Quickbooks help... - The Book-keepers Forum (UK)

ClawzCTR · Guru

Quickbooks help...

Amanda · Expert

Gary,

What QB's are you using?

Have you not used it before? Its really straightforward to use, I am just getting to grips with the accountant 2013 version on my own set of books, and am using Pro2008 for the others, a few I can't change over anyway as the accountant has got Pro2008, but the rest I am gradually changing over.

cheers

kjmcculloch83 · Expert

Hi Gary,

I've just moved all my clients over to QuickBooks. I'll happily take a look if you want. You can email me at kris@kmbookkeeping.co.uk

Kris

Amanda · Expert

HOw are you getting on with it now Kris?

Likewise Gary if you can email over a file I'll have a look too. Probably won't be until Thurs got a busy day tomorrow.

email:- elly422@ntlworld.com

ClawzCTR · Guru

When i get this computer working properly i will email you both a link to my file on dropbox, if that wont work then which file out of the 4 should i email??

Im using the Accounts 2013 version like you Amanda; I just want to make sure things are in the right places etc that all :D

ClawzCTR · Guru

Right I've emailed you a link to the files on my Dropbox site, fingers crossed it works... lol.

If it doesn't then let me know. Any comments on the work, feel free to either email me on address below, or comment in this post. :D

Thanks guys :D

ClawzCTR · Guru

Did you get my email?

Amanda · Expert

Yes I did get it, sorry haven't had time to open it yet. Got a busy day today and was out first thing this morning.

Many thanks

PS will try and have a look later

ClawzCTR · Guru

Thats ok, i know you said you were, i was just worried that you hadn't received it.

kjmcculloch83 · Expert

Sorry Gary, like Amanda I got it but had a really busy day today.

Kris

Amanda · Expert

Hi Gary,

Just had a very brief look tonight, I will get a chance to look better tomorrow. One thing that stuck out was on your 'item list' for income, you have listed travelling expenses at 45p per mile no probs there but the posting should got to income not expenses. Anything that is invoiced regardless if it is travelling expenses, or just invoiced hours worked should always go to income. In effect they are paying for your travelling so your are receiving income from your client.

I also had the same mistake for a client on mine and the accountant picked it up so I changed it and then the P & L was correct.

Like I say will have a better look tomorrow. I was at an office this afternoon that didn't have internet connection so didn't down load the drop box file till tonight.

HTH
cheers,

ClawzCTR · Guru

Ahh, I see what you mean Amanda, but that was just me playing about. I forgot it was on there and found a work around to charge fuel to the expense account and credit the 'directors account'.

Have you either of you had more of a look?

ClawzCTR · Guru

Any joys/sorrows guys? :D lol

kjmcculloch83 · Expert

Hi Gary,

Sorry, I wasn't ignoring you, just quite busy the past week or so. Just had a look now. I'd say it all looks fine. I would change the chart of accounts slightly though, you seem to be posting a lot to directors loan account but if I remember right you operate as a sole trader. Or am I mistaken?

Other than that it looks good.

Kris

Amanda · Expert

Hi Kris,

You beat me to it!

I thought about the Directors Loan account, not really necessary if you are a sole trader.

If you have put money into the business bank account I would post a journal to the Capital introduced account. This is what I did for one of my guys, and the accountant never queried it.

If you have any other questions, just post away and hopefully we will be able to help!

Cheers

ClawzCTR · Guru

point well taken... i thought the reason would have been more complex than you only need on, and why would you want more... I over analyise things lol..... A LOT!!!! :D

-- Edited by ClawzCTR on Wednesday 14th of November 2012 02:09:48 PM

ClawzCTR · Guru

The postings to the directors account (your right I am just a sole trader) are for the mileage records. So everytime I visit my one day a week client, or drive to any other client/seminar I DR travel expenses, and CR Director account. Is that not how we should be doing it...

I've only been using guidance etc on here as how to post the mileage costs into the business... Whats the best way to do this then? Its obviously an expense to the business, but where do i post it too from there...?

kjmcculloch83 · Expert

As it's not normally a physical payment you could debit mileage and credit capital introduced. This is generally how you would do it as a sole trader. I would tend to record the mileage on a spreadsheet and enter it monthly or quarterly rather than every trip, this will give you a lot of extra work.

Kris

ClawzCTR · Guru

kjmcculloch83 wrote:
As it's not normally a physical payment you could debit mileage and credit capital introduced. This is generally how you would do it as a sole trader. I would tend to record the mileage on a spreadsheet and enter it monthly or quarterly rather than every trip, this will give you a lot of extra work.

Kris

Ahhh not a bad idea... everything was on the Spreadsheet already and i transfered it over manually into QB. I did think of doing it weekly/monthly but I thought i'd better keep things by the book for the moment. So could i not just rename the account 'Capital Introduced' as its an equity account? or am i way off the mark?

kjmcculloch83 · Expert

Spot on Gary, just make sure you don't end up with 2 capital accounts.

Kris

ClawzCTR · Guru

So going off what i gave you, just change the account name, and remove other equity accounts? ( im not at my normal computer so i cant veiw what accounts i have... lol )

Just as a matter of interest why not have more than one capital account?

kjmcculloch83 · Expert

Let me throw that back at you and ask, as a sole trader, why would you want to have more than one?

Kris

kjmcculloch83 · Expert

Sometimes, as Freud says, a cigar is just a cigar.

Kris