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Level 1

New to Quickbooks and need guidance

 Hi there, I run a shop in the UK selling bottled and canned beer for off sales, as well as somewhere for customers to drink in the shop as well. Anyway there's what I do, so we have been using an accountant for our VAT and end of year books etc, and it is getting very very expensive, especially when you are owing them money during Covid-19 and you are not actually open. So we are looking at ways to move away from relying solely on the accountant and bring the cost down, which is how we decided on Quickbooks.

 

 So I am really new to this and have been playing about with the software, but still need some help and guidance, as it seems a bit unclear how to use for a shop. We don't send out any invoices to people, we recieve them off of suppliers when we buy new stock, and in the shop we don't do everything by individual sales, we tally up at the end of each day what we took in cash and what we took on card and total it up to what we made that day.

 

 So what I'm looking for with quick books is to add the daily takings from our business, what we pay out on stock, bills and expenses and to do our VAT etc, I'm just finding it hard to find a specific guide on how to do this, especially for a physical shop. I may be stupid and it might be super easy to find this, but I'd appriciate some help finding it.

 

Stay Safe, and

Thanks in advance

4 REPLIES 4
Highlighted
QuickBooks Team

New to Quickbooks and need guidance

Hi there, GreenDragon.

 

I can provide you some information on how you can record transactions from your stocks that you bought from a supplier.

 

First, you can create a purchase order to send to the supplier to state your intent to buy products or services and define the details of the purchase, such as quantities and prices. Before entering a purchase order, you'll need first to turn on this feature from the Account and Settings

 

Here's how:

 

  1. Click the Gear icon at the upper right corner.
  2. Choose Account and Settings.
  3. Click the Expenses tab.
  4. From the Purchase orders section, select the pencil icon.
  5. Check the Use purchase orders box.
  6. Enter titles for up to three custom fields.
  7. Enter a default message.
  8. Hit Save and Done.

 

After that, you can now enter a purchase order. You can open this article to see the steps: Create purchase orders in QuickBooks Online. This also contains information on how to apply PO to a transaction.

 

Once done, when you received a bill from a supplier, you can enter this as a bill and pay it when it's due. Please check this article to see the instructions: Enter and pay bills. This will help you to see what you pay out on the stock, how much you pay for your bills and expenses.

 

Please refer to these articles on how to do your Vat in QuickBooks: 

 

 

Please let me know if you have other questions related to QuickBooks. I'm always here to help.

Highlighted
Level 1

New to Quickbooks and need guidance

Thats not really how we order things off suppliers, normally it's done over the phone and paid in cash as we pick up, or they have an online system where we buy online and pay with card. So normally we recieve an invoice once we have paid.

Highlighted
QuickBooks Team

New to Quickbooks and need guidance

Hi GreenDragon

 

If you are purchasing items in advance, either in cash or over the phone by card/bank you can create expenses. Cretae them as you normally would entering the supplpiers name, selecting either the cash or bank account and in the category column select creditors/accounts payable. Thie expense will then be allocated to the specific suppliers account, when you receive the bill/invoice from the supplier you can create it as a bill as you normally would, when you then select make payment you will be able to attach/use the expense you created above for the payment of the bill. Please note that you can select No VAt when creating the inital expense and enter the VAT on the actual bill/invoice you receive from the supplier.

Highlighted
Level 6

New to Quickbooks and need guidance


@GreenDragon wrote:

 So I am really new to this and have been playing about with the software, but still need some help and guidance, as it seems a bit unclear how to use for a shop. We don't send out any invoices to people, we recieve them off of suppliers when we buy new stock, and in the shop we don't do everything by individual sales, we tally up at the end of each day what we took in cash and what we took on card and total it up to what we made that day.

 

 So what I'm looking for with quick books is to add the daily takings from our business, what we pay out on stock, bills and expenses and to do our VAT etc, I'm just finding it hard to find a specific guide on how to do this, especially for a physical shop. I may be stupid and it might be super easy to find this, but I'd appriciate some help finding it.

 

Stay Safe, and

Thanks in advance


Hi @GreenDragon 

 

I don't use in a shop context but my guess is you have the purchases side (invoices/bills from suppliers) figured out.  This is probably the same as most businesses - receive bill, enter into QB, send payment which is entered into QB against the bill.

 

For sales, your best bet is probably to use Sales Receipts rather than Invoices.  Sales Receipts are similar to a Cash Book.

You can use as you see fit - maybe one receipt per day for the Off Sales & one per day for On Sales.

(is there a difference in the VAT treatment??)

Setup a new Customer for On Sales & Off Sales (or however you wish to classify).

 

Maybe you will need to separate out cash & card?

In which case, two per day for Off & On Sales.

 

If you always bank cash, these sales can go straight to Bank Account in QB.

If not, they can go to Undeposited Funds or Petty Cash account.

 

Credit Card sales (which you don't receive straightaway) will go to an intermediate account (like Undeposited Funds) until paid by the provider.

 

There are quite a few articles referring to shop in the search... 

https://quickbooks.intuit.com/learn-support/forums/searchpage/tab/message?advanced=false&allow_punct...

 

They will probably give you a good start.

 

Hope this helps.