Feedback on latest version of QuickBooks

Towards the end of May, Intuit released an update for QuickBooks including a new "one step" VAT retun system. Here's what they had to say about it:

New QuickBooks Simplifies VAT Returns; Makes Bookkeeping Easier for British Small Businesses
New Features Support Transactions in Multiple Currencies; 
Improve Cash Flow Management and Provide Live Community Support

"The new product is designed to make small business bookkeeping quick and easy, consistent with the company’s commitment to help small businesses take control of their finances. Intuit is a global leader in financial management for small businesses.

"Packed with new features and improvements the new product includes a new and improved system for easily and accurately preparing and filing VAT.

"Anticipating the rumoured VAT increase announcement from Downing Street, QuickBooks now offers the new VAT Exception Report, which makes it easy for small businesses to manage the changes that might occur after filing VAT. The report automatically adjusts calculations, ensuring the next VAT report is accurate and providing a transparent audit trail for both the small business owner and HM Revenue & Customs (HMRC).

In addition, the new One Step VAT Returns feature allows small businesses to automatically populate their quarterly VAT returns and to file them instantly and securely online with HMRC. This greatly reduces the likelihood of wasted administration time, effort and costly VAT mistakes that can occur with manual methods of calculating and filing business tax. Both features are available in the improved VAT Centre, which provides a number of resources to help manage and demystify VAT.

“Our ongoing collaboration with UK small businesses shows that the paperwork associated with VAT returns is considered to be a significant burden,” said Pernille Bruun-Jensen, managing director of Intuit UK. “We designed the new VAT features to minimise administration time and help small businesses meet tax requirements and possible changes in an easy and straightforward fashion.”  Bruun-Jensen continues, “A recent survey showed that eight out of 10 current QuickBooks users said the software helped save time on their accounts. We are confident that we’ll build on this fantastic record with the release of the new offering , due in no small part to new features, such as the VAT Exception Report.”

In addition to the VAT features, the newest QuickBooks software includes a wide range of functionality designed specifically to help small businesses simplify their bookkeeping. These include:

  • Easy setup: Provides the help needed to get set up quickly through an initial interview. A  QuickBooks coach and a short video provide a step-by-step demonstration of how to do key tasks so owners can swiftly move from setup to use.
  • Company snapshot: Creates an intuitive, real-time cash flow snapshot in a single screen, allowing small businesses to easily identify problems and opportunities as well as  make more informed decisions and avoid missed payments.
  • Multicurrency capability: Makes it easy for owners to trade with international customers and suppliers. By automatically downloading exchange rates, QuickBooks ensures current and historical records remain accurate, eliminating the need to search for and manually convert currencies. This means faster invoicing and support for international sales as well as preventing expensive manual errors.
  • Easy email invoicing: Lets business owners automatically create multiple invoices and quotes in seconds. Integrates with Microsoft Outlook, enabling small business owners to send them in batch as PDFs. This significantly reduces the time to send individual emails, and increases accuracy and speed of payments.
  • Sales and expenses tracking: Creates essential cash flow reports, including profit and loss, sales, expenses and balance sheets. This gives small business owners a precise picture of their financial position and provides a clear overview for banks and other stakeholders.
  • Live Community: Helps small business owners find and communicate with other small businesses in the UK and to get help on business critical issues. Small business owners can ask questions and get answers from experts or other QuickBooks users and build a professional network with other like-minded small business owners.

Pricing and availability: QuickBooks is available in a £99 Simple Start edition; QuickBooks Pro with One Step VAT and multicurrency priced at £249; and QuickBooks Premier with sales and expense forecasting and inventory management for £499,

With the VAT return system and multicurrency function, Intuit appears to have addressed two of the shortcomings of the previous version, but has it been enough to convince you to upgrade? Feedback from those who have seen the new version - or those who are still wary - would be greatly appreciated. Your comments will be used to enlighten other AccountingWEB members.

Comments

Pages

How exactly has the VAT return function changed?

chatman | | Permalink

 .

