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JackS
JackS
December 9, 2021
Solved

Ask Your QuickBooks Question | Drop-in Session

  • December 9, 2021
  • 107 replies
  • 0 views



Hello Community 👋

I wanted to create this space where you can ask your top-of-mind QuickBooks questions and our team will help you get an answer.

 

Topics can include and not be limited to; Banking, Self-Assessment, Reconcile, Transactions, Tax or Reports.

So, pop your question below and an expert can help you 👇


 

 

 

    Best answer by Kurt_M

    Hi there, @callumpearson28-. Let me assist you with your query.

     

    I’m assuming you are using QuickBooks Self-Employed, they are using the simplified expense method (with flat rates) to calculate the allowable business expense for your car, van, or motorcycle. The rate is based on the mileage you drive.

    • Cars and goods vehicles: 0 - 10,000 miles - 45p
    • Cars and goods vehicles: After 10,000 miles - 25p
    • Motorcycles: 24p

    You can refer to this article to know more about Simplified expense method.

     

    If you want to do the calculation by yourself, you might want to give this link a visit.

     

    Feel free to let me know if you need anything else. I'll be here to help. Keep safe!

    107 replies

    Show previous replies
    R
    rhillgardenservi
    January 19, 2022

    Hi. I run QB for a self-employed chap and he has bought a new piece of equipment but used an older (bought pre-QB) machine as part exchange. He uses cash basis and is VAT registered. All equipment has been put through as purchases, not assets. He paid the balance, but now I'm unsure how to record the part exchange element to a) show its paid in full and b) to record it in the VAT account to lower the VAT liability. Please help! Emma

    D
    daniellecl
    January 19, 2022

    Hello, 

    We own a store, and I’ve set up a daily sales receipt that I can log my cash and credit card sales. The credit cards are broken up by type so that when each are deposited into my account I can match them. 
    When I first started I must have done something wrong with the MasterCard portion because I can’t seem to match the transactions. I can see what has been deposited, but when I click match nothing comes up. If I go into the daily sales receipt for that day the MasterCard portion is listed but I can’t match it. 

    P
    payment after leaving
    January 20, 2022

    Hi daniellecl Below are the main reasons why you won't be able to find a match/auto match a transaction within the banking section:  

     

    There are 6 main reasons why you cannot find a match

    Dates don't match (or are not close)

    The bank account/credit card on the payment is not the same as the bank/credit card where the match is located

    The amounts don't match

    The payment has been reconciled

    Multicurrency issue with exchange rates

    Its already been matched to something else

     

     

    D
    daniellecl
    January 20, 2022

    Thanks for your suggestions; however, 

    All of the dates match, or are within a day of each other. 
    The amounts on the deposit match what I have on the sales receipt. 
    If I’m looking at the right spot, I’m not seeing anything that’s been reconciled. 
    Multicurrency is not an issue. 

     

    Is there something else I need to look into? When I set up the daily receipts, I feel like I set something up wrong, once I fixed it, it appears  to have corrected itself going forward, but not on anything that had already been done. 

    D
    Deb B4
    January 20, 2022

    Hi there

    I was wondering how to write off pence that is outstanding on a supplier account in QBs online please?

    Many thanks

    Deb

    A
    Ashleigh1
    January 20, 2022

    Hello Deb B4, if you have a look at this article  it will tell you the steps you need to take in your account to get it resolved for you. 

    A
    achor79
    January 23, 2022

    Hi. I’m wondering how to add pension contributions as a self employed person into quick books. Tha ks

    AlcaeusF
    AlcaeusF
    January 23, 2022

    Hello there, @achor79.

     

    Thanks for joining this conversation. Allow me to chime in and share information about adding pension contributions in QuickBooks Self-Employed (QBSE).

     

    The categories available in the system is aligned with the SA103F deduction categories you can claim as allowable expenses for self-employment. You'd want to tag these contributions as Other Business Expenses. Once you're ready to file your return, you'd have to manually enter or itemized these contributions. You can read through this article for more insights: About SA103F Categories.

     

    Also, I'd recommend consulting with a Tax Professional or an accountant so you'd be guided in categorizing your pension contributions accurately. You can visit the  Accountants Near Me | Chartered Accountants page to help find an expert.

