Whilst this may have already been covered somewhere else, I'm looking for suitable software for my needs and I'm old and confused
I maybe the last accountant/bookkeeper on earth still using Lotus123 spreadsheets - of course, MTD has rendered these completely obsolete so I'm looking for a non-exorbitant software package to enable me to submit from Excel spreadsheets (I can convert from 123 to Excel)
I already subscribe to QB and I'm not finding this user -friendly for someone who has to input hundreds of invoices for each client (I have 100+)
TaxCalc has some pretty dodgy reviews so can anyone suggest a suitable package for VAT return submissions and general spreadsheets?
For the demeaning whizzkids on this board that stop me from posting regularly, have a day off
Thanks
Rick
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Another vote for VT.
Its a doddle for VAT and no stupid pricing about charging you per filing or anything like that.
Its an excel plugin.
I have had no issues using Taxcalc to bridge from Excel re my one vat registered company that is still on excel.
I still have a copy of Lotus 123 somewhere although I have not used it for years. Consequently I can't remember for sure whether it can export a csv file but I would be amazed if it could not.
If so, just import the csv file into some bridging software. No need for Excel although it is now a much more advanced, and obviously ubiquitous, product than Lotus 123 was (as it should be 20 years on). There are still some things I miss about lotus.
Dear Victor Meldrew ;-)
Another vote for VT.
It looks old fashioned so you will love it. But its a great bit of kit and easy to work around, so you will love it even more.
Thanks for your intriguing post, Rick, and for all the constructive and helpful replies so far.
I'm not sure where the negative reviews of TaxCalc have come from, because it has just won our AccountingWEB Software Awards for accounts production and tax preparation software.
They're also in my mind this week, because they're addressing situations like yours with publicity around not having to ditch your spreadsheets to comply with MTD. As our own tax editor Rebecca Cave commented in an article published this week: "There’s nothing [in the MTD ITSA data requirements] that couldn’t be recorded in a spreadsheet, and as long as you can digitally link that spreadsheet with suitable bridging software... you’ll be compliant for your quarterly updates."
What Rebecca doesn't address so much in her piece are the administrative and client processes around the quarterly filing exercise, and this is where you might want to stop and think about your processing sequence and whether the set up you've got will be able to cope with 100+ quarterly submissions and annual end of period statements.
So while you could bolt a bridging tool onto what you've got now, will you also rely on Lotus to track who's provided their quarterly information (and when), and whether they've authorised the submission? The real faff will come when you need to chase them up for missing info - no longer an annual grind, but something you've got to go through every three months.
VT certainly gets the vote for inputting transactions quickly and easily, but MTD ITSA is raising the stakes at the other end of the sequence, when you need to submit the records. From what I've been hearing, QBO will have a mechanism (probably much like its MTD for VAT submission routine) to handle the ITSA filings too - so once you get the data in, the online tool will save the need to bridge from spreadsheet records into the different quarterly filing portals.
ITSA filing mechanisms will be available from other sources, too - including, we were promised, free solutions for the smallest businesses. If more of your client records were on QBO, for example, they could be pumped into Taxfiler and submitted with its MTD tools (IRIS has MTD ITSA capabilities in place, so they should ultimately be applicable to Taxfiler users too). Taxfiler would also give you some basic practice management functions that allow you to track where you are with each client in a particular process and to plan your workload accordingly.
I'm aware I'm pushing a lot of software in your direction - that's my job. But rather than being intimidated by having to choose between all the options, try to think of the steps you need to take to a) make the quarterly submissions; b) ensure the client records are up to date on a quarterly basis; c) track and manage the filing process. Once you have clarified your view of the whole sequence, then look around for the tools that fit best with your planned approach.
Unfortunately, there are still so many issues left hanging (about spreadsheet and their role in MTD ITSA, for example, and what will actually go into that end of year statement) that you might not get a definitive answer just now.
But all the other members of AccountingWEB posting here are going through very similar experiences, so make sure to keep seeking their advice and checking that your MTD ITSA assumptions and work plans are heading in the right direction.
Do come back and keep us posted on how you get on. Unless people are getting overstressed about it, you're most likely to get a sympathetic hearing.
Awards are laughable as there isn't enough research on the products. Plus many products are subjective and some work well for some but not for others. I think everyone knows this about awards. Sometime just entering and paying a few grand for that table is enough.
[quote=creamdelacream]
Awards are also laughable when you are just choosing the best of a bad bunch
@john, the OP's question is solved simply with a simple bit of software. Or at least simple for the end user.