Something Seems to Have Gone Horribly Wrong

sebo | | Permalink

After reading your article I had a look at my VAT report (I have already uppgraded) and was shocked to discover that the VAT100 report for the March quarter just passed, which I have filed in Quickbooks, now shows slightly differing balances in boxes 4 and 7 (box 4 negative and box 7 positive). These balances go back to the start of the company in 2003. I noted that in the three months to March 2010 both box 4 and box 7 had increased by 74 pence (box 4 negative and box 7 positive). I identified the transaction concerned (a £5 top-up of a mobile phone) but could find no reason for the problem, and there was another identical transaction to the same supplier in the period which did not cause a problem. I therefore will be going back to my backed-up version of Quickbooks 2008 until somebody can sort this out. I use cash accounting for VAT.

John Stokdyk's picture

Intuit info

John Stokdyk | | Permalink

Published on its website is the following description (below). There's also a video demonstrating how the new system works.

  • New Manage VAT window  to help you manage your VAT information all in one place.
  • Features added to File VAT window, for example to help fixing unreported tax amounts.
  • efile your VAT return to the HMRC
  • New VAT Code Setup Wizard to set up new rates, change VAT rates, add VAT for a different country.
  • Reports on VAT more robust
  • Tax forms updated as per HMRC changes
  • VAT is now being included in reimbursable expenses. This was the functionality in QuickBooks 2006 that was removed in 2008. Now it's back in 2010. When you pass expenses on to your customers, now you can also include the VAT in the amount that is passed on.
  • Condense VAT summary: show your VAT on your forms similar to how QuickBooks 2006 did it (you asked to bring back)
  • If upgrading from 2006 or earlier, QuickBooks will help you find VAT amounts that were previously unreported.

[NB: sebo - I raised your issue during an online demo from QuickBooks product manager Alex Blakey. At this point he speculatively suggested it might relate to a situation where a transaction has been deleted - he has encountered this with one other customer. He also promised to check in and provide a more detailed answer himself.]

Thanks John

chatman | | Permalink

I didn't realise there was a new version of QB already. I'll have to remortgage the house.

carnmores's picture

sebo

carnmores | | Permalink

i reckon a reconciliation may be a good idea

its unlikely to have plucked those amounts out of the sky

are you on accrual or cash accounting

what version have you upgraded from

John Stokdyk's picture

View from Top Accountants

John Stokdyk | | Permalink

Adrian Pearson has weighed in with some thoughts on his Top Accountants blog.

Noting the negative reaction to QB 2008, he commented, "I was disappointed.  There are the usual minor tweaks but no exciting new features. No vision."

What really caught Adrian's eye was the Upgrader’s Guide, which detailed the step-by-step process for installing and configuring the new version. As an enthusiast for Cloud applications, he pointed out that a lot of this work is done for your behind the scenes when accounting programs are delivered over the web.

It's worth reading the post for his full unexpurgated view, but suffice to say he sees the complexity of the QuickBooks 2010 upgrade as another step towards the scrapheap for "old school vendors" such as Intuit.

PS - ***Chatman***, while your comments may be intended to be amusing, we have had a lot of trouble on AccountingWEB recently with threads that descended into abusive spats between members who cannot maintain a civilised discussion. People who come to this thread do so becasue they're interested in QB. Adrian had a criticsm of the application and made the effort to explain his stance and provided copious evidence to back it up. That makes for a much more compelling and informative debate. Please treat QuickBooks with the same respect you would another human member of the community; if you're about to post a snide comment that doesn't further our understanding of the subject, please think twice before doing so.

***(see below for explanation of mistaken identity & grovelling apology)

Flat Rate VAT

charleslaneco | | Permalink

 Indeed I think the move to Cloud Accounting will ultimately happen, but only when the pricing model actually reflects the services provided. Currently all of the providers are taking extortionate fees when comparing to QB or Sage. For example why can't they offer a free cashbook for small clients. THat would mean I could move all of my clients to the cloud, improve my service and "upgrade" clients as they grow. 

 

However, the biggest disappointment again has been the lack of vision from QB. Where is an automated flat rate scheme in 2010? If the likes of FreeAgent Central can manage it then why not Intuit, the biggest accounting software company by users?

 

Please will you provide free simple cashbooks oh wonderous cloud providers!

