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  3. Costs: Purchase Orders, Expenses, Supplier Invoices

Quick Expenses and Supplier Invoices Function

With the newest update to Powered Now, we have implemented the Quick Expenses/Supplier Invoices function to speed up the process of recording costs to your Business.

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You now have the option to choose how you would like to record your Costs with the new quick input design which will create your documents in a more efficient way.

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Under MTD for VAT, the records you are required to keep to support your VAT returns must be kept digitally in what is known as ‘functional compatible software’. This will usually be either an accounting software package or a spreadsheet package. Certain data from business invoices and receipts must be recorded digitally, but the invoices and receipts themselves do not need to be scanned and saved digitally, although they can be retained in this way. For more information on the data that must be retained digitally in functional compatible software, see HMRC’s guidance.