Member Since: 5th Feb 2018
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.
29th Nov 2019
It's due to how it authenticates with gmail. Gmail wants software that connects to it to be granted authorisation.
You can still set an app-specific passwords for things like Moneysoft to send emails via SMTP, but it will be less secure of course.
Not an issue unless you want to send payslips directly out of the software.
26th Nov 2019
We use Croner Taxwise for specialist advice and have always been happy with the responses we get.
We're transparent about it and pass on the fees at cost.
22nd Nov 2019
Had a look at it after the BBC article. Looks interesting but it's definitely not a replacement for Excel. Perhaps a replacement for MS Access.
Best feature I've seen so far is perhaps the API integration which is very easy to use. Tested it out and got it to pull Companies House data into an Airtable clients list using Python in about an hour (I'm by no means an expert).
20th Nov 2019
Yes it's possible, but not without creating each payment as an 'overpayment' transaction.
20th Nov 2019
If the correct situation is £60k invoiced and £30k paid then you should have one invoice raised for £60k and one payment for £30k.
The £30k payment transaction can be created from the bank rec screen by applying to the £60k invoice and clicking 'split' to make the invoice part paid. Or it can be created from the invoice page and reconciled later.
Creating a Prepayment will create an additional sale as you have described. The sale is reversed when the prepayment is applied to an invoice.
Creating an Overpayment will not create an additional sale and is more like an unallocated payment on account.
Prepayments are to be used when an invoice has not been raised yet, but money has been received in advance and for VAT purposes a sale is to be recorded at the earlier of invoice date and payment date.
20th Nov 2019
If the client uses Microsoft Excel for Mac, they could use Vital Tax.
It's an add-in for excel and is free for a year then £1/month after. Have tested it and it works fairly well.