Experiences with Quickbooks?

[johndon68]

but it isn't too onerous to copy the figures across ... 5 minutes max??

At the most. Sage 50, that I use, can do it automatically but I still copy the figures manually...

John

 

[Newchodge]

No version of QB files directly with HMRC. There is a link in QBO that takes to the login page at HMRC, but that's it - but it isn't too onerous to copy the figures across ... 5 minutes max??

It may not be too onerous, but it should be unnecessary. It also introduces an additional step during which errors can be made.

 

[STDFR33]

It may not be too onerous, but it should be unnecessary. It also introduces an additional step during which errors can be made.

If someone cannot copy several figures, check them, and file them without error, they should not be allowed anywhere near a VAT return.

 

[@aiteoconsulting]

I understand from my own conversations with Quickbooks that they are working on completing the final step so that the VAT filing can be done from within the software. But yes, presently, the final step is manual but fairly straightforward.

I should have linked these earlier, but the OP might wish to read the following reviews. They are a little out of date now but the general features, advantages and disadvantages still stand. We are certified advisors on all three platforms:

https://aiteoconsulting.co.uk/quickbooks-online-review/

https://aiteoconsulting.co.uk/xero-beautiful-cloud-accounting/

https://aiteoconsulting.co.uk/freeagent-cloud-accounting-review/

 

[Kiwi1234]

I understand from my own conversations with Quickbooks that they are working on completing the final step so that the VAT filing can be done from within the software. But yes, presently, the final step is manual but fairly straightforward.

I should have linked these earlier, but the OP might wish to read the following reviews. They are a little out of date now but the general features, advantages and disadvantages still stand. We are certified advisors on all three platforms:

https://aiteoconsulting.co.uk/quickbooks-online-review/

https://aiteoconsulting.co.uk/xero-beautiful-cloud-accounting/

https://aiteoconsulting.co.uk/freeagent-cloud-accounting-review/

Thank you

Also about Quickbooks, I've signed up to the Quickbooks online, although receiving foreign currencies is a massive pain. I want to pay and receive money in USD & EUR sometimes, as I have to pay manufacturer in USD. Although Quickbooks requires me to make a new paypal or bank account for each new currency I wish to use - with this new currency as the PRIMARY currency. That seems crazy, as it's not even allowed to have lots of different paypal accounts and totally confuses it.

Apart from that I like quickbooks, but if quickbooks says that my -$3700 to manufacturer is -£3700, then that's a problem... :/

 

[@aiteoconsulting]

Here's the gen on QBO & multicurrency: https://community.intuit.com/articles/1501407-set-up-and-use-multicurrency

I have to say that if multi-currency is a key part of what you do then my customers' feedback is that Xero handles it better. So looks like you should have a trial on Xero too.

 

[Kiwi1234]

Here's the gen on QBO & multicurrency: https://community.intuit.com/articles/1501407-set-up-and-use-multicurrency

I have to say that if multi-currency is a key part of what you do then my customers' feedback is that Xero handles it better. So looks like you should have a trial on Xero too.

Well it isn't a key part of the business, just for paying supplier and a few ebay sales. But I can't see why Quickbooks can't just convert it into GBP and recognise it as USD. Although if it struggles to do that, and I need a separate bank account, I'll probably have to try Xero as you say despite its interface being less appealing. I'll see how that works

 

[STDFR33]

By the way is it easy to upgrade from a sole trader basic account to the higher ones? Considering I'm dealing with multiple currencies I realise I may need to upgrade my account, just wondering if it is easy and hassle free to do so (if you know?)

These guys might be able to help
https://www.movemybooks.co.uk/

 

[UK Contractor Accountant]

I can not find them on the HMRC approved list of commercial software providers for VAT filing

In't it listed under INTUIT?

 

[STDFR33]

In't it listed under INTUIT?

They are on the list:


Intuit Ltd QuickBooks 2010 VAT 100 0845 606 2161



John

 

[Kiwi1234]

These guys might be able to help
https://www.movemybooks.co.uk/

Thanks

 

[@aiteoconsulting]

As if by magic, this gets posted on AccountingWeb just now:

https://www.accountingweb.com/technology/accounting-software/using-the-multicurrency-feature-in-qbo

 

[Kiwi1234]

As if by magic, this gets posted on AccountingWeb just now:

https://www.accountingweb.com/technology/accounting-software/using-the-multicurrency-feature-in-qbo

Thank you I still don't understand a lot of the jargon , so will try to understand it, and see if I can figure it out in QBO.

Also going to test the multi currency feature in Xero.

 

[Pish_Pash]

Well it isn't a key part of the business, just for paying supplier and a few ebay sales. But I can't see why Quickbooks can't just convert it into GBP and recognise it as USD. Although if it struggles to do that, and I need a separate bank account, I'll probably have to try Xero as you say despite its interface being less appealing. I'll see how that works

Quickbooks is simply replicating what happens in real life - when you send someone USD in paypal, it is sent from a Paypal USD account, you have to transfer from your Paypal GBP to the Paypal USD account then send that to your supplier. I'm no accountant, but I'd have thought it has to be done this way in any accounts software to track currency gains/losses.

 

[Kiwi1234]

Quickbooks is simply replicating what happens in real life - when you send someone USD in paypal, it is sent from a Paypal USD account, you have to transfer from your Paypal GBP to the Paypal USD account then send that to your supplier. I'm no accountant, but I'd have thought it has to be done this way in any accounts software to track currency gains/losses.

yep I think you're right, I talked to my Mum's accountant (probably going to be mine) and he said I'll need a separate USD account

 

[Cad95]

This link suggests that you can do it from the Desktop version (the latest version at least):
John

Correct John, I use Quickbooks Pro and have filed my VAT since 2010.