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Pre-Year End Checklist to save you time and hassle when your year end does arrive in one months time |
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Written by Nilsson Denver
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Tuesday, 02 December 2008 05:00 |
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In this article we will make it easy and use December as the year end. But any year end date will need the same work done. With one month to go before the year end, you should 1. Agree your November Supplier (Creditor) Balances Get your suppliers statement for November and compare it to their account on your computer system. Check to see if any invoices, credit notes or payments are missing. Check to see that the amounts of each Invoice, Credit Note and Payment agree with your system. a. If you are missing an invoice your costs are understated and you will not have claimed back the VAT on the purchase invoice b. If you are missing a payment, you maybe overpaying the supplier and putting pressure on your cashflow. c. If there are small balances e.g. 1 cent, 2 cent balances, then write them off as discount. If you need copy invoices or credit notes from your supplier because you are missing them, don't just |
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How to handle a VAT rate change in your computerised accounts software |
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Written by Nilsson Denver
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Tuesday, 25 November 2008 05:00 |
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Depending on which accounts software you use, you may have setup the following defaults 1. A default VAT rate for each customer 2. A default VAT rate for each supplier 3. A default VAT rate on each product So you think, change the current 21% VAT rate code to 21.5% and all these defaults are automatially updated i.e. I don't have to make any changes to the defaults because I changed the master default rate from 21% to 21.5%. so automatically each default VAT rate is changed. But what if you need to reprint an old invoice. The VAT code on this invoice that was 21% now says 21.5% because you changed the master VAT code and all the historical invoices are linked to that vat code. It's similar to deleting a product and now it wont appear on an old invoice. Also, what about your VAT reports. You no longer have a 21% VAT rate report. If you run it now its says 21.5% and all the old transactions will throw up errors as they don't calculate to 21.5%. What to do! |
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The bookkeeping and time consuming affects on your business when vat rates are changed in the budget |
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Written by Nilsson Denver
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Tuesday, 28 October 2008 05:01 |
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Vat is called different things in different countries. GST is another abbreviation for it. What ever it is called it places an administration burden on your business. When the rate of VAT is changed a huge domino affect happens in your business. All the Sales prices must change and every piece of paper or web page that mentions the price of an item must be changed. Here are some of the areas you need to ensure you take into account when VAT rates change |
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Last Updated on Thursday, 30 October 2008 21:47 |
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How to record hand written invoices in a computerised accounts system and get useful information from them |
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Written by Nilsson Denver
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Tuesday, 14 October 2008 05:01 |
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When creating Sales invoices using a computerised accounts system, there are several methods you can use to create and record the invoice. The choice you make all depends on the amount of information you want to show on the invoice and the amount of information you want to get from the invoice for analysis in your profit and loss. Here are the details of 3 items a sales invoice needs to be created for Product Code | Product Description | Quantity | Price per item | Total Value | PEN001 | Standard Pencil | 10 | 0.50 | 5.00 | PEN002 | Hi Grade Pencil | 10 | 1.00 | 10.00 | PAP001 | White Paper | 20 | 20.00 | 40.00 | | | | Total | 55.00 |
On this invoice there are €15 worth of pencils and €40 of paper.
When you are sitting in front of a computer screen and using your accounts system, it is easy to enter all the details shown above and your accounts system can then show you how many products you sold, the value of the items sold and the value of the product categories sold (pencil and paper). But what if you have sales reps out on the road who do not have access to the accounts system? Or you prefer to use hand written dockets, because the work you do can not be easily computerised and invoiced. How will you get this information analysed to allow you to have useful financial information? |
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Last Updated on Monday, 13 October 2008 21:55 |
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How to deal with Directors Loans to the company and from the company |
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Written by Nilsson Denver
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Tuesday, 07 October 2008 05:01 |
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How can a directors loan occur. - A Sole Trader changes to being a limited company. The difference between what the company took over in assets less any liabilities is the amount of the loan due to the director i.e. the difference. Set up a Directors Loan A/c to record each asset and liability transferred over to the company.
- Director loaning money to company. The company needs cash so the director loans cash to the company. Set up a directors loan a/c. If the loan is going to be paid off by monthly instalments to the director, then keep this loan separate from any other directors loans and enter each payment against this nominal account.
- Director not taking full salary. The company has a problem with cash, so the director does not take the net salary due to him immediately. He may take it at a later time. Set up a Directors Net Pay Control A/c to record any salary taxed but not taken by the director.
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Last Updated on Sunday, 01 March 2009 10:11 |
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