VAT changes in QuickBooks 2010

ablakey | | Permalink

 

Hi Chatam,

We have focused on making VAT easier to use and added features which will help you and your clients save time.

Regretfully, the information that John copied from one of Intuit's FAQs contained some inaccuracies, here is an updated list of the VAT changes made in QB2010:

  • New Manage VAT window to help you manage VAT information all in one place. It provides quick links to the VAT reports, VAT filing feature and a graphical view of your VAT setup
  • Improved File VAT window - can now resize, run reports with it open, quickzoom on the numbers to get to the source transactions and it shows the TB balance of the VAT Liability account to make sure it matches with the Box 5 amount shown on the VAT 100 report.
  • Now you can electronically file (efile) your VAT return to the HMRC and the e-receipt from HMRC is automatically saved as PDF in the Prior VAT Returns archive
  • New early payment discounts.  Using Terms, QuickBooks now automatically discounts the VAT on the invoice, then automatically calculates the discount on the NET amount when payment is received
  • New VAT Code Setup Wizard to help you set up new rates, change VAT rates and add VAT for a different countries.
  • New VAT Exception report shows the details of those transactions that have been added, modified, deleted in a period for which you've already filed VAT. It works for both Cash and accrual report basis and is also saved as a PDF when you file VAT
  • New Sales Day Book - shows one transaction per line with NET, VAT, and Gross totals
  • When upgrading from 2006 or earlier, we've improved the upgrade process to assist you in finding VAT amounts that QuickBooks detected as being unreported.

We listened extensively to customers before deciding how to improve VAT in QuickBooks 2010. All of the features above answer long standing feature requests or pain points that our customers told us about.

Thanks,

Alex Blakey – QuickBooks UK Product Manager

 

 

Interesting

charleslaneco | | Permalink

 But still no flat rate VAT?

Flat Rate VAT

ablakey | | Permalink

No, but it is high on our priority list.

However, the new VAT engine allows VAT on Sales & VAT on Purchases to post to different accounts and these can be Income/Expense types. By doing that you can then work out (based on a percentage of gross turnover) the amount of VAT you need to remit to HMRC.

 

petersaxton's picture

Go the extra step

petersaxton | | Permalink

As you say, that enables flat rate VAT to be calculated but I would have felt it wasn't too onerous to fully deal with FRS.

Mobile Phone Top Up

ablakey | | Permalink

Hi Sebo,

The problem you report is highly unusual. The most likely explanation is that this one transaction has experienced some minor data corruption issues. This should be easily resolved by forcing the problem transaction to recalculate. You can do that by editing the transaction amount by 1p, saving the transaction and then reverting the 1p change. This will cause all the data used for that transaction to be re-saved into the database and should solve the problem.

Alternatively, I will gladly have someone look at your data file. Please drop me an email with your contact information and I will make the arrangements.

Thanks,

Alex Blakey - QuickBooks UK Product Manager

alex_blakey@intuit.com

Transaction Problem

sebo | | Permalink

 Alex, Thank you for your suggestions.  I tried changing the amount by 1p but it has made no difference. I have noticed, further, that the transaction causing the problem appears on the VAT return under Box 7 but not under Box 4. Also, I mentioned earlier that there were 2 identical transactions within the VAT quarter - I have now noticed that the one missing from Box 4 shows £5 under "Paid Amount" in the analysis of the Box 7 figure while it's twin shows £4.26 as the paid amount.

In the second place there appear to have been similar effects on my transactions going back seven years to the start of the company in 2003. As to sending in my data file I would be glad to, and I will contact you separately with my details

Advantages of QuickBooks

chatman | | Permalink

Would it be hijacking this thread to ask what advantages QuickBooks has over VT Transaction and Absolute Accounts, and am I right in thinking that importing transactions is easier in the latter two? 

carnmores's picture

thanks John S

carnmores | | Permalink

for the libel and lack of professional courtesy

libel and lack of professional courtesy

chatman | | Permalink

I have had that from AWeb too carnmores, so you have my sympathy.

carnmores's picture

thank you

carnmores | | Permalink

like you i contribute quite a lot and make every effort to help people and if i wish to criticise the vested interests i do and will continue to do so - i am not even sure what i am supposed to have done..../

Advantages of QB?

alanhone | | Permalink

We're a construction industry specialist contractor.  We've been using QuickBooks for around 15 years (early adopters) so it's what we're familiar with.  We're currently on 2006, just about to upgrade to 2010

For us QB has job costing, including time-card allocation to job, multi-currency and multi-user.  The VT website costs show a licence fee for at least 3 users, renewed annually, which would cost us more than a 3-user upgrade every 4 years or so.  We do not use (fingers crossed) the support service.  Nor do 95% of VT users (they say) and QB users too, if we're anything to go by.

