Reports and Accounting
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How can I submit annual tax returns and Financial Statements to HRMC via QuickBooks via digital/ online
I do basic data entry for a small company that made a profit for the first time in 2023. It is an LLC, Partnership. The owner made a cash withdrawal & then divided the withdrawal between himself and the other 2 members as disbursements, according to their percentage of investment. He then took his amount ($2000) and wants to reinvest in the company, connected to a loan that he has already made, but is an account not connected to the checking account. How do I record the withdrawals? And then record the investment so that it isn't showing the $2000 on the Balance Sheet as disbursement? I attempted a GJ entry crediting his loan account and debiting the Disbursement account for him, but that just increased the disbursement amount on the BS. Currently I have Equity accounts set up for him and each member, one Disbursement account each, and one Contribution account each. Would I credit the loan account and debit the contribution account? Please help! Thanks in advance!
Hi, does anyone know if there is a way to schedule the management reports to send quarterly to save having to go in and send every time?Thanks!
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Parent company is using Quickbooks US and subsidiary is using Quickbooks UK, can reporting be combined for the parent company?
We have had 2 customers make CIS deductions on us this FY. None of these payments have come through to our EPS returns. I can confirm the following:Both customers have been set up for CIS.Both deductions show on the CIS deductions report when generated. However, neither deductions are showing in the history of EPS reports submitted. For context we are claiming back maternity pay and that is showing each month and I know that EPS reports are being submitted as the information is shown on our account with HMRC. I have searched various articles but our Payroll and Quickbooks Online does not look like the examples given. Why isn't our EPS report picking up the CIS deductions we have suffered?
Hi, I have just joined Quickbooks.I am self employed as a yoga instructor but also receive income from a rental property. Do they need to be recorded separately in the transactions or are they all just business income. How do you then advise HMRC that some of it is property income related? Thank you.
Hi, very new to this just been learning online / YouTube etc. only sell a small amount right now so trying to do myself. currently I’m manually adding fees and deducting fees to account for revenue on eBay managed payments.for example sale of £120. EBay fees £20So I get sent £100 by eBay in to my bank account (I add £20 and deduct £20) so my revenue is £120 my question is if I have to cancel / refund a sale, does that initial £120 revenue get cancelled and if so how to do it? EBay will either deduct from next payment or charge my bank but what do I do with the initial £120? thanks Han
When running my profit and loss report for the last financial year lots of my costs pull through as zero in the cost of sales report, whilst some have a cost. None of the products have an initial set up cost and none have a start value. These are all zero. Obviously there should be an amount next to each line. My question is where is quickbooks pulling the numbers from? As time progresses and I run later reports there are more numbers and fewer zero's Quick books help keeps telling me it is to do with the product set up, but the products are all the same, so this doesn't explain the issue. My product costs actually vary according to exchange rates so I can't have a flat rate product cost. Is this possible? Thanks! ThanksJo
For example P&L report is inaccurately showing May income as 6k but when I check the transactions, they accurately record income at 2k.
I am not sure it is possible. Just to have a clearer view. Thanks.
Every amount of this uncategorised income looks to already been reconciled to its invoice. Should I make an adjustment with a Journal to Sales, to clear it out?Thanks in advance.
HiI need some advice regarding quickbooks advanced Payroll. We have started running payroll ourselves this year through quickbooks payroll and not using a payroll provider. After running and submitting the payruns, quickbooks automatically records journal entries of the payroll. Prveiously we would match the payments sent out to wages expense but when we do this now it creates a double entry in the wages expense as it has already been recorded in the journals. Quickbooks help have told us that we should exclude all the payments sent out through payroll including HMRC payments as these have already been recorded? Although this has solved the issue of not adding to expense accounts twice, I am unsure if this is the correct accounting process confirming these payments as it seems strange that these payments are not confirmed in another way?
Then you have to select the report again and re-enter the report criteria. In past you were able to get back from the transaction to the original report
Should the profit figures match? If not, which one do you use to ensure compliance?
When I was reviewing my 2023 reports I accidentally found out that one bank transaction is missing from QB. I know how to fix it, but now I lost faith in QuickBooks and second guessing every report. What is the best way to double/triple check that QB has all the transactions from my bank accounts? I have 10+ bank accounts "synced" with QB.
August was showing £0 on the statement itself though still listed the transactions (invoices) o it. then same again for sept and Oct 23
Filing date should be a valid date and lie between end date and today’s date (code: “INDIRECTTAX-19702”
This is the first year doing it through QuickBooks online. We are illusionists so we buy props. They normally go through I understand it as capital allowances/fixed assets, as they are large purchases which are used for years to generate income. At the moment they aren't being included in my tax reportWhat have I done wrong? Thankyou in advance
I am trying to run a report on an "Other Current Liabilities" account. When I go to run the report, it does not show a cleared status - That area is just blank even though the transactions have cleared the bank. I would expect that the report would show these transactions as cleared since they have cleared, but in order to see that information I have to open each individual transaction. This happens if I try to run the report from the Chart of Accounts, or if I try to pull through in actual reports. Is there a report that will display this cleared status without having to run the report on the actual bank account?
I am trying to understand how to record and make dividend payments. I am a director only business and I work part time for another company, I would like to occasionally pay myself a dividend from my company but for the life of me cannot seem to find an answer on how to do this with quickbooks. I am trying to find how to document it on here as well as how to make the payments etc.
