| A number of questions are asked by clients either | | | | within the financial accounts file automatically fill in the |
| before purchasing or after downloading the accounting | | | | short or full tax return and only fill in the detailed |
| software. Many of these questions and the answers | | | | expense classifications if required to do so. |
| are the same the most typical of which are produced | | | | Does the package produce my quarterly vat returns |
| here. | | | | when a vat flat rate scheme is being operated. |
| Why is the monthly profit and loss account not | | | | The user guide contains notes on how to enter the |
| updating from the sales and purchases entered. | | | | value added tax flat rate percentage on the sales |
| Updating the profit and loss account in the financial | | | | bookkeeping spreadsheet. The bookkeeping single |
| accounts file is automated. If the financial accounts file | | | | entry of the flat rate vat percentage on the sales |
| is not updating automatically the links from the sales | | | | sheet updates throughout the package including the |
| accounting spreadsheet and or the purchase | | | | subsequent months on the sales sheet and also each |
| accounting spreadsheet are not working. This may be | | | | month on the purchases bookkeeping spreadsheet |
| because the file names have been changed which | | | | automatically calculating value added tax at the flat |
| breaks the links between the files. | | | | rate percentage and expenses value added tax paid |
| The most common reason is the way the files were | | | | on purchases at the zero vat rate producing a |
| originally saved when initially downloaded from the | | | | quarterly vat return. |
| website by opening the files first before saving them. | | | | Does the self employed accounting software package |
| When a file is opened first before saving the computer | | | | produce a balance sheet. |
| stores that file in a temporary internet folder and | | | | Producing a balance sheet is optional for self |
| changes the links to temporary links within that | | | | employed small business and not an essential |
| temporary folder. | | | | requirement of completing the self employed tax |
| When that file is then saved it is those temporary links | | | | return. The self employed package is based upon |
| which are being saved and not the original links. Those | | | | single entry bookkeeping and does not produce a |
| temporary links would not be recognised by the other | | | | balance sheet which requires double entry |
| files which form the link structure. The solution is to | | | | bookkeeping while the limited company package does |
| delete the files and save the files again direct to your | | | | produce a balance sheet as it is a legal requirement |
| accounts folder without opening them first thereby | | | | for a limited liability company. |
| preserving the original links. | | | | As the self employed accounting software includes |
| Accounting entries on sales and purchases appear on | | | | sales and purchase spreadsheets and also cash and |
| the profit and loss account but do not appear on the | | | | bank spreadsheets it is possible to manually produce a |
| list of expenses on the self employed tax return. | | | | balance sheet if required but the accounting software |
| The self employed tax return required to be | | | | does not produce it automatically. |
| completed in the UK is dependent upon the sales | | | | Do I purchase a new software package each financial |
| turnover. Small business with total sales income | | | | year or can the accounting software be updated for |
| exceeding 64,000 pounds for the financial year ending | | | | more than one year accounts. |
| 5 April 2008 are required to complete the full self | | | | As the accounting software and payroll packages |
| employed tax return while businesses with a turnover | | | | include the current financial year tax rules that enable |
| under 64,000 pounds may complete the short version | | | | the financial packages to automate the production of |
| of the self employed tax return.. Coincidentally the | | | | that years tax returns then each year has new tax |
| threshold is the same as the vat threshold. | | | | rules embedded and being on excel rather than an |
| In addition if the sales income is less than 30,000 | | | | accounting database then it is necessary to purchase |
| pounds then it is not necessary to complete all the | | | | a new accounting or payroll package each year. |
| individual expense classifications. The excel formulae | | | | |