the problem im having is how to update the material/ diesel purchase invoices i get from our workers,
when they need something on the site or diesel they pay with their card and i make transfer into their account then they bring back the recite and because most of the time the transfer made to their account does not match the exact amount on recite as they might have paid 3 different shops and the transfer was made on one hit
now i don’t know how to allocate the payments without doing any mistake or how to update these as paid on quick file
if someone could give me an advice.
please on simple words im not an accountant
I think the best approach for this would be to set up a new bank account on QuickFile, called something like ‘Expense Reimbursements’ (this can be whatever you feel is most relevant).
Then you would treat it as a merchant account. In summary, you would create the purchase invoice based on the receipts that have been given to you, and tag them as paid from the new bank account. This will make this bank account show as overdrawn (negative balance), which means you owe it money, or rather your employees.
Then, when you pay them back, you can tag it as a transfer from your current account to the holding account to balance it.
There’s more details on handling this set up in our knowledge base, here.
Hope that makes sense! If in doubt, I’d recommend asking your accountant to be safe (I’m not one).
Hope that helps
thank you for your support
i went to the accountant (big firm ) and explained what you suggested and because they use different software they asked if they could have a peek on the software i was using theretofore i gave them the link and login details
because it took long for them to come back to me i contacted them myself and it turns out they actually find this software quite good so it seems like they slowly moving into Quick file too
also they are a bit afraid that i’m taking their job away from them as they used to do everything for me and now they only do vat returns (not for long as now i know how to do it myself )and final year returns
the only negative thing they pointed out was the CIS not being an option with Quick file
i know there are ways around it which i use but would be great if it was set up