Module 6 - Reports v7.0

8/6/2019 Module 6 - Reports v7.0

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Module 6: Reporting and VAT



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Contents

Add a New VAT Rate................................................................................... 3

Generate a Standard VAT Return................................................................ 5

Profit and Loss ............................................................................................ 8

Balance Sheet ........................................................................................... 12

Turnover................................................................................................... 15

Year End Process...................................................................................... 17



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Add a New VAT Rate

To add a new VAT code, press the VAT tab then the Current VAT rates button.

This will bring up a list of the current VAT rates. Press New on the right hand side.

Fill in the details and press Insert.



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Notes:

Code- Select the unique code for the new VAT rate.

Input/ output- Select whether it is an input (purchases), output (sales) or not

applicable.

Rate- Enter the VAT rate.

Description- Enter a description of the VAT rate.

Net box- This is the box on the VAT return that the net amount will go into.

VAT box- This is the box on the VAT return that the VAT will go into.

Type- Select the VAT type from the drop down menu.

Use in Sales- Tick if you want the code to show in sales.

Use in Purchases- Tick if you want the code to show in purchases.

VAT registered number- Select your VAT registered number from the drop down

menu.



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Generate a Standard VAT Return

This help document is for standard VAT accounting. If you use cash accounting

see the relevant help document. To set up the VAT scheme, go to the Company

details page.

Press the VAT tab then the My VAT returns button.

Select the Date to from the drop down menu. Press Generate return. This will

include all the VAT transactions from the current quarter, as well as any new

entries or amendments made to the previous VAT return(s).



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This will bring up the details of how much VAT you owe or are owed from HMRC.

The value is shown in box 5. This figure is calculated by subtracting box 4 from

box 3. The Check column shows the average amount of VAT paid for all of thesales or purchases in this time period.

Pressing Show detail will bring up a breakdown of the VAT by nominal code, as

well as any items deleted from previous periods. Clicking on an individual VATcode will bring a breakdown of its transactions.



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When you are happy with the figures, press Save return. Please note, until you

save the VAT return it won’t be finalised.

To view previous VAT returns, press the Previous drop down box and select thedate of the VAT return you wish to view.



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Profit and Loss

This help document take you through the profit and loss function. This allows you

to review the profitability of your company.

Press the Results tab and then the Profit and loss button.

The profit/loss chart shows an overview of the profit or loss for each period in a

year.

For a more detailed breakdown of the profit and loss, select the Period you want

to view up to from the drop down box. You can change the year you look at by

using the Year ended drop down box.



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Press the Select button next to the Sales, Cost of Sales or General Overheads to

see a breakdown of the nominal codes used. The codes for the chosen area will

then appear on the right.

To see a breakdown of the profit and loss of each nominal code, press on the code

you want to examine. The image below shows the General Overheads’ nominal

codes.

A new window will then open showing every transaction within the time period

selected for that nominal code. To change a nominal code, press the Amend

button next to the transaction you wish to alter.



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A box will then pop up. Select a different nominal code then press Update.

To see a breakdown of all the nominal codes for sales, cost of sales and general

overheads together, press the Full version button.

This will bring up a screen with the sum of all the transactions under every

nominal code used. The Net loss/profit will be shown at the bottom of the screen.



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The searching criteria can be changed at the top of the screen. The year ended date allows you to choose the year to look at. The period from and to can be

changed to see the profit and loss for a particular period or between set periods.

Clicking on the individual nominal codes will bring up the breakdown of the

transactions within the code and allow you to alter them.



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Balance Sheet

The balance sheet shows what assets and liabilities your company has and how

the business is funded.

To get there, select the Results tab then press the Balance sheet button.

Select the period to view the Balance sheet overview to and the Year ended date

from the drop down boxes.

Press the Select button next to the available groups. For example pressing onFixed Assets, Current Assets or Current Liabilities will bring up the nominal

codes and Net amounts for each one to the right. The screenshot below is showing

the Current Assets.



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Pressing on the individual nominal code will bring up a breakdown of all the

transactions in it.

You can review the transactions in the chosen nominal code in the next screen.

Pressing Full version will show all of the groups on one page, for example theFixed Assets, Current Assets and Current Liabilities.



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Select the year you wish to examine in the Year Ended drop down box. Then

select the Period from and to boxes to select which periods you wish to view.

Again, you can click on any of the nominal codes to see a breakdown of each

individual item.



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Turnover

The Turnover tab allows you to view your turnover for each customer in a set

period. It will also show you each customer’s turnover as a percentage of your

total.

Press the Results tab and then the Turnover button.

Enter the Date from and Date to of the period you wish to examine. The system

will default to the current month’s dates. Press the Show highest balance tick box

if you wish to display the highest balance of each customer. You will need to press

the Refresh button for it to appear.

A table of all the customers that you have invoiced in the selected period will beshown below.



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The table shows the following details:

• Client code – This is the code that you assigned to each customer.

• Name – This is their company name.

• Turnover – This is the turnover for each customer. It is the accumulated

amount for the invoices in the chosen time period (excluding VAT).

• % – This shows the turnover for each customer as a percentage of your

total turnover.

• Highest balance – This is an optional tick box. It will show the highest

unpaid balance that each customer had in the selected time period.

• Total – This is the total turnover in this period.

You can also view turnover by postcode districts instead of by company. To do so,

press the Regional summary button.

Enter the date range. The turnover is now shown by region (postcode).



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Year End Process

Processing the year end is done at the end of your company’s financial year. Itfinalises the previous year’s accounts and stops any new invoices being posted

into it, although the year can be re-opened if required. This allows the opening

balances for the new year to be calculated.

Press the Company tab and then the Year end button.

Select the correct year end using the arrows. For example, in the screenshot

below the year end 20 May 2011 is being processed.

To process the year end, press Process. The system will then lock this year andcalculate the opening balances for the next financial year.

Documents

Module 6 - Reports v7.0