Manually recorded expenses not showing on MTD projection

Question asked by Lex Mabbott 4 weeks ago

Hello,

I have manually recorded some expenses paid from my personal account.

These show up on my reports, but aren't reflected on my MTD for income tax update projection, which is the entire reason I subscribed to Clearbooks... How can I fix this, easily and simply without having to redo everything, link my personal bank account which will be hell because I'll have to explain every transaction, or anything else complicated?

No idea why it needs to be so difficult! This system is awful to navigate so far.

Write reply6

6 Replies

Hi Lex,

To assist you further, when logged in, can you click the ? icon at the top right > Send us a Message and include an example expense please? You can find your list of expenses under Dashboard > Expenses > All.

Tommy

Best answer
4 weeks ago

Hi Lex,

I have noticed you have created bills and have left these unpaid. By default, the MTD submissions use cash basis so unpaid bills will not be included.

In this case, you can set up a bank account for "Other funds" or "Personal funds" using the "Owners funds" type via Dashboard > Bank accounts > Add account. Then you can record a payment against these bills by heading to Dashboard > Expenses > Click on the bill number > Then, scroll down and fill in the record payment form. In future these can be entered using the Manually Record Expense button on the Dashboard if they are always expenses that have already been paid. There is no need to create a bill and record the payment for it separately.

Tommy

4 weeks ago

Hi Tommy

I am in the same situation as Lex and have followed your advice. I have recorded payment against Other Funds as I really didn't want to link my personal bank account. The MTD amount is including April expenses but not May or June. Can you see how I can facilitate this please?

All the best

Will

3 weeks ago

Hi Will,

I have taken a look and can see you have used 8th of July payment date, so under cash basis (the default) those expenses will all fall into Q2.

You'll either need to correct those payment dates or switch to accruals basis under Dashboard > MTD for income tax > Click Review beside Q1 > Amend the accounting basis.

Tommy

3 weeks ago

Thanks Tommy. Switching to accruals has worked but am also now correcting the payment dates too. Appreciate your swift response!

3 weeks ago

No problem at all Will - glad I could help!

Tommy

3 weeks ago

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