Two accounts only showing together in balance and loss

Accounting
1

i have set this up with two accounts cruk account is the main account and isarm is another account i can see them but whwn i try and do a balance sheet or profit and loss it but them together.

how can i show this as two accounts for profit and loss and balance sheet.

thanks for your help with this.

graham

2

If they are two separate accounts, they should show separately anyway. Unless you mean you have two bank accounts, in which case you canā€™t separate them at the moment.

Are they two separate businesses, or one with two trading styles?

3

no it is a chairty so one account was set up first isram in 2006 but we kept getting cheques for central rescue uk which was our operting name.

so i now used the isarm account as reserve account and the central rescue account as the main one for the overheads and collections and donations that come through.

4

On the balance sheet, bank account balances will report separately. Thereā€™s no way to segregate your P&L to report by bank account. The P&L is based on sales and purchase invoices rather than physical payments so it does not easily merge with bank account activity (which is a balance sheet thing).

5

thanks glenn

has we are a charity we do not sales and purchases for being equipment and overheads all other money coming in is from collections, donations or grants. would their be any movement for updates to include this for charities?

graham

6

Iā€™m not sure exactly what youā€™re looking for here? You can post donations and grants directly to nominal codes from the bank using the option ā€œSomething else not on the listā€.

7

it is way it lays it out as sales and purchases, as we do not make sales it show up as sales.which is no good for chairty

8

QuickFile is generic accounting software - sales and purchases are standard for a huge majority of organisations. So headings like ā€˜Salesā€™ canā€™t be changed. However, sales are just income. What you can customise is nominal codes, as @Glenn points out above. You can set up a few nominal codes for sale Donations, Grants and Sponsorship, and tag ā€˜Sales Invoicesā€™ to these.

Technically you would record your income (or ā€˜Salesā€™) as a shop would - in lump sums rather than individual - unless you offer a receipt for them, in which case you could an invoice per donation.Or, as @Glenn also says, you could by-pass the invoice and post the bank entry to ā€˜Something else not on the listā€™ in which case you wouldnā€™t need the invoice. Personally, Iā€™d prefer an invoice for more accurate records.

Other charities use QuickFile without any issues - Iā€™m not able to name anyone on here, but Iā€™m sure if you have any issues, someone will help :slight_smile:

1 Like
9

Thanks Glenn and Parker1090

for your help with this