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Thread: Bookkeeping & Project Finances

  1. #11
    Nothin' but trouble Muz's Avatar
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    Quote Originally Posted by Laura Chalkley View Post
    I've not used the OCR apps myself so can't comment on the accuracy, but even if you scanned the documents then ran a transaction report and did a quick manual check against the invoices and had to make an odd manual adjustment, I'm guessing that would still save a fair bit of time over typing everything in. I've used one of the services to convert Sage data to Quickbooks Online and tbh I wouldn't do it again. I'd just pick a suitable point in time, e.g. the end of a VAT quarter and transfer the closing balances across to the new software, I think that's much cleaner: there's inevitably some differences in the way data is stored in one package against another. As you already have Sage, you wouldn't then need to pay the cost to upgrade for a year as an interim, just move from one package to another when you were ready. Must admit I'm a big fan of Quickbooks cloud version (but not the payroll bit, I use other software for that), been using it for about 4 years and have a number of clients using it, had a look at the other packages around at the time and decided I liked it the best (though the others may have come on since and I wasn't aware of Xero at that point). Quickbooks includes the core functionality as part of the monthly fee, but the OCR would be extra as it's a third party app add on. Might be worth a chat with your accountant and see what their views are, they may have a different perspective to me.
    Laura I appreciate your comments.. Ive been plodding away with my own rental company for 30 years and I think small businesses are getting a real raw deal right now, and thats without brexit ! ...I have been shooting in the dark for the last month and not found any solutions, but now I have an MTD plan thanks to your help . This forum is well ranked on search engines, and I hope people will read this thread and give you a call and send something back to you.. thank you
    Please don't PM me for plant advice.. thanks .. Post in the forum where I will gladly help, as will many of our contributors.. as the info and responses will help everyone else, which is why we exist

  2. #12
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    Quote Originally Posted by Muz View Post
    Laura I appreciate your comments.. Ive been plodding away with my own rental company for 30 years and I think small businesses are getting a real raw deal right now, and thats without brexit ! ...I have been shooting in the dark for the last month and not found any solutions, but now I have an MTD plan thanks to your help . This forum is well ranked on search engines, and I hope people will read this thread and give you a call and send something back to you.. thank you
    You're more than welcome Muz, pleased I could help, I've had a lot of help from various people in building my practice and it's always good to be able to "pay it forward". :) A final thought that came to me this morning, you can use bridging software to connect different software and provide the required "digital links" (basically no manual data retyping / intervention other than importing allowed). Just done a quick search and found this, wonder if it would link with your version of sage 50 and mean you could carry on as you are https://vitaltax.uk/ . BTW I understand there won't be any penalties for not utilising digital links in the first 12 months (although you still have to keep your accounting records digitally and submit VAT returns from software, they seem to accept it will take time to get all the interconnectivity in place).

  3. #13
    Fabrication Guru +1 v8druid's Avatar
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    Quote Originally Posted by Muz View Post
    Stuck in this very dilemma ref MTD .. my Hire software links to my Sage stuff and I need to find a new solution fast !






    Oh it will be on time all right they need the money baaaaad
    unlikely from what I read elsewhere Muz No where near up to speed themselves on it apparently
    If it's got tracks, wheels, t*ts, or an engine, at some point it's gonna give you trouble!!

  4. #14
    Nothin' but trouble Muz's Avatar
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    Quote Originally Posted by v8druid View Post
    unlikely from what I read elsewhere Muz No where near up to speed themselves on it apparently
    Havent seen or heard anything to the contrary at the moment ? ...1st of April 2019 is D day, Moment, Time for VAT registered businesses with a turnover more than 85000 ..

    The whole thing is to stop business owners having the ability to plug the VAT figures into the governments own portal and change them fraudulently. With MTD,.. the software pings the VAT figures directly to the treasury, because the software has a direct link to the governments own computer systems .. Bloody annoyed I am because we now have to pay for the software just to pay a tax !! Plus as I said earlier, its invalidated all my other software overnight. They rekon it will save them billions in incorrect submissions.
    Please don't PM me for plant advice.. thanks .. Post in the forum where I will gladly help, as will many of our contributors.. as the info and responses will help everyone else, which is why we exist

  5. #15
    Fabrication Guru +1 v8druid's Avatar
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    Quote Originally Posted by Muz View Post
    Havent seen or heard anything to the contrary at the moment ? ...1st of April 2019 is D day, Moment, Time for VAT registered businesses with a turnover more than 85000 ..

    The whole thing is to stop business owners having the ability to plug the VAT figures into the governments own portal and change them fraudulently. With MTD,.. the software pings the VAT figures directly to the treasury, because the software has a direct link to the governments own computer systems .. Bloody annoyed I am because we now have to pay for the software just to pay a tax !! Plus as I said earlier, its invalidated all my other software overnight. They rekon it will save them billions in incorrect submissions.
    and so, as usual, the honest Mr Average is having to pay for the small minority who defraud on a regular basis .... and who they can't catch anyway ...... software should be provided, if they want compliance

    Big Brother is watching you
    If it's got tracks, wheels, t*ts, or an engine, at some point it's gonna give you trouble!!

  6. #16
    Nothin' but trouble Muz's Avatar
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    Got in one .. and two ... and three ... and four
    Please don't PM me for plant advice.. thanks .. Post in the forum where I will gladly help, as will many of our contributors.. as the info and responses will help everyone else, which is why we exist

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