1. As I am working as self employed I am trying to make the software register the transactions and produce reports between 6 April 2013 to 5 th of April 2014.
Is there any way I can do this ?
I have tried Company Information - Tax year on the bottom of the page but it does not have the date, only the month, unfortunately it displays the year as 1 April 2013 - 31 March 2014.
2. I do not have any creditors due as I paying at the point of sale,
Is this called cash accounting ?
Is there any way to set up this in QB so it dos not show any amounts due ?
Thank you very much.
Have a lovely weekend !
Adrian
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This is just my personal opinion. Advice should be sought from a suitably qualified Accountant.
P.S. I only ride a motorbike because I want to dry my clothes faster
YOu can manually change the dates at the top of each report to get the financial year. I haven't found a way to change it permanently. I don't really know what you mean about the amounts owing. You can create sales receipts instead of invoices which would put the money directly in the bank without you having to create and invoice and then receive the payment. Similarly with suppliers you can write cheques rather than enter bill and pay bill. If that doesn't answer your question perhaps you can explain more what you mean.
With QB you cant set financial year to 6th-5th it can only be start on month-end of month.
You can produce the reports for the 6th-5th BUT you have to export them to excel then manually change the figures such as profit and capital etc etc... then re-calulate everything.
Trust me its A LOT easier using 1st apr-31st mar as a financial year. If im honest there's not a lot of business owners that take much notice... It will work out easier in the long run buy setting the date to these as imagine having 50 or clients to adjust the income statements/SFP every time!!! #ballache! :/
As Gary has said - you can't set QuickBooks to a financial year of 6th April to 5th April - only whole months - but for your information, the HMRC are happy to accept 1st April to 31st March as being a full financial trading year, so I'd go with this if I was you - most of the rest of us do.
With regards to Cash Accounting - there are two settings....
VAT - Cash Accounting - In QuickBooks, if you're VAT registered, you can set it to VAT cash accounting by going into the Supplier HMRC VAT account and selecting the 4th Tab, then on there, there will be an option to choose standard VAT or cash accounting. This means that the VAT is reclaimable and payable at the point that you pay/receive the money rather than at the point of the invoice/bill is dated.
Accounts - Cash Accounting - The accounting method can be set up in the Edit/Preferences/Reports & Graphs/Company Preferences - it is set to Accrual by default, which is the normal accounting method, but since last year, you can now report your accounts on a cash basis under certain circumstances. If you meet these, then set it to Cash Reporting in this section and all your reports will automatically report in this way.
In either method, if you have marked a bill as paid at the point of sale, it will not show as any amounts due, so perhaps you are using the 'bill' without finishing off with the 'payment'. You could use the 'write cheques' instead of the 'bill' feature if you always pay at point of sale, this way you're only having to do a one step entry instead of two steps with the bill and payment system.
Hope that helps.
Carol
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Carol Saunders Lady of Ledger Book Keeping Telford, Shropshire
