My first year in business, just catching up with entering everything into Kashflow, I have a few things, mainly fuel, where I have the transaction on the bank statement but the receipt is missing. Can I still enter this into my expenses? Also with monthly direct debits like insurance payments, I'm entering those as monthly payments into Kashflow, and it tells me to write the KF reference number on the receipt which I don't have, so the only proof of payments to insurance companies etc. is on the bank statement, am I doing that right? Thanks in advance
Yes, you'd still need to enter them - you can do this directly in the bank area. Although I don't think you can claim back VAT if you don't have the original receipt - so enter the full amount as the gross amount and 0 as the VAT amount.
Keep a copy of your insurance doc in your bookkeeping file, and just write on it by hand the amounts and dates the transactions are going through (along with your KF reference!). This way, if you have insurance that spans the year end, your accountant will know how much is still liability on it.
I would go back to the insurer and get another copy of the original invoice and the insurance policy documents and scan these into Kashflow. Then you can adjust for the VAT accordingly. It's all very well being on the bank statement, but a) you need to hold a cover of the policy to prove you are adequately insured (accountants/bank managers/suppliers possibly etc) b) you would need to evidence that this is a genuine business expense not a personal insurance expense.
Hi Friend..... you really need to keep your hard copy of your account, that how much goods you sell and buy just keep ahard copy of it. It'll really help you and more hire a CA that will help you.