There is no "one size fits all".  I think you need to compare essential features and deal-breakers and come to your own conclusions.  If your clientele vary in their needs, you may need more than one solution.

My 2p

Alan

Advantages of QuickBooks

chatman | | Permalink

Thanks Alan. All good points. I think QB might just be more than my clients need.

Regarding the support, I have tried QuickBooks support and found it not to be good. Also, the help-line number is premium-rate (0845).   Never tried the VT support.

Alex Blakey - great to see you here

Adrian Pearson | | Permalink

It's really refreshing to see a senior QuickBooks UK person actively engaging with the accountancy community here.

For as long as I can remember Intuit seems to have been a secretive and insular organisation run remotely from the US and Canada.  If Alex's contributions here signal a new, more open approach then that can only be good for accountants and clients alike.  In the past I have often been frustrated when trying to advise clients in an environment where Intuit would provide no development roadmap - and wouldn't even announce the launch dates of new versions in advance.

So, well done Alex for putting your head above the parapet.  It's a only a start but it's very welcome nonetheless.

New QuickBooks

John Skinner | | Permalink

Can you please advise whether QuickBooks 2010 can cope with Intrastat returns?

Many thanks

John Stokdyk's picture

Apology is due

John Stokdyk | | Permalink

For the record, I would like to apologise publicly and profusely for mistaking Carnmores for Chatman and telling him off for the "I'll have to get a mortgage" quip near the top of this thread.

More than once I have looked at the comment and mistakenly registered Carnmores as the poster, when the offending comment was sitting just above his disctintive green Avatar. I am really, really sorry for the mistake and hope that we no longer need to worry the legal profession about the issue.

While I am at fault here, I would like to emphasise the spirit of my original aside, that AccountingWEB members treat other members - and the products/firms/people we discuss - with the same courtesy we would accord someone if we were talking to them face to face.

Apology due from me

chatman | | Permalink

 I apologise to Intuit for the offence caused to the company by my re-mortgage comment. What I should have said is that I consider QuickBooks to turn out very expensive because the constant release of new versions that are not compatible with previous versions means that one has to keep upgrading in order to be able to read clients' files.  

I have not found any of the upgrades to have advantages for me, and at least one to have had disadvantages (the return of the US date format issue, and the problems with VAT in QB2008).

I particularly apologise to carnmores for being instrumental in getting him libelled.

Becky Midgley's picture

Thanks all

Becky Midgley | | Permalink

I couldn't not come here and say thanks to John, carnmores and chatman for sorting this out so reasonably and for doing it in public - if only everyone could manage their disagreements like this my world would be a brighter place, so thank you.  Others take note!  This is a great way for me to end the day.

carnmores's picture

steady on Becky

carnmores | | Permalink

that was almost praise LOL

A way round QuickBooks compatibility problem

chatman | | Permalink

In an attempt to try and worm my way back into the good books of members who have been offended by my posts (although I expect Intuit won't forgive me), here is a tip for those who have clients on pre-Vista versions of QuickBooks, but have had to "upgrade" to Vista or Windows 7.

1. Install VMWare Player from www.vmware.com and create a virtual machine on your real PC (much easier than it sounds);
2. Download Windows XP legally and for free from Microsoft (www.microsoft.com/windows/virtual-pc/download.aspx );
3. Install Windows XP on your virtual machine with VMWare Player
4. Run your old version of QuicKbooks on that.

You will still have your post-Vista version of QB on your real machine.

For a really smooth interface between real and virtual machines use the Unity tool in VMWare Player. You get drag-and-drop, shared folders and other handy stuff.

