a bookkeeper or accountant direct, we are able to help you contact them, through this option on your dashboard:
