Ok, last question (for now as I am about to throw the head up and go for a beer)
I think everything is set, all past transactions have been explained and things seem to match up, however going into the VAT returns section, it is saying there is a negative balance due to HMRC, this is because the VAT from the final quarter last year was paid this year so FreeAgent doesn't have a corresponding "bill".
As I can't seem to find an issue with this, other than my OCD, I could leave it as it is, but I assume it will come back to haunt me at some point, possibly when I fill in my corp tax at the end of the year. So I assume I will have to set this as an opening balance, when I set up FA the cash on hand in the account (lets say £10,000 to keep the numbers simple), this is off set in the journals with the suspense account of the same amount.
If owed £1,000 in VAT, I have set the following as my opening balance:
Opening Balances Opening Balances Journal Set Debit Credit
750-1 Bank Account > Business Current Account Opening Balance 10,000
999 Suspense Account Automatic Balancing Entry 9,000
817 VAT VAT Return 02 17 1,000
This looks right, and makes the VAT return balance, is that all I need? (Obviously would need to do the same with PAYE and CT too) what about any other opening balances would I need to think about?
Reading this I can't make any opening balance changes after I submit the first return, would it be best to use the normal returns for the foreseeable future while I get FA fully up and running?
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Originally posted by SimonMac View PostOk, I think that makes sense, what circumstances would you use the former code then?Leave a comment:
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Originally posted by Maslins View PostFirst one will go to the P&L, second one to the balance sheet.
If you're processing the payroll using FreeAgent's payroll (even if just to mimic what you actually submitted elsewhere), and that's lead to a liability which you've then paid, it'll be the latter option you'll want to use.Leave a comment:
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Originally posted by SimonMac View PostNext daft question....
Whats the difference between:
Staff Costs - PAYE/NI Expense
Taxes - PAYE/NI
If you're processing the payroll using FreeAgent's payroll (even if just to mimic what you actually submitted elsewhere), and that's lead to a liability which you've then paid, it'll be the latter option you'll want to use.Leave a comment:
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Next daft question....
Whats the difference between:
Staff Costs - PAYE/NI Expense
Taxes - PAYE/NILeave a comment:
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Originally posted by TheFaQQer View PostHow well do those big scanners handle little pieces of paper? I tried it with the industrial one that my parents have and then spent ages trying to pick the bits out of the innards afterwards.Leave a comment:
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Originally posted by SimonMac View PostI have a chuffing great big MFD Scanner/Printer/Fax/Coffee maker which automatically uploads to Dropbox but in the past just thrown the paper receipts into a box (mainly due to laziness), if there is no additional benefit uploading them to FA I will just keep them separateLeave a comment:
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Originally posted by TheFaQQer View PostAnything older than six years, shred.
Anything in the past six years, scan and file but not bother with uploading to FA. I recommend a ScanSnap S1300i for scanning receipts as it can handle pretty much anything up to A4 size including small till receipts (and it's small enough to be portable and run from USB power albeit much slower than mains power). Once scanned, I would shred the originals, and then delete them once they pass the 6 year threshold.Leave a comment:
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Originally posted by SimonMac View PostSlowly getting the hang of FA now, managed to manually import my bank transactions while the feed is set up.
One question, when explaining a transaction I can upload an attachment, for any online purchase etc. I can just use the invoice I have stored on my computer, but what about the box of paper receipts I have is it worth scanning those and attaching them? If so what would you do with the paper receipts afterwards, keep them still or sling?Originally posted by TheFaQQer View PostAnything older than six years, shred.
Anything in the past six years, scan and file but not bother with uploading to FA. I recommend a ScanSnap S1300i for scanning receipts as it can handle pretty much anything up to A4 size including small till receipts (and it's small enough to be portable and run from USB power albeit much slower than mains power). Once scanned, I would shred the originals, and then delete them once they pass the 6 year threshold.Leave a comment:
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Originally posted by SimonMac View PostSlowly getting the hang of FA now, managed to manually import my bank transactions while the feed is set up.
One question, when explaining a transaction I can upload an attachment, for any online purchase etc. I can just use the invoice I have stored on my computer, but what about the box of paper receipts I have is it worth scanning those and attaching them? If so what would you do with the paper receipts afterwards, keep them still or sling?
Anything in the past six years, scan and file but not bother with uploading to FA. I recommend a ScanSnap S1300i for scanning receipts as it can handle pretty much anything up to A4 size including small till receipts (and it's small enough to be portable and run from USB power albeit much slower than mains power). Once scanned, I would shred the originals, and then delete them once they pass the 6 year threshold.Leave a comment:
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