Weekly Takings & Invoices - Crossing Over Periods

Accounting
1

I have been entering our takings weekly and generating a single sales invoice on the system using the KB article below as a great guide:

http://community.quickfile.co.uk/t/accounting-for-daily-takings/8911

However, I have just spotted an issue with my approach where the ‘working week period’ crosses over a month.

  • For example our Feb 29th’s takings are bundled into the sales invoice for Wk1 March. Looking ahead to April, this also poses a problem for recording the takings for 4th & 5th April correctly, due to the cross over with the tax year etc.

Daily sales invoices would be mostly overkill for our small setup, so I was just looking for some pointers on how others had handled this?

Many thanks,

John

2

If it’s feasible to split that particular week and enter separate invoices in QuickFile for 4-5 and 6-10 April then that would be the simplest fix for the year end. There’s no hard and fast rule that says you have to record everything either daily or weekly, just that each sale gets recorded in the correct accounting period (and VAT quarter if you’re VAT registered). You could do weekly records most of the time but split any week that straddles two months.

1 Like
3

Or you could work in lunar months which is what some of the country’s biggest retailers do.

4

Thank you both for the replies - I think I was hoping that there was some magical secret formula or method to use, but yes I suppose the simplest method is, as you say, to simply split sales invoices that straddle two months.

That will keep me busy this afternoon…correcting the last 12mths entries, hey ho.:confounded:

Much appreciated.

John

5

You only need to do this if you care about doing month on month reports within the year. For tax purposes the only split point you need is at your year end (5th/6th April presumably).

1 Like
6

Or for VAT every 3 months if you’re VAT registered