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Downsizer Forum Index -> Small Business Questions, Ideas and Advice

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joanne

Joined: 28 Oct 2004
Posts: 7100
Location: Morecambe, Lancashire

Posted: Tue Sep 23, 14 9:33 am Post subject: Quick Books Queries

As I've set up as a Sole Trader to do this Food Assembly thing, I'm obviously going to have to track what I spend / income etc for the Tax Man.

I've found a great site https://tripcatcherapp.com for recording the mileage I'm doing visiting Suppliers and Farmers Markets etc. for promoting the assembly but I'm not sure how to enter it in Quick Books.

Should I add it as a monthly claim? Or should I wait until the end of the year and stick it all in at once?

I've not yet got any income as the Assembly hasn't yet opened but I will have to pay out for flyers etc. out of my own pocket in advance. How do I show that? Am I ignoring that I'm paying it out of my own pocket and just putting it in as a deficit for the time being?

vegplot

Joined: 19 Apr 2007
Posts: 21301
Location: Bethesda, Gwynedd

Posted: Tue Sep 23, 14 10:01 am Post subject:
This probably won't be helpful but I use FreeAgent (www.freeagent.com) that handles tracking of time and mileage... https://www.freeagent.com/support/kb/expenses/new-mileage-uk-users

joanne

Joined: 28 Oct 2004
Posts: 7100
Location: Morecambe, Lancashire

Posted: Tue Sep 23, 14 10:12 am Post subject:
That does look interesting VegPlot but I'm not really in a position yet to be spending anything on apps etc. Quick Books is free at my level and until I'm actually making some money out of this enterprise, I want to keep my costs to a minimum

vegplot

Joined: 19 Apr 2007
Posts: 21301
Location: Bethesda, Gwynedd

Posted: Tue Sep 23, 14 11:17 am Post subject:
When you start making money, revisit FreeAgent. I've used QuickBooks, Sage, and MYOB and none come close for ease of use and support.

Shan

Joined: 13 Jan 2009
Posts: 9075
Location: South Wales

Posted: Tue Sep 23, 14 12:45 pm Post subject:
I would enter mileage as a monthly expense. Anything you spend from your own pocket can be viewed as a loan to the business and as such, you can charge a reasonable rate of interest on said loan.

dpack

Joined: 02 Jul 2005
Posts: 46209
Location: yes

Posted: Thu Sep 25, 14 5:28 pm Post subject:
what shan said plus monthly is less of a monster task than yearly

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