Recent content by Ritchiec80

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    How to record Accounts when using a service like Sumup or iZettle

    As part of my business I send a lot of invoices that are often paid in 2 parts, currently I use First Data for card payments which means that when someone pays their invoice via card the full amount is paid into my account so I can add it to the invoice via Quickbooks, the fees are taken monthly...
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    Matching Quickbooks Balance to Actual Bank Account

    I'm having trouble matching my quickbooks feed to my bank balance. Maybe some of the issues could be things like Mileage, I track how many miles I do then this comes off as an expense but obviously this isn't a physical payment coming off my bank balance only my profit. How should I log this...
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    Potential Bank Reconciliation Problems

    Hi Just wondering how to solve a problem using quickbooks online.... I'm working on the cash basis... In tax year 2017- 2018 I was using wave app and hadn't realised that when raising an invoice it took the full amount into account rather than the deposit taken at the time (I'm a wedding...
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    Claiming a leased car as a business expense....

    Thanks, if I decided to take the claiming for the car at a rate of 50% of each monthly PCP payment option, can I also claim 50% of car tax, insurance and petrol costs via receipts? Sorry for all the questions I've always just claimed milage but have been unsure if I can legally claim on the...
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    Claiming a leased car as a business expense....

    Thanks for your comments everyone.... Basically the car is in my name and it is a PCP @ around £200 per month.... I just wondered if I could claim any of this as a business expense (and what else) with being self employed rather than a Limited Company..... or am I better off and I'm sure it's...
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    Claiming a leased car as a business expense....

    I'm looking at leasing a car through my business as I am a wedding photographer and need something that I can transport clients in when necessary and use to transport stock. I am a sole trader and not VAT registered so after speaking the the garage it looks like a personal contract plan might be...
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    When are you better off as a Limited Company

    Looking for advice on whether now is the time to swap from being a sole trader to a limited company as I've had a larger than expect tax bill. At what income level do you think a person is better off as a limited company?
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    Recording a breakages allowance

    So in summary the £20 deposit would go into the journal as DEBIT Business Account CREDIT Security Bond. Then when I return it will be DEBIT Security Bond CREDIT The Customer when it's paid back what would the credit the customer part come under? An expense? And last of all when I initially make...
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    Recording a breakages allowance

    What would it come under as it's not an expense is it?
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    Recording a breakages allowance

    Thanks, sorry for all of the questions! One last thing once the deposit has gone back into your bank account would it have to be record that it has then left the business account i.e. returned to the customer?
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    Recording a breakages allowance

    Thanks, I was just worried if I added it back to my bank account that it would be classed as taxable.
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    Recording a breakages allowance

    My business bank account?
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    Recording a breakages allowance

    Thanks! When I give this back to the customer, it will be debit Security Bond and what do I credit within the journal transaction?
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    Recording a breakages allowance

    Thanks, would that account be created as a liability or as an expense? In wave I have the option to create an Asset, Liability/Credit Card. Income, Expense or Equity.
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    Recording a breakages allowance

    Wave Accounts
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