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Client Accounts

All my clients are paper based small businesses. With MTD looming, I want to transfer them to QuickBooks. 

1. Do I have to buy a subscription for each client even though they will continue to give me a box of paper files.

2. I do most of my analysis work on excel. Can I simply upload trial balance to QuickBooks for each client and if so, how?

3. As my clients are paper based, I don't have the option of linking bank accounts electronically. Can I manually enter the transactions, and if so how?

4. For my bigger clients, MTD is obviously going to be an issue both for VAT and in later years corporation tax. Is QuickBooks set up to meet the requirements of MTD?

 

A lot of questions I know and probably covered by the online training materials, but as a fledgling business myself and being disabled, I just haven't had the time to work through it.

Solved
Best answer 09-17-2018

Accepted Solutions
QuickBooks Team

Re: Client Accounts

Hi Phils673,

 

Welcome to the UK Community Page for QuickBooks Online.

 

1 - Yes, however if you speak to our sales team one of our Account Managers will be able to arrange wholesale discounts for you. Speak to 0800 014 2654.

2 - You can use Journal Entries to record changes to your Balance Sheet if required, you don't have an option to upload a trial balance, but you can upload a Balance Sheet list of Accounts, with the Opening Balances of those accounts, you can then adjust the balances using Journal Entries on QBO. The same number above ^ will be able to advise of any available training courses that you can attend local to yourself.

3 -  You can manually upload a list of transactions from Excel, in the form of a .CSV spreadsheet, and then use our Banking feature to upload the transactions. Alternatively, you can enter any transaction manually using our "plus" icon to access all the different types of transactions available to you.

4 - QuickBooks will be ready for MTD for VAT Submissions April 2019, and we are looking into including Coorporation tax, but i don't have a timescale for the Corp Tax to be included.

 

Thanks,

16 REPLIES 16
QuickBooks Team

Re: Client Accounts

Hi Phils673,

 

Welcome to the UK Community Page for QuickBooks Online.

 

1 - Yes, however if you speak to our sales team one of our Account Managers will be able to arrange wholesale discounts for you. Speak to 0800 014 2654.

2 - You can use Journal Entries to record changes to your Balance Sheet if required, you don't have an option to upload a trial balance, but you can upload a Balance Sheet list of Accounts, with the Opening Balances of those accounts, you can then adjust the balances using Journal Entries on QBO. The same number above ^ will be able to advise of any available training courses that you can attend local to yourself.

3 -  You can manually upload a list of transactions from Excel, in the form of a .CSV spreadsheet, and then use our Banking feature to upload the transactions. Alternatively, you can enter any transaction manually using our "plus" icon to access all the different types of transactions available to you.

4 - QuickBooks will be ready for MTD for VAT Submissions April 2019, and we are looking into including Coorporation tax, but i don't have a timescale for the Corp Tax to be included.

 

Thanks,

Not applicable

Re: Client Accounts

Thanks James, can I quickly ask a couple more questions?

 

1. Is it possible to buy multiple of the 10 for £10 offer ie, 30 for £30?

2. Do you know what the price will revert to once the offer expires, as presumably QuickBooks won't be charging £1 per client per month for ever?

3. How do I set up a client that operates as a partnership, as there doesn't seem to be an option for this?

Thanks

 

Highlighted
QuickBooks Team

Re: Client Accounts

Hi phils673,

 

Thank you for getting back in touch. 

 

I would recommend to give the number my colleague provided a call as prices and offers are different for accountants and I want to make sure you are given the correct information. 

 

Thanks, Carly. :)  

Not applicable

Re: Client Accounts

thanks again. Last question, promise (for now at least)

How does one manually enter bank transactions, there appears only to be an option to either link to an account or upload a .csv file for which no template is given?

As my clients give me physical paper statements it would be useful ti be able to manually input.

QuickBooks Team

Re: Client Accounts

Welcome to the QuickBooks Community, phils673.

 

I can show you how to enter bank transactions manually from bank statements.

 

Here's how:

 

1. Click the Gear icon.

2. Select Chart of Accounts.

3. Choose your account and click View register.

4. Click the drop-down arrow below the Date column (see screenshot below).

 

If you need more assistance concerning your QuickBooks Online, please let me know by leaving a comment below. I'll be sure to get back to you.

Not applicable

Re: Client Accounts

thanks, I'll give that a try. I'm just a little concerned that the chart of accounts doesn't appear to include a bank account line

QuickBooks Team

Re: Client Accounts

Greetings, phils673.

 

I appreciate your prompt response concerning the paper statements.

 

To enter transactions directly into the bank register, you'll need to make sure your bank is listed under the Chart of Accounts. For more information about how you can add the transactions, please follow the outlined steps in this article:

 

How do I add transactions to my bank register?.

 

If your bank isn't listed under the Chart of Accounts, you can create it by following these steps:

 

1. Click the Gear icon.

2. Select Chart of Accounts.

3. Click New in the upper-right corner.

4. Enter necessary information.

5. Click Save and Close.

 

Please don't hesitate to reach out if you have any questions concerning QuickBooks Online. I'll be around to help.

Established Community Backer ***

Re: Client Accounts

Hi there,

 

1. Do I have to buy a subscription for each client even though they will continue to give me a box of paper files.

When you are an accountant you should have an accountant profile. This can be set up directly with QuickBooks Online.

 

2. I do most of my analysis work on excel. Can I simply upload trial balance to QuickBooks for each client and if so, how?

You will upload your trial balance directly to QuickBooks Online. This also works the other way where you can export the trial balance out of QuickBooks into excel.

 

3. As my clients are paper based, I don't have the option of linking bank accounts electronically. Can I manually enter the transactions, and if so how?

Ideally it is best to get bank accounts linked up as this will speed up the process. However you can manually upload excel files into QuickBooks in bulk which may speed up the manual process a little. This video may help: 

 

4. For my bigger clients, MTD is obviously going to be an issue both for VAT and in later years corporation tax. Is QuickBooks set up to meet the requirements of MTD?

Yes QuickBooks is set up for HMRC VAT requirements.

 

As QuickBooks Firm of the Future for this year, we would be happy to help with nay questions you may have. Please get in touch with me via private mail if you need any assistance with anything. 

Emily

QuickBooks Team

Re: Client Accounts

Hey @phils673

 

If your customers are sending you a list of transactions, you can create your own csv in excel. The headings you'll need are as follows:

1 - Date

2 - Description (Payee included)

3 - Amount in

4 - Amount out

 

If the transaction is money in, leave money out blank; and visa versa.

 

You can upload this into the Banking screen, and link it to the account to which you're uploading the treansactions for. This will give you a really easy to use system for adding transactions in through our banking screen. You can even create banking Rules for repeat transactions and ones which occur more often that have the same description as past transactions.

 

Thanks,

Not applicable

Re: Client Accounts

Thanks very much - I'll give that a go

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Re: Client Accounts

Thanks Emily, much appreciate

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Re: Client Accounts

Recent invoice.

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Re: Client Accounts

Is someone THERE !

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Re: Client Accounts

Recent Invoice is WRONG

QuickBooks Team

Re: Client Accounts

Hi Bobfox57

 

In regards to the invoice what is incorrect on it?

 

Kind regards

Emma

Not applicable

Re: Client Accounts

Yep that's the problemo with onslime accounting/cloud-based products - they are costly for small clients who only have a few transactions.

 

if you r not bothered by cloud, use VT, it's site-based licence really £120 pa, and it's got mtd of course. And you can churn out all your accounts through their templates. what's not to like?!

:smileywink: