One of our businesses runs expense accounts for each client so typically we have expense categories, Entertaining, Planes, Hotels, Subsistence etc etc; we then charge these expenses to the client (or one of our own associated companies
We can easily allocate a nominal code to each of our rechargeable expense categories (these categories dont change)
However in our previous system we also had “Tags” so we could put a tag alongside each allocation eg Client A, Client B etc etc so that we could easily identify who we needed to collect reimbursement from
We could just set up multiple “Sets of nominal Codes” ie one set for each client but this si clearly messy, does QF support “Tags” (which may be called something else? If not do you have any alternative ideas that would save us allocating multiple nominals?
Thanks, can bank transactions (with no associated invoice or receipt) also have a project added?
I’m migrating to QF and have a large number of transactions to allocate to “Projects” and I’m trying to avoid having to recreate all previous invoices and receipts and instead start afresh with these in my new tax year
I would highly recommend reading through the knowledgebase. There are a number of helpful hints and tips as well as step by step guides on most aspects of QuickFile. https://community.quickfile.co.uk/c/knowledgebase
I’m happy to browse knowledge bases, forums etc but in these early stages of adoption it’s clear I have lots of questions and it becomes a trade off between spending time browsing help articles vs asking for support, this conundrum, which prompted my earlier comment about premium or paid for support, if I can save my time by paying for support then it may well be worth it to me, my apologies if you feel this is overly burdensome for you
We are more than happy to answer questions, and you’re welcome to continue to post.
The Knowledgebase has been built to offer guides on the most frequently asked things and often if you can’t find your answer there then quite often someone has asked something similar so the search function on the forum is great for finding answers quickly.
As this is a community forum, if we are unable to answer your question then there is often another user who can and will help
Questions are generally asked, once all other avenues have been exhausted, if the answer to your questions are within the knowledge base, it would make sense, to read that first, before asking the question.
As you can imagine, it would be very time consuming for admins to answer every single question which ultimately has an answer already laid out for you in the guides.
If you feel you require a more personal support, id advise you seek an accountant who can do exactly this.
Completely understand that, equally reading the full manual takes my time which I also value, I’m happy to pay for help (on the basis everyone’s time is worth money) especially in the early learning stage to speed things up for me and saves my time purely because a quick and informed answer from a professional is more cost effective overall…
I realize most of the questions I, as a beginner ask, seem simple and straightforward to those more ingrained in the system and once I become fully competent and experienced the questions will inevitably drop off
It seems we have established i need to create nominals to cover my tagging issue which means creating about 600 nominals for each of three companies, clearly I can do this manually but does anyone know a quicker way? Eg API, some sort of upload, paid for dev etc etc, open to any ideas
It’s very unlikely you need 600 new nominals. As suggested you only need project tags to differentiate between each client. You can use the same nominals for each of those clients.
It would be extreemly odd for a company to produce a set of accounts with over 600 expense nominals in the profit and loss account.
I don’t think we’ve established you need that many nominals at all. In fact I think we established you didn’t.
I’m very open to ideas but the bottom line is that I have about 40 nominal codes and 20 Project codes or cost centres
I have uploaded my bank accounts and have approx 4,000 transactions to load that all need categorising with nominals and project codes
I have NOT uploaded invoices and receipt transactions (since these are in my previous accounts system) - if I had done that then I could just put cost centres on them all
I see no other way to tag them all but please feel free to let me have your thoughts
I think your conflating two different issues though. Creating nominals does not get around the fact that you need to create invoices and receipts to tag transactions.
You have two issues, tagging transactions and using project tags to seperate payments by client.
You don’t need to add every single invoice and receipt, you can create one by tagging a transaction or you can bulk upload the information from a spreadsheet file.
Nominal codes are just used to seperate types of purchases, project tags are used to split those purchases by job or in your case client.
For all the historical transactions I am not going to recreate all the invoices and receipts that are in the old system - cleraly I may need these if I’m ever ask and they will live on in the back up I have stored away
However I do want to be able to re-create the reports so I can I see past periods vs current periods hence I uploaded all the bank transactions going back to 2017
I have a file in excel showing for each transaction the Nominal code and the Cost Center (now projects) and had assumed, (wrongly) I would be able to upload these to QF alongside the transaction in order to maintain my capability to report
Clearly I can enter O/b’s but then I lose all past period reporting.however over time the problem wills elf solve as I create new records
I now seem to have a few choices
Forget the past
Find a workaround - which is looking like manually creating around 600 nominals and manually adding them to approx 6,000 transactions
Going back to the old clunky but working (in the way I want) office based system
Seeing what alternatives there are in the market that give the functionality we need
TBH this is my fault for assuming QF supported some key functionality - but easy to say now
I think you’ll be hard pressed to find any new software that achieves what you want.
For a start, if you want to just use transactional data to mirror past accounts that won’t work. Accrual accounting is based on invoice dates not transaction dates. So you’ll have differing year end results.
You do of course have a fifth option. Leave the past data on record in the old software and start a fresh with the new.
Project tags allow you to apply “adjustments”, which let you add or remove amounts from the reports for that project without affecting your actual nominal accounts. Im not sure how flexible this mechanism is as I don’t use it myself, but it may be sufficient to let you record the past data on each tag in bulk rather than having to import all your past transactions.
