I hold monies for me clients. I receive money for them and pay money out for them. Can this accountancy software deal with this without getting mixed up with my own accounts and provide me with a statement of my clients' accounts
Hi Roger,
Yes - here some common transactions you will need to record in your case:
When you receive money from a client create a Money Received transaction with the Type field set to 'Advance Payment'. This will reduce the balance of the customer record shown in the Customers - a negative balance shows how much you are holding on behalf of your customer.
When you pay an expense on behalf of your client (ie. a 'disbursement') create an Invoice with the Account set to 'Cheque Account' (or 'Petty Cash' or 'Mastercard' etc). If you are VAT-registered then set the VAT Treatment to 'Out of Scope'. When you save the invoice Solar Accounts will offer to allocate the advance payment to it - click 'Yes'.
When you charge your client a fee create an invoice with the Account set to 'Sales Income'. Again, click 'Yes' to allocate the advance payment to the invoice when prompted.
Regards,
