Hi
I have just downloaded Solar accounts to trial the product and so far I am impressed with the features. I just have a couple of questions and comments which I would be grateful for a reply on.
I run a newly formed plumbing and heating limited company. A few purchases have been made from personal funds/personal credit cards and having read other notes on this, I understand the treatment of these ‘start up costs’ to be as follows: e.g. website design fee £450 – Input a purchase invoice for £450. Having paid for this item with a personal credit card, I take it you would complete a ‘money paid out transaction’ from the directors’ loan account.
We also act as a sub-contractor and therefore have to make CIS deductions. We are VAT registered and ideally would like to display the amount of the CIS deduction on the invoices issued. Again, having read the notes on this, I understand that the procedure is to create an invoice as normal and also a credit note, but the CIS deduction would not appear on the invoice. To get around this, I note your advice to others is to ‘create a second data file and duplicate the invoice with an extra line for the CIS tax’. However, I do not understand what is meant by ‘create another data file’ and would appreciate it if you could explain this process in more depth. If you could provide an example invoice with VAT and a CIS figure in, that would be very helpful.
The nature of the business also requires lots of quotations to be produced and along with other users, I would welcome the introduction of a facility to create quotations and turn them into invoices. From what I have seen on the support provided, I think it is an excellent product and I will be making a purchase after the free trial.
Hi Ellinor,
Thanks for trying Solar Accounts - we're glad you like it. To answer each point you raise:
Yes, if you are a director and have paid for business expenses with your personal funds, allocate to the 'Directors Loan' account. You can create a purcahse invoice and an associated invoice payment as you describe, or you can create a single 'Money Paid Out' transaction allocated to the Directors Loan account.
By 'create another data file' I meant click menu File > New > Business File and enter your business details again and click 'Save' (change the filename so you do not overwrite your existing file). This would result in a second file where you could create invoices showing the CIS deduction like this:
http://www.solaraccounts.co.uk/forum/resources/cis_deduction.jpg
So you would then end up with 3 transactions for this one sale - an invoice and credit note in the 'main' data file and an invoice (showing the CIS deduction) in the 'secondary' data file.
After giving this problem more thought here is a simpler solution: Don't bother creating a credit note or a second data file - just enter a single invoice including the CIS deduction as shown here:
http://www.solaraccounts.co.uk/forum/resources/cis_deduction.jpg
The drawback is that Solar Accounts will include the CIS deduction amount when calculating Box 6 ('total sales') on your VAT return. To correct this, add your total CIS deductions to Box 6 when copying the figures from Solar Accounts to your VAT return. Eg. in the above example Box 6 will be calculated by Solar Accounts as £2,502.11, but you should write "£2,902.11" on your VAT return.
Thanks for letting us know you want to see Quotes in Solar Accounts - I'll record your email to be notified if we add this feature in future.
I hope this has made sense - please let me know if you need more information
Cheers,