Intrastat Returns

ablakey | | Permalink

Hi Beccy,

 

QuickBooks 2010 does not have a specific feature to support Intrastat returns. We know that some customers are using the inherent flexibility of QuickBooks to capture and report the information they need for this task. 

We understand that completing an Intrastat return is a time consuming and complex task. Unfortunately, the number of businesses required to complete the return is actually quite small and this is why we chose not to develop a feature for this task in QB2010.

Thanks,

Alex Blakey - QuickBooks UK Product Manager

 

Responses to multiple questions

ablakey | | Permalink

 

We have made sure that all reports exported to Excel from QuickBooks 2010 use a consistent date format. The format will be US, and needs to be so to ensure that Microsoft Excel can read and work with the data sent to it. 

We now use a freephone number for our support services - 0808 168 9536

Many of you are questioning why we changed our VAT system in QB2008 and have retained it in QB2010. This page attempts to answer those questions. Additional resources can be found on this page

Intuits preferred interface for sending data to QuickBooks is via the free Software Developers Kit (SDK) we make available. QOBDC.com have used the SDK to make an ODBC driver that can both read and write data to the QuickBooks data base. Other tools from other developers are also available from the Intuit Marketplace.

Alex Blakey - QuickBooks UK Product Manger 

 

 

Can't QB2008 get an update to cope with the date format problem?

chatman | | Permalink

Alex - Can't we have an update to QB2008 to solve the date-format problem? 

petersaxton's picture

Wrong

petersaxton | | Permalink

"We have made sure that all reports exported to Excel from QuickBooks 2010 use a consistent date format. The format will be US, and needs to be so to ensure that Microsoft Excel can read and work with the data sent to it."

I don't understand that. It certainly doesn't need to be US format to work with Excel.

 

Nigel Hughes's picture

Er....I've just done my update

Nigel Hughes | | Permalink

So I've got a subscription. Money goes out each month, I hardly notice it (well I do a bit actually, but you get used to it) so I find I have a new version to get to grips with.

QB 2008 forced me to get my VAT treatment into line - out of wack for a couple of versions, quite a lot of deleting and reinstating old entries but I stuck with it and VAT has been relatively painless thereafter.

Then there was the strange reporting of VAT on invoices which I didn't seem to be able to change. That irritated a lot, but I just put up with it.

So far the update to 2010 has been quite smooth. Only issue was.......VAT summary on invoices which came up with rather strange alignment, but at least I didn't have to recast the whole template this time and I have now got rid of the irritating bits in the VAT summary. (Maybe I could have before but I never got that far)

Like Adrian I'm a long term user and I like the drill down and overall functionality. I hadn't realised I wasn't the only one to find QB 2008 irritating until today.

QB 2010 probably won't change the world. But platforms come and they go and applications have to keep pace, and this update looks relatively smooth - so far. So I guess I'll keep paying the direct debit, no re-mortgaging necessary, just have to get used to the fact that the days of £100 all in, in the mid nineties are long gone

QB2010 no XBRL - missed opportunity

txcjg | | Permalink

Having looked at the Intuit (UK) website I can see no mention of XBRL on QB 2010.

HMRC requirement for iXBRL Accounts for CT filing is mandatory from next April. It is a shame QB 2010 appears not to offer tagging. Only a handful of packages including Sage are shown on the HMRC website to be able to produce iXBRL documents.  My understanding is QB UK is based on the US XML engine which XBRL is built on. A lot of small companies and non incorporated bodies who file CT returns will need to either change their software or move from Excel/Word produced accounts to a package or third party tagger in the next 12 months. Intuit appear to have missed an opportunity to increase market share or produce a new revenue stream. In addition how many existing customers will move away from QB in the next 12 months to a product that supports iXBRL. It could have been incorporated in the higher end product or their financial statement designer.

If QB2010 does support iXBRL then Intuit should make this clear as a new feature on their website.

Chris

 

 

 

QuickBooks and ODBC

Adrian Pearson | | Permalink

When developing our software, which has to read data from QuickBooks, we were very surprised to find that Intuit do not supply an ODBC driver as a matter of course, and free.  The solution at QODBC.com is a third party one, and expensive if you want more than one copy.  Sage provide ODBC with their product.

