Quickbooks question

[andybk]

just entering some sales docs from mart , I put gross figure into QB as a sale , then Put charges/ vat etc in as an expense , All paid into an account with auctioneers name to transfer later , anyone know if i should be putting the expenses in as a minus figure or will QB realise it has to be contra of sale price as its an expense ?

 

[farmerm]

just entering some sales docs from mart , I put gross figure into QB as a sale , then Put charges/ vat etc in as an expense , All paid into an account with auctioneers name to transfer later , anyone know if i should be putting the expenses in as a minus figure or will QB realise it has to be contra of sale price as its an expense ?

I can't comment on quickbooks but the accounts system I use (I guess you get what you pay for....) doesn't cope well with contra self bill invoices, are such things unique to agriculture?? I had to find a work around which means I edit the bank feed in excel prior to import... I split the payment into a revenue transaction and and a cost of sale transaction, I then create a pair of customer and supplier invoices to go with it..


A quick look at quickbooks helps suggests your idea of using a minus figure is not how to do it....

How to enter contra payments in QuickBooks Online

Learn how to make contra payments in QuickBooks Online.If you do business with a company who is both your supplier and your customer, a contra entry is often us

quickbooks.intuit.com

 

[spin cycle]

I can't comment on quickbooks but the accounts system I use (I guess you get what you pay for....) doesn't cope well with contra self bill invoices, are such things unique to agriculture?? I had to find a work around which means I edit the bank feed in excel prior to import... I split the payment into a revenue transaction and and a cost of sale transaction, I then create a pair of customer and supplier invoices to go with it..


A quick look at quickbooks helps suggests your idea of using a minus figure is not how to do it....

How to enter contra payments in QuickBooks Online

Learn how to make contra payments in QuickBooks Online.If you do business with a company who is both your supplier and your customer, a contra entry is often us

quickbooks.intuit.com

feck sake...i thought these things were supposed to make life simpler

 

[andybk]

feck sake...i thought these things were supposed to make life simpler

bit like a rubric cube sometimes ,

 

[kelletview]

I use Quickbooks. My accountant told me set up an expense paid from "cash" for the self bill part (ie auctioneers commission). then at the end of each month make a bank deposit for the months total "cash" expenses paid into the same place where the income went (eg "Livestock sales").
I hope this makes sense. It still confuses me after 3 years.

 

[Whitewalker]

just entering some sales docs from mart , I put gross figure into QB as a sale , then Put charges/ vat etc in as an expense , All paid into an account with auctioneers name to transfer later , anyone know if i should be putting the expenses in as a minus figure or will QB realise it has to be contra of sale price as its an expense ?

just entering some sales docs from mart , I put gross figure into QB as a sale , then Put charges/ vat etc in as an expense , All paid into an account with auctioneers name to transfer later , anyone know if i should be putting the expenses in as a minus figure or will QB realise it has to be contra of sale price as its an expense ?

I put in the gross figure as a sale , then I go to expenses and put the fees and vat in under the mart name etc . Seems ok
With our accountant

 

[neilo]

just entering some sales docs from mart , I put gross figure into QB as a sale , then Put charges/ vat etc in as an expense , All paid into an account with auctioneers name to transfer later , anyone know if i should be putting the expenses in as a minus figure or will QB realise it has to be contra of sale price as its an expense ?

I’ve been using QB for 10 years now. I’ve always created a ‘sales receipt’ with each item (‘lamb sales’, ‘cull sale’, ‘ram sale’, etc) documented. Then I put the deductions below that on the same ‘sales receipt’, as they appear on the mart paperwork (itemised as ‘commission’, ‘AHDB levy’, etc) with minus figures and with the relevant VAT code.

It’s always worked for me like that, automatically adding the VAT element to the monthly return and allowing me to pull up total lamb sales in a period, the amount paid out in commission, etc.

 

[andybk]

I’ve been using QB for 10 years now. I’ve always created a ‘sales receipt’ with each item (‘lamb sales’, ‘cull sale’, ‘ram sale’, etc) documented. Then I put the deductions below that on the same entry, as they appear on the mart paperwork (itemised as ‘commission’, ‘AHDB levy’, etc) with minus figures and with the relevant VAT code.

It’s always worked for me like that, automatically adding the VAT element to the monthly return and allowing me to pull up total lamb sales in a period, the amount paid out in commission, etc.

thats a good idea , didnt think of that , did the vat automatically get added to the return page (taxes) seems what im doing now is a bit complicated

 

[neilo]

thats a good idea , didnt think of that , did the vat automatically get added to the return page (taxes) seems what im doing now is a bit complicated

It does. You sometimes have to adjust the total vat (at the bottom) by a penny or two to match the mart paperwork, as some seem to round up each time.

If you enter it all as one sales receipt it will also tally up with your bank deposits when you reconcile.

 

[Still Farming]

Trouble is it take all day to sort out then seconds with pen and paper?

 

[neilo]

Trouble is it take all day to sort out then seconds with pen and paper?

I’ve always found it a lot simpler to just enter it once in Quickbooks, which I’ve always found incredibly intuitive. Once entered, the VAT is calculated automatically and I can draw up any manner of reports on categorised sales or expenses within seconds.

 

[andybk]

It does. You sometimes have to adjust the total vat (at the bottom) by a penny or two to match the mart paperwork, as some seem to round up each time.

If you enter it all as one sales receipt it will also tally up with your bank deposits when you reconcile.

then you just add to your normal bank account , im setting up a payment account in name of auctioneer , then transferring it later , which is great till you forget to use the new account and nothing ties up

 

[JCB_JCR]

I do money in from market in banking section. Do a split then just putting fees etc as minus figure under a 'market fees costs of sales'

 

[neilo]

then you just add to your normal bank account , im setting up a payment account in name of auctioneer , then transferring it later , which is great till you forget to use the new account and nothing ties up

Do you have a bank feed set up? If so, the ‘sales receipt’ will show on there when the money is paid in, then you just click ‘match’. Job done.

I’ve always entered all sales as a ‘sales receipt’, whether it’s for mart sales (with deductions), private ram sales, barley, beet, haylage, or whatever else.

 

[andybk]

Do you have a bank feed set up? If so, the ‘sales receipt’ will show on there when the money is paid in, then you just click ‘match’. Job done.

I’ve always entered all sales as a ‘sales receipt’, whether it’s for mart sales (with deductions), private ram sales, barley, beet, haylage, or whatever else.

yes , , and the same here , will try it your way see what happens , thanks for input

 

[neilo]

yes , , and the same here , will try it your way see what happens , thanks for input

Screenshot of last entry from mart sale, if it helps…

 

[Still Farming]

Looking at product pricing, intuit Quickbooks seems cheapest?

 

[Mc115reed]

My head hurts already thinking about starting too use QuickBooks this month

 

[Still Farming]

My head hurts already thinking about starting too use QuickBooks this month

We are all the same.
Monthly fees p me off ?

 

[Mc115reed]

We are all the same.
Monthly fees p me off ?

£3 a month for first 6 months makes it a little less painful but I feel now it’s compulsory how long before all these digital software jobs start ramping there prices up