The theoretical issues of income tax reporting for those of the OP's clients who might be sole traders (I would assume many are companies) are for another day. Assuming it happens eventually (we have been told its next year for the last 5) it will just be using the data we collect for VAT purposes which is much higher grade than the rubbish required for income tax, which is just a "anything you like, fling into the blackhole" data.
I am sure a nice Lotus 123 spreadsheet will be able to track filings!
PS - rickjt62, you've got competition for the "vintage software user" award on Aweb. I recently saw a post from an fellow member who was still producing final accounts on Finax running under MS-DOS, nearly 40 years after it was written.
I must get back in touch with them to see what their MTD ITSA plans are...
[quote=John Stokdyk] '' I recently saw a post from an fellow member who was still producing final accounts on Finax running under MS-DOS, nearly 40 years after it was written.
I must get back in touch with them to see what their MTD ITSA plans are...''
This really is no joke, the fact that HMRC are trying to force him down a route that benefits absolutely nobody apart from the software houses.
Needs someone with journalistic prowess to highlight this utter nonesense at the highest and lowest levels, garner support for it being scrapped.
I wont hold my breath though.
We continue to use Absolute VAT Filer for those clients wedded to spreadsheets (less than 20) - works well and reasonably priced so stick with what you know.
Agreed- whilst I started with Lotus in the mid 80s by the late 80s it was Supercalc, I only shifted to excel later. Those wonderful mutipage profit and loss/balance sheets/cashflow forecasts slowly chugging through my wide dot matrix printer, for a sophisticated presentation printed on white rather than green stripe.
I'd forgotten that - impressive bit of software at the time (when an orange screen rather than a green one was a novelty)
VT Plus gets my vote too. Easy import from spreadsheets and they have said it will be developed to cope with MTD for ITSA. I have used it for years, it is much more user friendly than some of the software packages out there.
VT is the way to go. Super easy to input individual entries and the universal input sheet is OK once you get used to it. A clean easy to use bit of kit.
Prefer to Quickbooks, Freeagent, Xero etc
I'm well into my 70s and have used VT for many years. It is inexpensive and does most things from cash accounting to Final accounts and now, of course, VAT for MTD. In my opinion it is the best value accounts system for small businesses and companies on the market.
If you want to move from Lotus (or to complement it), I would join the recommendations for VT Transaction+. By far my favourite accounting software.
Simply Accounts as the name suggests for all MTD needs designed to help people and not over complicate the book keeping side of things.
As others have said, you are probably best off with bridging software, then you won't need to change substantially what you are doing.
Deadlines can be managed either on a separate spreadsheet (which I imagine you are already doing anyway), or choose a bridging software provider that manages deadlines, clients and staff users eg: 123 Sheets.
I am 73 and another vote for VT Transaction+. It is written the way accountants think unlike the wretched Quick Books.
Rick, if you're happy with Lotus123 then perhaps the easiest transition would be to use Excel and bridging software. That will work for MTD VAT. There are loads of free or cheap bridging products available. There's also some free spreadsheet programs if you don't want to pay for Excel, though some bridging software only works with Excel.
We also use QuickBooks online, and Sage desktop. We these software for clients who would benefit from it for commercial reasons. But for everyone else who needs something for MTD VAT (which must be 90% of our clients) we just use Excel and bridging software (Absolute VAT Filer in our case).
Whilst spreadsheets and bridging software work for MTD VAT, I can't see them working for MTD ITSA. But the MTD ITSA can has been kicked down the road so many times, I reckon it is going to be kicked again and MTD ITSA might not happen for years, if at all.
Don't forget claiming exemption because of digital exclusion might be an option, even if you're already using Lotus123. I've managed to obtain exemption for some clients who use software if the client meets other qualifying conditions.
Another VT+ vote from someone so old and confused he often hasn't a clue. It looks like a spreadsheet, acts like a spreadsheet (and by Golly it is a spreadsheet!)
Inputting, overwriting, configuring... it's all spreadsheet-based. You'll be at home with it.
VT is stand-alone (and fully MTD compliant) and doesn't require you to have Excel. So you'll be able to keep your old Lotus rather than have to "upgrade" to Excel. There are one or two fundamental features in Lotus that rather annoyingly aren't there in Excel: relative links from one sheet (or "worksheet" as Excel prefers to call them, to another sheet in the same file (or "workbook" in Excel-speak) remain as absolute links when you create a new series of sheets. (Example: Lotus sheets 1 to 5 for say a year's accounts, with let's say sheet 5 referencing data from cells in sheets 1 to 4. When you create 5 cloned/copied sheets 6 to 10 for the following year then in Lotus sheet 10 will retain its relative links and so reference data from sheets 6 to 9; whereas in Excel worksheet 10 would have absolute links and so reference data from worksheets 1 to 4). There are workarounds for Excel (eg create a new file ie a new "workbook" each year) but Lotus is/was so much better.
