Hi – I have a quick question. I will be moving fully onto the bullethq platform – I only use bullet right now for generating invoices but will be moving to multi-user and payroll. I’ve never really managed the bank account reconciliation etc element of bullet but obviously I need to do that. As things are completely out of synch between invoice and bank accounts I was wondering what is the best way to start using bullet fully. I thought the easiest thing to do would be to delete the bank account, set it up again and start afresh – would that be right?
Sure, so the main premise of accounting is that your accounts match your bank account, that’s really it.
Depending on what date you want to start your accounts from, i.e. your last VAT return or just the beginning of the year.
We’d advice from the last VAT return, simply import your bank statement. Bullet will look for bills/inv’s to match, if Bills aren’t in Bullet you’ll be prompted to create them same with invoices.
Once you’re reconciled (accounts match the bank account) then you’re on top of things. Bullet will generate all our mid year tax returns, VAT3 for sales and P30’s for Payrolls. So you’ll not need to worry about that. You’ll see the todo’s appearing in your dashboard, you’ll also have to to ping if you’ve a question.
Have you setup payroll before?