Member Since: 5th Feb 2018
2nd Jul 2020
When the company sold the asset:
£25k Debit directors current account
£25k Credit profit on disposal
The company is charged tax on the gain
£5k Debit tax expense
£5k Credit tax payable
The director pays the corporation tax
£5k Debit tax payable
£5k Credit Director current account
If tax has already been charged on the £25k profit then adjust in the CT computation.
9th Jun 2020
We used to use Sage accounts production and Sage Taxation.
Taxfiler is a good replacement for Sage Taxation. It's fully cloud based. It can also be used to prepare accounts and does have some limited practice management tools.
It's faster at preparing the accounts compared with Sage AP, especially for ixbrl tagging. The drawback is less customisation when compared with Sage.
In Sage AP you post journals to the sage nominal ledger to make the final accounts. In Taxfiler it only takes the final TB as an input. If you're used to posting journals and adjustments as part of your accounts prep software then you would have to find another way to do this bit. Lots of people here use VT Transaction+ to do this part. When the TB is final you can copy and paste it into TF to prepare the report. VT isn't cloud based but it's easy to keep the datasets saved in Onedrive or similar to get around this.
TF has some limited practice management tools (keeping track of deadlines and job progress etc). If you need more features then you could use a separate system like AccountancyManager.
28th Apr 2020
Taxfiler and VT for sure.
We don't have a hosted setup but have all of our files including .vtr ledgers stored on a Synology NAS at the office which is also our OpenVPN server. Now that we're remote working, staff connect to the VPN and mount the shared drive in Windows. Not really had any issues with accessing the .vtr ledgers over the VPN yet with maximum of 5 or 6 concurrent users, but none of them have *that* many transactions. On one occasion the VT file had to be copied to the local machine to be worked on because it got a bit too big.
Our NAS is 2TB and aren't anywhere close to filling it after 3 years. The largest .vtr file is about 15MB.
There are a ton of cloud storage providers who allow you to mount the cloud drive directly to a PC and use it like it's connected normally, e.g. Egnyte.
I'd mention that for Moneysoft we have had a few more issues storing the .pay files remotely - it can slow down the whole thing quite a bit so we're currently using RDP to connect to a PC in the office when we need payroll. Not ideal but it works for now.
15th Feb 2020
will take the first 8 characters from A1 after removing any spaces.
28th Jan 2020
PDFill Tools is free.
Has a bunch of tools to merge, split, watermark, rotate and to password protect a PDF file.
24th Jan 2020
We're in the beta too.
The core functionality seems good. I do wish that we hadn't auto-generated jobs for all of the 2019 personal tax cases though! Also wish we did a better job of distributing clients between staff before generating the job list as the majority are now assigned to me, how delightful.
For those not in beta, the way it works is:
Clients have 'Services' - currently Ltd Accounts, CT, VAT (+ equivalent for individuals).
Services have 'Jobs' - one job per service period
Jobs have 'Tasks' - when a job is created it has a preset (and quite comprehensive) list of tasks. Has a good level of detail for accounts. Perhaps too much detail for a simple case.
I like how you can view a list of a staff member's jobs and the progress of them.
There doesn't appear to be a way to customise the task workflows for job types at the moment.
Not sure if statutory deadlines are pulled from Companies House or calculated internally based on period ends. I think most likely the latter.
Compared with the bells and whistles that AccountancyManager has, this early release of TF PM seems quite barebones but I think the core functionality might be better?
Can do a more detailed write-up after 31/01 if anyone is interested.
23rd Jan 2020
Another vote for Investintech Able2Extract
It's the best OCR tool for bank statements I've seen as it's the only one which can handle the different row-splitting methods that each of the banks use on their statements.
You can set the row splitting method to "document horizontal lines" but not every statement has these. You can use a "key column" i.e. whenever there's an entry in the key field, add a row break. (e.g. date column)
The other option is just to use Autoentry if you're happy with the per-page costs.
13th Jan 2020
Create a zip file of your folder and password protect the zip file.
7zip is the best way to do this in my opinion.
19th Dec 2019
Corporation Tax provision is an accounting estimate.
FRS 102 10.18 says that:
An entity shall disclose the nature of any change in an accounting estimate and the effect of the change on assets, liabilities, income and expense for the current period.
Changes in accounting estimates result from new information or new developments and, accordingly, are not corrections of errors.
So it's not a prior year adjustment and you should not restate prior year comparatives.
1st Dec 2019
Sounds like a job for pivot tables.
If its not already in a table, convert it to one by selecting everything and hit Ctrl+T.
Then when the cursor is in the table, go to insert > pivot table.
Example might be Date in the columns (remove everything other than years), employee field in Rows, either time or amount fields in your Values.