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?

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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?

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Peter Connor ⋅ Staff January 10, 2016
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Hi Cathal, 
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?

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  1. cathalg January 10, 2016
    Not yet
  2. Peter Connor January 10, 2016
    OMG
  3. cathalg January 10, 2016
    but our accountant will look after that for us !
  4. Peter Connor January 10, 2016
    I'm only joking so Payroll is super easy to set-up on Bullet.
    In your ROS there will be a file called a P2C file. This is a file Revenue create for you and it's got all your employee details and tax rules for them. All you do is import that file into Bullet and bingo they're all setup 100% correct.
    Then you just need to pay them the big bucks
  5. cathalg January 10, 2016
    great - I'll make sure the accountant knows
  6. Peter Connor January 10, 2016
    Ah cool - he'll be familiar with ROS and the P2C file. If you want to add an employee you can do it manually but we always advise you mail ROS and get them to update the P2C file then you can import it again.
    You can add the multi user app and give him access. Here is a suppppper simple doc we put together to help people get their heads around it.
    PS - don't forget to claim your mileage not you're using payroll. We'll be integrating with Google Calendar this year so it will be done automatically for you.
    Any other Q's?
  7. cathalg January 10, 2016
    Nope - thanks
  8. Peter Connor January 10, 2016
    Cool. Ok Cathal well thanks for signing up. Hope Bullet is making your life easier we'll be bring out more insights and a virtual assistant app this year to help with peoples workload.
    I hope Verify Recruitment is going well for you smile
    Don't forget we're always here.
    Pete

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