I’m a complete newbie to accounting and if I’m honest it’s freaking me out.
I’m unsure how I need to log transactions that come in and out of my account. So…
I’m basically an agency for various courier companies, I supply vans and drivers. At the moment I’m expanding, I only have two drivers, who aren’t PAYE as they are self employed. I’m VAT exempt.
Even though I’m VAT exempt I presume I stil have to file accounts, and I don’t know how to use the software in the best way to do that.
Would the courier be the client and the driver be the supplier?
First thing to do - is don’t panic. Easier said than done, but we’re a friendly community and we’re here to help with general queries
Logging your transactions can be done in several ways, but it’s a good idea to ensure your bank statement page on QuickFile (Banking >> Current Account, for example) matches your bank statement. So you can either:
Input all your transactions manually
Upload a bank statement (download a .csv file from your online banking account), or
Use a bank feed (which requires a bank feed subscription)
Think of it this way - who do you pay money to, and who pays you money? Typically, those who pay you money for your services will be a client, while those you pay will be your suppliers (unless they’re an employee).
You will know your business better than most, but from a glance, it would sound like what you said is correct - the courier pays you to supplier the van and driver, therefore that makes the client. The driver is paid by you, so they’re a supplier and will likely be invoicing you for their services.
Regarding VAT - even though it’s VAT exempt, are you actually VAT registered? Unless you’re VAT registered, you won’t need to record VAT on your accounts as it has no significance.
I hope this helps as a good starting point, but please feel free to post your queries and we’ll try and help.
