Excellent Tony, and a great post for the 1000th topic in this section!
That's approaching what I found at the £1M+ t/o hotel I went to that I mentioned in another thread. They had set up EVERY payment from the bank account as a Supplier in Sage (hundreds of them) then posted EVERY payment as a Payment on Account.
........I might tell her to speak to her Accountant.......
...then run away very fast!!!!!!
They all had outstanding amounts, not one was at nil.
We have gone back to a previous back-up before the new girl started and slowly working through her main suppliers first...re-entering the invoices and payments made.......it's also a very popular wine bar in the evening - centre of Newcastle upon Tyne - so a squillion amount of cash to contend with as well as large supplier accounts with breweries etc.
Previous "unqualified" bookkeeper - opens a PLedger account with HMRC for VAT returns !!!!
Doesn't use the transfer wizard..
1. Raises "invoice" to
DR 2202
Cr PL
2. Being vat return
Then
Dr Pl
Cr Bank
Being vat payment
Ouch!!
-- Edited by ADAS on Wednesday 29th of June 2011 03:51:30 PM
Not exactly the same, but this sounds like how Quickbooks handles its VAT. In QB HMRC is set up as a Creditor and a Debtor. When you "File" the VAT return it creates a bill for the amount of the VAT which is credited to the Supplier account if you owe HMRC or debited to the Customer account if they owe you. When you pay the VAT you pay the bill like any other bill.
Definitely not the way to handle it in Sage though!
I've been using Sage for years and have only been using Quickbooks for the last 18 months and I did find that rather hard to come to terms with to start with. In fact I found the whole of QB rather hard to get to grips with....lol Reasonably used to it now though. It's not as "neat" as Sage is and some things can be a bit hard to find.
Hope you get the client If you want any tips with QB.....Amanda is the best person to ask...lol (Sorry Amanda).
I still find it difficult to reconcile accounts in QBs cos they don't have debit and credit sides - I often export them to excel and put them into dr and cr. I know it may seem strange but I just can't get used to reconciling a list which only has one side!!!!
There isn't a nominal ledger, as such, in QB. "items" are arranged under category "headings" and "sub headings" (these, I suppose could be said to be like Sage's ranges) in Lists and are assigned as either Expense items or Income items. They can also be classed as active or inactive. It's a whole new ball game.
Having said that, reporting is fantastic, incredibly flexible and very easy to understand (not like trying to make a customised report in Sage). Downside if you make a mistake (any mistake) you can delete it or change it at will at any time - very dangerous in the wrong hands.
I don't particularly like it but do appreciate its flexibility in reporting.
I'm like Sheila, don't particularly like it, but the reports are good, and it is easy to export into Excel and re-arrange things. I think it was the "Lists" concept in QB that I found most hard to get to grips with. You can put debit and credits into your report in QB, but it doesn't appear as standard.
If you want any tips with QB.....Amanda is the best person to ask...lol (Sorry Amanda).