     

    For tips and other QBSE resources, you may visit our website for reference: Self-help articles.

     

    Feel free to post again or leave a comment if you have more questions about contributions or anything else. I'll be here to help. Stay safe.

    A
    allportrecycling
    January 24, 2022

    Hi Jack - I've lost my VAT rates???!!!!! I have no clue how this happened as they were there last time I used QB!!!! help!

    @JackS wrote:



    Hello Community 👋

    I wanted to create this space where you can ask your top-of-mind QuickBooks questions and our team will help you get an answer.

     

    Topics can include and not be limited to; Banking, Self-Assessment, Reconcile, Transactions, Tax or Reports.

    So, pop your question below and an expert can help you 👇


     

     

     

     

    G
    GeorgiaC
    January 24, 2022

    Hi allportrecycling, thanks for joining this thread, please check to see if the VAT codes have been disabled by navigating to Taxes > Edit VAT > Edit rates > Click the small cogwheel > Tick include inactive - from here you can toggle on any inactive codes. :) 

    A
    allportrecycling
    January 24, 2022

    Thank you - back to normal now! :)

    F
    funky figures
    January 25, 2022

    im new to quickbooks and mtd 

    i sell new goods that are 20 percent vat

    i also sell second hand goods that i use the global sceme that i pay 1/6 vat on the difference between sales and purchases.  ive used a split on my transactions but i cant work out how to use the data for the vat return. or is this software not suitable for my needs. im really confused over it all 

     

    appreciate any help 

    P
    payment after leaving
    January 25, 2022

    Hi funky figures You create another 20% VAT code that you apply to your global sales and purchases and give it a specific name. You can then run the VAT detail report, export it and then delete from the spreadsheet any transactions that aren't your global ones, you can then establish the amount you have to apply the 1/6th to and then you can adjust the relevant box on the VAT prepare screen to reduce the amount of VAT due..

    S
    sjmiller2019
    January 25, 2022

    hi all I need to split a credit card bill which comes in as one transaction into the various departments needed. all great apart from the drop down menu to change from percentage to amount does not always appear. what the hell am I doing wrong as I just cannot seem to find the magic key for it to happen. I always want to split by amount 

    G
    GeorgiaC
    January 25, 2022

    Hi sjmiller2019, are you adding the transaction manually via the + New button or by using the split function on the downloaded bank transaction? The default when using these is to show as an amount, to check for any cache or display issues, please try logging into QB via an incognito browsing window. 🙂

    S
    sjmiller2019
    January 26, 2022

    Hi Georgia I am going through old transactions. I have some come up with amount but mostly they appear and the drop down for amount or percentage does not appear so I’m stuck. Thank you I will give this a go but cleaning the cache and restarting. 

    V
    Val28
    January 26, 2022

    Hello! I manage finances for a charity and am converting our finances to Quickbooks.

     

    How do I enter income and expenses for a different financial year for transactions that have been imported from my bank?

     

    For example, all of the donations we received in Dec through a certain platform were deposited into our account in early Jan, So I want that income to be part of our 2021 accounts.

     

    We also have some expenses in Jan that should be in our 2021 account - for example, invoices we paid in early Jan for work done in Dec. How do I designate these expenses for 2021?

    E
    Em 12
    January 26, 2022

    I haven’t got access to my emails atm. I’m in the Uk, do I pay vat on my quickbooks subscription? 
    thanks

    G
    GeorgiaC
    January 26, 2022

    Hi Em, all of our subscriptions are charged with VAT @ 20% 🙂

    A
    AlecBoulton
    January 27, 2022

    Using QB simple start in UK, can I use my subscription to create another separate account file for managing another company, like you could with the standalone version or do I need a separate paid license for each company?

    G
    GeorgiaC
    January 27, 2022

    Hi AlecBoulton, you'll need a separate paid license for each company - when creating the subscription from our website, you can select the option for 'Already have an account? sign in' after selecting the plan to link the logins for the account - this way you'll see both companies listed when logging in and can easily switch between the two. 🙂

    B
    billing91
    January 27, 2022

    If you have done the above in the past, how do you now unlink an account ?  I have a LIVE and a DEAD account both showing when I login. 

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