Hello, when creating a bill, systems asks if it was paid by the business or someone personally, but shows only the business option in the drop down menu. How do I enter expenses paid from my personal bank account (to differentiate it from being paid from the dedicated business account? Thanks, Asia
Are you a limited company or sole trader.
A sole trader.
If you're a sole trader then you are the business :) if you were a limited company you'd be an employee of the business. So just pick the business. You can read more about sole traders and Bullet here.
So this is how you do a bank rec.
There is no manual. We built a big layer of software on top of the accounting product. That layer of software knows all the accounting rules so you don't need to.
We provide instant free support to help, it's better than an manual
To be honest, a manual would actually be useful, as those tend to be more precise, as they try to answer questions before those are even asked, and teach also those users who sometimes don't even know what questions to ask.
Anyway, I am still confused a bit. How do I process Drawings for example? And those of bank transactions that are solely private, not business costs? Or how do I record payments to suppliers made out of my private account/cash instead of my business bank account? (Your bank reconciliation video plays too fast for me to catch details)
I'd hope to clarify the above for myself before I start using Bullet for real, instead of just testing it with data/details that I'm using at the moment.
Sorry for the delay thougth I got back to you yesterday.
We don't provide manuals we kind of feel they're a fail product if you have to produce a book to explain your product to people. We provide live chat support for any questions.
Our product gets updated a lot too, making the manuals out of date. We do have a community site where you can search for historical chats http://www.bullethq.com/community/
How do I process drawings?
Settings > Chart of Accounts > Create New Account:
Name & Description: Drawings
Review and save.
And those of bank transactions that are solely private, not business costs?
Bullet is just for your business transactions not private.
Or how do I record payments to suppliers made out of my private account/cash instead of my business bank account?
If you've used your personal bank account (not a good idea as it creates complications for you) then just reconcile the item like normal.
To reconcile simply go to your bank account, click import statement, and import a statement. Bullet will guide you through the process. It's a workflow.
We provide live support here with a response time of usually 3 minutes Monday-Friday 8-6 after that it can be a little slower.
Any Q's pop them here.
Thank you for your email. They're always prompt, which I do appreciate.
I do take your point on the manual. But... :) It means every new user may need to bother you with a lot of questions...
Your replies (and the software, I do admit) are very clear, which is very helpful. And made me think that possibly I simply don't understand the notion of reconciling a bank account... You see, even if one has a designated bank account for the business (which I agree is the best way to make one's life easiest), real life is far from being ideal, and sometimes we may have to use business account to pay for private purchases (or we simply assume those could be seen as business cost but then we are advised they can't) and likewise, we sometimes need to use our non-business (private) bank card to buy something for the business. So we end up with some transactions on our business bank statement that are not connected with the business, and we also have those which are business-related but are not appearing on the business bank statement. I am trying to understand how to record and reconcile both... I understand that bank reconciliation is an exercise designed to help us make sure that the transactions we entered as income/purchase match those on our business bank statement. What do we then do with those that are not or should not be there?
Hope you'll help me with that.
We did create manuals and videos and kept them up to date but nobody looked at them. We have just under 5k businesses on Bullet and only get about 40 support messages a week.
You can't use your business account to pay for personal items, the only way you can remove money from your company for personal use is via a payroll function.
You can still reconcile that 'Personal', item that's in your 'company bank account', as it was money taken out of your bank account. So you have to show why that money was taken out of your bank account.
So you just need to record putting personal money back into your company bank account. As you've paid the company back.
Your accountant can advise on how to do this, but it should be pretty easy. I'm just not sure how you do it in the UK.
Hope that helps.
You should be able to balance our your personal purchase by doing the following manual journal entry Debit the Business bank account and credit the expense account.
Many thanks for all your help.
And I finally got it. Your "Community" seems to be a perfect equivalent to a manual - now I understand that I don't need to bother you with all my questions, as I can find most of the answers there. And in case I don't, I can always ask you :)
So I'll be setting up a proper account, just need to create a new email address for my business domain, and be ready for "playing" with my paperwork.
Just to confirm - Bullet does allow to enter past transactions, so I can use your software not only going forward, but also to prepare my Tax Return for 2015, am I correct?
And since you mentioned the UK - you seem to see that I am writing from the UK, the "Big Brother" function of online world will never stop surprising me... I've just moved from Ireland to the UK, and I may be registering as a sole trader here as well, while still keeping my business running in Ireland. Am I right thinking that I can open two accounts on Bullet, one for my Irish business, and one for the British one? Can I use the same email address for both?
The last question. At the moment I am registered for VAT in Ireland. If I decide to un-register, how will I deal with that change on Bullet?
Many thanks and best wishes,
Sure you can enter previous data.
UK & Ireland.
So we have two products. Ireland and International. They are completely separate accounts so you can use the same email address for both.
But I'd probably try and differentiate them ashaonline_uk@ and ashaonline_irl@ as Bullet will be sending message from both accounts to the one address, you might get confused as to which account we're asking you to action on.
You can identify and switch products by looking at the link on the bottom
I'll get back to you on the VAT question.
We can't 'undo', your VAT in your Bullet account, we don't have a function for that. How and ever you can just setup a new account (not VAT registered) and record the balance from your previous business as a manual journal entry, based on the trial balance.
If that's confusing to you, ask your accountants and they can assist - they'll understand it.
Hope that helps
It does help, many thanks Pete.
Have a good day,