Accountancy Questions for People Looking to Join Garage Hive
Garage Hive is a community-driven, cloud-based garage management system powered by Microsoft. It offers many features to help you run your garage business efficiently and effectively, such as workshop management, Autodata integration, supplier integration, online booking, vehicle health checks, customer online authorisation and more. One of the feature that Garage Hive provides is Accountancy module. In this article, we will answer some of the most frequently asked accounting questions by new Garage Hive customers.
In this article
- Does Garage Hive do VAT?
- Is Garage Hive MTD compliant?
- Does Garage Hive integrate with other accountancy softwares?
- When do I need to finish my accountancy exports?
- Do I need to wait till the end of the VAT quarter?
- Can I add my own nominal codes?
- When do I need to provide Garage Hive with my nominal codes?
Does Garage Hive do VAT?
One of the features of Garage Hive is that it allows users to authenticate their VAT connection with HMRC website and submit their VAT returns electronically. To do this, users need to follow a series of steps that involve requesting an authorisation code from HMRC and verifying their VAT registration number in Garage Hive. To learn more about authetication of VAT connection in Garage Hive, follow this link.
Is Garage Hive MTD compliant?
Making Tax Digital (MTD) is a UK government initiative that aims to modernize and simplify the tax system by requiring businesses to keep digital records and submit VAT returns electronically using software recognized by HMRC. Garage Hive is one of the software that supports MTD and can help businesses comply with the new requirements.
Does Garage Hive integrate with other accountancy softwares?
Sage Business Accounting Cloud Accounting: Yes, one of the accountancy integrations that Garage Hive supports is Sage Accounting, which allows users to export their data from Garage Hive to Sage Accounting software. Users can export customer invoices, credit memos, payments, refunds, vendor invoices and credit memos using either the posting date or the document date. Users can also authorise data sharing with Sage Accounting software by logging in to their Sage account and enabling the integration in Garage Hive. This integration is designed to make it easier for users to manage their finances and accounting without switching between different systems. To learn more about the Sage Accounting integration, follow this link.
Xero: Garage Hive also offers an API integration with Xero, a popular online accounting software. The API integration allows Garage Hive and Xero to communicate directly and synchronise both purchase and sales ledgers, including invoices, credits and payments. The integration also supports adding tracking categories in Xero for more detailed reporting. To learn more about the Xero integration, follow this link.
Intuit QuickBooks: One of the other integrations that Garage Hive supports is with QuickBooks Online, a popular online accountancy system. This integration allows users to export customer and vendor ledger entries from Garage Hive to QuickBooks Online seamlessly and efficiently. To learn more about the QuickBooks Online Integration, follow this link.
FreshBooks: Garage Hive does not support integration with Freshbooks. As a result, if you use Freshbooks for your accounting needs, you may not be able to seamlessly sync your data with Garage Hive, but we would recommend switching to QuickBooks Online, which is similar to FreshBooks.
Zoho Books: Garage Hive, as of now, does not support Zoho Books integration. However, Garage Hive supports CSV exports, which can be used with the majority of accounting softwares.
Crunch: Garage Hive, as of now, does not support Crunch integration. However, Garage Hive supports CSV exports which can be used with most of the accounting softwares.
FreeAgent: Garage Hive, as of now, does not support FreeAgent integration. However, Garage Hive supports CSV exports, which can be used with the majority of accounting softwares.
Cashflow: Garage Hive, as of now, does not support Cashflow integration. However, Garage Hive supports CSV exports, which can be used with the majority of accounting softwares.
When do I need to finish my accountancy exports?
This is dependent on the Garage Management software you are switching from, as each has its own method of transferring data.
Do I need to wait till the end of the VAT quarter?
When using Garage Hive to manage your garage business, you do not need to wait till the end of the VAT quarter. We recommend that the company follow their regular accounting routine.
Can I add my own nominal codes?
Garage Hive includes G/L Accounts (Nominal Codes) that are set up to support your garage business, but you cannot add your own nominal codes because they are linked with PowerBI and help PowerBI pull the data that it needs to generate the reports.
When do I need to provide Garage Hive with my nominal codes?
Since nominal codes are important in accounting export to Garage Hive, you should provide them as soon as you begin the process of switching to Garage Hive.