If you’re starting out in business, one of the top tips any accountant will give you is to stay on top of your bookkeeping.
No one wants to spend hours at the end of their year going through old receipts and trying to find the missing invoice that you carefully filed…somewhere.
There are a number of different option available to make this process easier, including paper records and cloud-based software. To help bridge the gap between the two, our Walton Accountancy team have created a number of spreadsheets designed to make this task easier.
Standard spreadsheet
This is the perfect spreadsheet if you are starting out as a sole trader or just starting your limited company.
Each month is split with its own tab, with a section for your sales at the top, and your expenses below. We have also included in the yellow box a calculation where you can see your year-to-date figures, helping you keep track of how your business is growing.
We have given you the option of including three sales types, which may be different products or services offered within your business. The expenses are set out in different categories as they would appear on your tax return.
VAT spreadsheet
The VAT spreadsheet is suitable for everyone registered for standard VAT.
Again, the spreadsheet is split up monthly, with a section for both income and expenses.
When filling out the spreadsheet, you will need to include the VAT exclusive figure in the sales column with the VAT element listed under the VAT heading. The Spreadsheet will then calculate the VAT inclusive figure in the VAT inc. total.
The expenses are set up in the same format as the standard spreadsheet, all you need to do is input the expense with VAT exclusive figure under the correct heading, then follow along the row to the VAT heading. The software will then calculate the VAT inclusive figure.
Also, under the expense category (on the first two months), you will find two pink boxes which can be completed if your VAT period include months prior to the start of this spreadsheet.
Flat rate spreadsheet
For some industries it is more beneficial to be registered for a flat rate VAT scheme (we won’t go into this now but keep an eye out for a future blog on this subject). When registering you will be given a flat rate percent, which needs to be entered into the top on the spreadsheet on the first month.
The rest of the spreadsheet is then set out the same as the standard spreadsheet, you will just need to include your VAT inclusive figures into the spreadsheet.
As with the standard VAT spreadsheet you can also include previous months figure in the pink boxes, if needed for your VAT periods.
Margin scheme spreadsheet
A little more complex to understand and navigate the VAT treatment if your business is registered for the margin scheme. This would apply usually to 2nd hand goods business like car sales or an antique store.
The spreadsheet’s expenses are calculated the same as the previously mentioned spreadsheets, but the sales are broken down into sales price and purchase price. For each item sold, you will need to include the total of both the sale/purchase price to work out your VAT inclusive difference. Importantly, you only consider the VAT on the difference between the sale price and purchase price- this is referred to as the margin.
Multi-invoice spreadsheet
This spreadsheet is designed for people who are issuing multiple invoice or sales each day.
On the multi-invoice spreadsheet, unlike the previous, you will need to total up the daily sale for each category into one total. We have included the option of splitting them into three sale types, so you can still see how each product or service is doing.
As with the standard VAT spreadsheet, you will need to input the VAT exclusive figure into the sales columns and then add the total VAT for the day into the VAT column, the spreadsheet will then calculate the VAT inclusive figure.
The expenses also need to be entered under the correct categories with VAT exclusive figure, the VAT then needs to be input under the VAT column, this will then allow the spreadsheet to calculate the VAT inclusive figure.
For your convenience the final page on each of the spreadsheets is a totals page, where you can see the accumulative sales totals for the year and your monthly expenses all in one place.
Why not download one of our spreadsheets from our website and get started today.
If you have any question regarding the spreadsheets or need assistance with filing your accounts, please feel free to contact us on 02392 593917 and a member of the Walton Accountancy team will be happy to assist.
