Some client will want invoices only and dont accept proforma thus cash accounting settings wouldnt be applicable. Purchase would also want to accounted for under invoice accounting.
Im not up to date with the latest Subway software, but when I prepared the accounts for apprx 25 stores some years ago, I printed off the 'WISR' report from the POS system which gave all of the necessary info ie weekly totals for Sage50. Further info was available for split of product sales, active discount codes, food & labour %, food usage & waste etc. All very useful for KPIs, not so much in the pure accounts sense. With just one store the client should easily be able to summarise the info to a spreadsheet for you to upload.
We have a VAT group with 5 companies, each with its own Sage50 nominal ledger. Current process is to run the Sage VAT wizard for each company each quarter, print off the final Sage VAT return and enter these figues in a simple spreadsheet to arrive at a group total for each of the 9 VAT boxes. The totals are entered manually on the HMRC web.
The wizz kid in me thought that MTD would be simple... We set up a new Sage Company for VAT purposes only. I enter the totals from each company on either a batch sales or batch purchase invoice, set up our HMRC VAT logins and transmit!
But I now learn that Sage 50 v22 is non complient so this wont work.......
Unless MTD is designed to capture all of the supporting line by line entries (and I dont think it is) I can see no benefit to HMRC.
From a users perspective, I note:
It seems there in no Sage 50 bridging software at the moment.
When I last entered our VAT qtr (5/9/18) to the HMRC web, there were no messages about MTD even though that site should close in April 2019.
I have therefore decided to do nothing until they give notice that the site is shutting down. I have plenty to keep me occupied until then.
Office for National Statistics I am satisfied that this isnt a case of identity theft. I have spoken with the ONS and their survey form gives our PAYE ref. number and our employees NINO.
I know that a payroll database does not have to register under the Data protection Act but I am not aware of what other general duties of confidentiality are owed to our staff and the ONS.
I just think what they are asking is a gross intrusion of privacy and confidentiality.
My answers
Easier may be but there is a significant cash flow effect doing it.
Thanks for your reply. I was hoping we could manage the process in one system rather than 2.
Some client will want invoices only and dont accept proforma thus cash accounting settings wouldnt be applicable. Purchase would also want to accounted for under invoice accounting.
Wouldnt work as you still need to send a bill out for the full gross amount
Im not up to date with the latest Subway software, but when I prepared the accounts for apprx 25 stores some years ago, I printed off the 'WISR' report from the POS system which gave all of the necessary info ie weekly totals for Sage50. Further info was available for split of product sales, active discount codes, food & labour %, food usage & waste etc. All very useful for KPIs, not so much in the pure accounts sense. With just one store the client should easily be able to summarise the info to a spreadsheet for you to upload.
We have a VAT group with 5 companies, each with its own Sage50 nominal ledger. Current process is to run the Sage VAT wizard for each company each quarter, print off the final Sage VAT return and enter these figues in a simple spreadsheet to arrive at a group total for each of the 9 VAT boxes. The totals are entered manually on the HMRC web.
The wizz kid in me thought that MTD would be simple... We set up a new Sage Company for VAT purposes only. I enter the totals from each company on either a batch sales or batch purchase invoice, set up our HMRC VAT logins and transmit!
But I now learn that Sage 50 v22 is non complient so this wont work.......
Unless MTD is designed to capture all of the supporting line by line entries (and I dont think it is) I can see no benefit to HMRC.
From a users perspective, I note:
It seems there in no Sage 50 bridging software at the moment.
When I last entered our VAT qtr (5/9/18) to the HMRC web, there were no messages about MTD even though that site should close in April 2019.
I have therefore decided to do nothing until they give notice that the site is shutting down. I have plenty to keep me occupied until then.
Office for National Statistics
I am satisfied that this isnt a case of identity theft. I have spoken with the ONS and their survey form gives our PAYE ref. number and our employees NINO.
I know that a payroll database does not have to register under the Data protection Act but I am not aware of what other general duties of confidentiality are owed to our staff and the ONS.
I just think what they are asking is a gross intrusion of privacy and confidentiality.