Please if somebody could help me, I have some questions about QB.
1. If I have two trades, courier and bookkeeper do I have to create 2 companies in Quickbooks ?
E.g. Adrian Courier and Adrian Bookkeeper ?
You can if you wish, this way you can keep an eye on how each business is doing throughout the year. OR
You can create different income accounts and charge each type when you draw up an invoice. Only drawback to this is you will have to cumulate all your receipts and have a bulk total of expenses (but then you dont know how each business is doing) (but a side note to this would be to have 2x expense accounts for everything, 'Office costs - CO, and Office costs - BK, but then you may as well have two companies... :/) Up to you
2. Do I need to input every entry from the bank statement or just purchase receipts and sales invoices ?
Is it a business account or personal account? If its the former then you need to put in every invoice +/- then check what's missing in QB compared to the statement. If anything is then you you need to see what they are and then either classify them as expenses, or drawings ( by doing journal entries)
3. The rest of them could be drawings when I do the bank reconciliation ?
If you want any help with it mate then just ask us... I've been using it a year and a bit now, not an expert by all means but i can help with trivial matters! ;)
However you could do one more simply than described above by turning on Classes. Each entry is then assigned to a class - bookkeeping or couriering - and you can then run reports by class.
Just been reading this and thought i'd ask how you were getting on with it? I ended up buying the UK Edition dummies book as most seem to be getting on well with this and with time really against me, can't pussy-foot around anymore....so have definitely decided to go with QB. There's tons of help on here too.
Seems like you're flying through it so I guess you're finding it easy to understand?
Hello All Ive just upgraded my Quick Books from 2001 to 2013 - massive differences!! So I thought I would do my own sole trader books on there to start learning my way round it, but fell at the first hurdle - I couldnt find out to set up a 'sole trader' rather than a limited company. Can anyone enlighten me please?
Great to hear things are progressing Adrian!
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