In a world where users are increasingly looking to free up their data and connect it to other systems, having to code your own data extraction software (via the QuickBooks SDK) like we did reflects badly on Intuit, in my opinion.

Anyway, we solved the problem for ourselves (at great time and financial cost) but can I ask Alex and the QuickBooks guys to think about the future needs of their customers and make an ODBC driver part of the normal QuickBooks install?

Malcolm Veall's picture

iXBRL

Malcolm Veall | | Permalink

Surely the iXBRL accounts to go with corp tax returns must be iXBRL versions of the statutory accounts, not the managment accounts produced by QucikBooks,  (or Sage 50)?

Nigel Hughes's picture

AH But......

Nigel Hughes | | Permalink

That's the whole point. iXBRL accounts make formal statutory accounts almost irrelevant - try filing abbreviated accounts at Companies House and you'll see what I mean.

Alex, if you're still out there, I asked the iXBRL question to one of your people and he didn't seem to have heard of it. I really think Intuit needs to move on this one and pretty quickly.

iXBRL and looming deadline

txcjg | | Permalink

The Financial Statement Designer in QB does produce final stat accounts.

XBRL has been in the US for a number of years but only for public companies. There are odd items in the forums about a XBRL add on in QB (US) in 2001 but nothing much since.

A lot of firms use Excel or Word to take accounts produced in packages like QB and put them in their final form for Stat accounts.  Microsoft although supporting XML withdrew their support for XBRL some time ago (2007?). As such you cannot tag directly Word or Excel accounts. You need to do considerable work for the third party taggers before a ixBRL file is initiallty created. In order to read the hundreds of available tags as listed on HMRC website you need iXBRL software. Catch 22.

From next April you will not be able to submit accounts for CT purposes in pdf as HMRC will only allow iXBRL. With HMRC working with Companies House to produce a single submission of accounts etc you can see where this is going.

I agree with Nigel about the future filing of accounts and the fact Intuit  need to do something quickly. Interestingly TaxCalc which Intuit sold have an agreement with a third party Tagger as a short term solution.

Chris

Malcolm Veall's picture

iXBRL

Malcolm Veall | | Permalink

Nigel,

Do you mean that the tagged set of accounts for Corp Tax won't have to be Companies Act accounts?  I thought it was that the existing statutory accounts had to be tagged.  (never mind the filing of abbreviated - I could see that if you wanted to do that you would have to file at CH other than in iXBRL).

Nigel Hughes's picture

iXBRL No it's not quite like that

Nigel Hughes | | Permalink

Malcolm

I think what's happening is a bit more subtle than that, and I'm no IT expert.

Let me give an example:

I filed my abbreviated accounts online with Companies House last August. When I printed out the result, it turned out that the narrative at the bottom of the balance sheet just above where my signature would have been, had a typo - they'd set up the word "from" as "form" in their template. This made no difference at all, because my figures had gone straight into their system.

Now contrast that - a set of accounts with a typo in it - with a set delivered through the post where the director's signature is in blue, green or anything but black ink. What happens? it gets rejected.

So what I'm saying is that, providing the numbers are tagged to correctly identify "Profit before tax", "directors' emols" or whatever, the layout on the page will be irrelevant. But it's the layout on the page for our horrendously complicated statutory accounts, which a whole industry has been built around, whether it's Iris, Viztopia, our much loved Excel templates or the accounts typed into word by an accounts typist - that specialist breed which has probably gone extinct.

If QB or Sage or whatever can simply squirt the numbers properly tagged to HMRC and Companies House, who else is really going to look at the full set of statutory accounts? Not many people for owner managed businesses, I think. In which case, why produce them? and why pay an accountant to produce them for you?

Mind you, they're still going to need someone to tell them whether the tax is right, so it's not all doom and gloom, unless, like me you spend some of your working life giving courses on accounts disclosures. Ah well....

Malcolm Veall's picture

iXBRL = no more stat accounts

Malcolm Veall | | Permalink

Nigel,

I am now thoroughly depressed - not because I want to generate work but because I think that statutory accounts do give readers some useful information.  There is a percentage of new clients who have only been prepared to accept that Companies Act accounts have to be done because HMRC demand them - if no authority is ever going to demand them they will ask why do them, (I know that abbreviateds are excerpts form the full accounts but that won't wash with these clients, if CH will accept the same iXBRL as HMRC and that does not include the abbreviated accounts' disclosures).

