Hello,
Just want to clairfy something,
When i am withdrawing cash or spending personal is this correct?
So if i have a refund from a personal purchase i can simply do this?
for all personal purchases spending refunds etc
before i would do this;
something else not on list and then just choose one of the drawing accounts 3100 or 1202, but as far as im aware both accounts mean the same thing
please advice, i prefer the 1st option but is this correct?
Before all the fees are lumped and put in as a single transaction, now they are appearing as they happen?
If i delete suppliers will this affect any of the entrys? as i have old suppliers that i dont want
Cheers
I guess you could use either, but 1202 is more convenient as it is treated as a bank account by QuickFile (so you can use it to log payments against invoices/purchases as well as for simple transfers).
I use 1202 to track drawings during the course of a year, then zero the balance on 1202 at year end with one “something not on the list” transaction to move the balance to 3100.
1 Like
^ Thanks for the reply, So i will continue to use the “balance transfer” option. Seems easy enough!
Just to add to what @ian_roberts have said, it’s coming to post everything to the bank account and journal the balances to 1202 on a regular basis (often at year end). There’s a more detailed guide on this here
Sounds good so you know why PayPal fee imported before next day?
They should be accumulated per feed request. So if you perform a manual refresh on your account and there is only one transaction imported it will make a single fee entry just for that transaction.
If you just let the daily feed do it’s thing it should aggregate all the fees for the transactions imported.
Hope that makes sense.
Thanks for that,
So i have made a “cash only” account, when i have a sale, instead of adding transactions all time when i spend, can i transfer xx.xx amount from drawings and just record the spend then.
As everytime i am typing
Spend: £3.30
Transfer from drawings £3.30
For example.
Cheers
I’m not sure I fully understand your question. However you can aggregate sales. So you may want to lump together all your sales for a single day or week on a single invoice.
Hi sorry,
If I have a cash expense on my cash account
1- input new transaction out £10
2- input new transaction in £10 tagged as transfer from drawings
Can I just transfer say £100 into cash from sole trader drawings back in, as I’m constantly adding the value to bring balance back to £0 when adding a transaction if you check my cash account.
Maybe I’m doing something wrong.
You can just balance off periodically, that shouldn’t be a problem. There’s no need to add a drawings transfer for every single cash movement.
As always we recommend you run any bookkeeping methods by your accountant just to be 100% sure, we are limited to the level of advice we can issue here.
so effective the cash balance don’t matter and I should just record the cash income and outgoing in cash account and end of year my accountant can if I don’t balance all the accounts at end.
so even if it goes -200 at end of qtr or whatever I use rebalance back to 0.00 and withdraw or transfer in to balance what’s left
Is this correct?
Cheers
You can enter the figures periodically. They should however accurately represent a true picture of your finances, especially at year end.
As I mentioned above, unfortunately the scope of bookkeeping support we offer is limited, and we would advise you to run things past an accountant to ensure they are correct.
Meh sounds like im doing it correctly, thanks for ur help regardless