Excel's also has an inability to automatically flex the height of a cell to display that cell's contents (unlike Lotus). You can change the height manually in Excel, but the automatic adjustment in Lotus is so much better.
One caveat: VT are migrating away from Windows 7 and earlier. You'll need Windows 10 or later. And you'll need that Windows 10 or later to be a 32 bit copy of Windows (Windows install usually offers a choice between 32 bit and 64 bit versions). That's nothing to do with a 64 bit operating system - that'd be fine and is quite compatible with 32 bit Windows.
Erratum: That last paragraph of mine in the post above is inaccurate on two counts:
1. VT have indeed migrated away from Windows 7 for both "VT Final Accounts" and "VT MTD for Excel", which are both Excel add-ons. However, the stand alone "VT Transaction+" bookkeeping program and its MTD for VAT functions will *evidently still function in Windows 7.
*See https://www.vtsoftware.co.uk/system/
2. For "VT Final Accounts" and "VT MTD for Excel" you'll need a 32 bit installation of MS Office (or, more particularly, of Excel) and not a 32 bit copy of Windows 10 or later as I had carelessly written (either a 32 bit or a 64 bit Windows would be fine). Office install usually offers a choice between 32 bit and 64 bit versions. For the sake of clarity, a 64 bit operating system is compatible with 32-bit Office.
The 32 bit Office requirement sometimes trips people up (and it certainly tripped me!) Apologies for being all over the place. Must do better!
A couple in the early days when I was doing trials (Neilson James Tech, Absolute, Avalara, Hartigan & DCS). I picked Vital Tax cos it integrated with my excel based VAT template perfectly and I stuck with it because I've never had any issues with it. You not a fan?
thank you that's very helpful. I had a cursory look at a couple of the above but in the end went with Absolute as I had used their software successfully before. I will have a look at VITAL soon.
There are far too many to choose from and trial. We made a decision in the early days to go for something from a reputable source. We also decided to go for a paid-for one on the basis it would be likely to give better support and still be around after a year or two. We went for Absolute. Absolute can be linked cell-by-cell to any spreadsheet (must be Excel 2010 or newer), or it can link everything together to their template. We built our own template around Absolute's and that is what we use for 99% of our bridging clients. We also give our template to our clients free of charge: some of whom email it to us to efile (for which we charge), others who have bought their own copy of Absolute and file themselves. In more recent times Absolute has created a client portal where we can view submissions, check remaining licences etc. Absolute still doesn't include all the MTD VAT functionality for example it doesn't retrieve VAT liability and payment. One aspect of MTD is the ability to authorise more than one app or bridging software so we can use other software for anything Absolute lacks.
As it happens Vital Tax DOES include payments & liabilities but since I haven't used Absolute there may be things it does do that Vital Tax does not.
HMRC's list at https://www.tax.service.gov.uk/making-tax-digital-software enables users to filter down by API feature.
I would use VT bridging software from excel. VTT+ is great but is not in excel itself. You would get both though.
A number of people have suggested exporting to Excel and thence bridging software.
As you may know, Excel is part of the paid-for Office suite from Microsoft.
Most people seem only to have heard of Microsoft with its ubiquitous Office software but there are alternatives with significant advantages.
Could I put in a suggestion of using LibreOffice which can import .csv files as well as a host of other formats. It can output various formats including Excel-type .xls files to bridging software.
LibreOffice is a full office suite including spreadsheet, document, drawing and other packages.
It is free to download (with a polite request for a voluntary donation). It uses it's own formats but can import, save and export in the Microsoft .xls, xlsx, doc and docx formats.
As it is free you can try it and see how you get on. You may never look back.
We use VitalTax as our excel bridging software which works really well and as has been already said, pulls through the payments & liabilities, which we use when struggling with a YE VAT rec.
Easy MTD VAT (https://easymtdvat.com) will do the job if you can export from Lotus to XLSX, XLS or even CSV. It is not an Excel plugin so you don't need Excel - its one of those traditional installed applications! You can submit your first VAT return for free then its anything from a quid to £4.99 per VAT return submission (depending on the volume you purchase).