Have I the wrong end of the stick?

Nigel Hughes's picture

Don't want to depress you

Nigel Hughes | | Permalink

But things will change with iXBRL, I think, possibly in ways we don't expect.

Where there are external shareholders, or where the bank wants a copy, there will be a need to run off full sets of statutory accounts.

Also at the moment, the law isn't changing so the husband and wife directors who own 100% of their company are still supposed to provide themselves with full accounts.

I agree with you that statutory accounts can and should contain useful information, but I'm sure we can both think of disclosures which are of questionable value.

I know that if QB produced figures for my company in a form I could immediately squirt down the line to HMRC and CH at the year end, it would save me the job of manipulating the numbers in excel, which in future I'm going to have to re-process into HMRC's software.

Malcolm Veall's picture

iXBRL

Malcolm Veall | | Permalink

UPDATE, (in case there is anyone still awake & following this aspect of the thread) - having spoken to various people who really know the detail on this:

1. There is some truth in the fact that the CT iXBRL will not include all the disclosures in full stat accounts, certainly in the interim stage, April 2011-2013 - but the requirement from 2013 will include far more - ie it will then not be practical to create the iXBRLs from book-keeping, rather than final accounts, packages.

2. Abbreviated accounts live on! - it will certainly be possible to file iXBRL versions of abbreviated accounts at CH, (either via software or the HMRC/CH joint iXBRL web facility, where the data going to CH should only include the Abbreviated Accoutns info if relvant option is ticked.

carnmores's picture

i have been looking at the free version of Quickbooks simple sta

carnmores | | Permalink

there seem to be a number of quirks in this program

screens popping up

undeposited funds problems

inability to control costs thro accounts payable

data corruption on change from cash to accrual accounting

starnge outputs from reports

 

ok i know its free - is it simply an amusee bouche or is there some other reason behind its isssue

petersaxton's picture

How?

petersaxton | | Permalink

 How is there data corruption from cash to accrual accounting? This is achieved by different reports.

QuickBooks undeposited funds problems

chatman | | Permalink

I always had that problem with QB Simple Start. It is really irritating and I could not work out a way round it. I would not recommend QB Simple Start for that reason. Those clients who had it always came to me asking me to sort out their undeposited  funds account, or simply presented me with a data file with the undeposited funds account full of old transactions, not even realising there was a problem.

petersaxton's picture

What's the problem?

petersaxton | | Permalink

Undeposited funds - what's the problem?

Malcolm Veall's picture

Undeposited Funds

Malcolm Veall | | Permalink

I think the "problem" is that, by default Simplestart has all bank receipts going into Undep Funds a/c.  This can be changed, but whether it is somehting that can only be changed by changing the preferences with the dataset opened in Pro or higher I cannot remember.

What I also consider a problem in Simplestart is the way Bank Recns are hidden in "For Your Accountant" --> ie never looked at unless the client is arm-wrestled there.

Undeposited Funds Problem in QB Simple Start

chatman | | Permalink

I could never work out how to stop receipts going into the undeposited funds account.

There was also a problem with setting a default bank account. I could never work out how to do that either, so clients kept ending up with deposits in the wrong account (if they ever got them out of the undeposited funds account). 

"amuse bouche"

chatman | | Permalink

 Great choice of words. Made me laugh.

Malcolm Veall's picture

Open in higher version

Malcolm Veall | | Permalink

Chatman,

There are lots of things that cannot be set in Simplestart preferences that can be set by opening in a higer version.  When new clients with simple situations start out I will open in my version of QuickBooks, (probable setting the company dataset up from scratch for them); while I have it open I can set things like where customer payments are banked by default, these settings then apply when the client uses in Simplestart.

Open in higher version

chatman | | Permalink

Thanks for the tip Malcolm. I am sure I tried that and still had problems, but it was quite a while ago now and I cannot remember the details well enough. Maybe I did something wrong. 

Can you really bypass the undeposited funds account?

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