prof.itplus Release Notes Addendum Changes to the Handling of Prompt Payment (Settlement) Discounts

Size: px
Start display at page:

Download "prof.itplus Release Notes Addendum Changes to the Handling of Prompt Payment (Settlement) Discounts"

Transcription

1 prof.itplus Release Notes Addendum Changes to the Handling of Prompt Payment (Settlement) Discounts 13 th March 2015

2 Addendum Contents Page 1.0 Overview Background & HMRC Guidance Outline of Changes in prof.itplus Changes to prof.itplus in Detail The Switchover Date Calculation of VAT When Settlement Discount Is Available Display of Totals With Settlement Discount Deducted Printing Invoices Calculated From Sales Orders That Include Settlement Discount Posting Invoices & Credit Notes Direct To Sales Or Purchase Ledger Displaying Transactions That Include Settlement Discount Amending Transactions That Include Settlement Discount Posting & Allocating Cash For Invoices That Include Settlement Discount Generating Remittances For Purchase Invoices That Include Settlement Discount Transferring Purchase Invoices That Include Settlement Discount To A Buying Group Account Generating Direct Debit Transfers For Sales Invoices That Include Settlement Discount Providing Evidence Of The Reduction In Consideration Of VAT For Settlement Discount Reporting On and Accounting For VAT Adjustment Transactions Example Invoice Layout prof.itplus Release notes addendum Prompt Payment Discounts Page 2

3 1.0 Overview From 1/4/15 the way VAT is calculated on invoices offering a prompt payment discount is changing to bring the UK into line with other EU countries. As a result, changes have been made to prof.itplus to comply with the new requirements. This document describes what the changes are, the background to the changes, and how the changes have been implemented in prof.itplus. What Are The Changes? Historically, for an invoice offering prompt payment discount, it was acceptable to calculate the VAT due on the discounted price, whether or not the discount was eventually taken, so no adjustment to VAT was required whether the discount was taken or not. From 1/4/15, VAT for an invoice offering prompt payment discount must be calculated on the full price, and an adjustment of some sort must be made to account for the reduction in VAT actually paid if the discount is subsequently taken. If no revised invoice or credit note is to be issued if the prompt payment discount is taken, any printed invoice that offers prompt payment discount must make it clear that only the amount of VAT actually paid may be recovered. 2.0 Background & HMRC Guidance Although the proposed changes to the handling of VAT for invoices offering prompt payment discounts were originally announced in the Budget of 2014, they attracted very little press coverage at the time, and many companies were unaware of the changes until quite recently. Despite the general lack of awareness, some business organisations raised objections to the proposals and a lengthy consultation process was undertaken between June and September 2014 to assess the likely impact on companies of implementing the changes. The original proposal from HMRC was that a credit note should be used to make the adjustment to the amount of VAT applicable as a result of a prompt payment discount being taken for an invoice. As a result of the consultation process, HMRC accepted that issuing a credit note for every prompt payment discount taken would be a burden on companies and that, while issuing credit notes was their preferred method, an acceptable alternative would be for an internal accounting adjustment to be made, as long as companies are able to evidence a reduction in consideration where a discount has been taken. Final guidance on how to process an invoice offering prompt payment discount was not published until 22/12/14, giving software developers and companies who offer or receive prompt payment discounts very little time to absorb the implications of the changes and a very short timescale in which to ensure that necessary software changes and updated administrative procedures are in place in time for the April 1 st deadline. For those who delight in phrases such as evidence a reduction in consideration, the guidance on how to process prompt payment discounts can be found in the document Revenue and Customs Brief 49 (2014): VAT Prompt Payment on the HMRC website at the following address: https://www.gov.uk/government/publications/revenue-and-customs-brief vat-promptpayment-discounts prof.itplus Release notes addendum Prompt Payment Discounts Page 3

4 3.0 Outline of Changes in prof.itplus Because the terminology used in prof.itplus is settlement discount, rather than prompt payment discount, all references from this point in the document will be to settlement discount. The main aims of the changes made to prof.itplus to cater for the new arrangements for handling VAT on invoices that offer settlement discounts are to fully comply with HMRC guidance whilst minimising the changes to the way in which operators use the system. With this in mind, a separate internal VAT ADJUSTMENT credit note transaction will automatically be generated to retrospectively adjust the amount of VAT accounted for whenever cash is posted against an invoice for which settlement discount has been taken. The full scope of the changes is described on the following pages. For the purposes of this document, a fictitious invoice that offers a settlement discount of 5% on standard VAT rated goods to the value of 100 has been used to illustrate how the system will operate. Under the existing rules that will still apply until 31/3/15, VAT would be calculated on the discounted goods value of 95. The invoice totals would show a total goods value of 100, a VAT value of 19, and an invoice total of 119. Depending on the tags set up for the invoice layout used, the printed invoice could confirm that, if the invoice was paid by a specified date, a 5% discount was available, that 5 could be deducted, and/or that the discounted amount to be paid would therefore be 114. Under the new rules applicable from 1/4/15, VAT would be calculated on the full goods value of 100. The invoice totals would show a total goods value of 100, a VAT value of 20, and an invoice total of 120. The printed invoice could confirm that, if the invoice was paid by a specified date, a 5% discount was available, that 6 in total could be deducted, and that the discounted invoice totals comprised of a total goods value of 95, a VAT value of 19, and an invoice total of 114. A form of words must be included on the invoice to confirm that no credit note will be issued if the discount is taken, and that only the amount of VAT actually paid can be recovered. A sample invoice generated using the new rules is included at the end of this document. Within an invoice transaction that contains settlement discount calculated using the new rules, the total settlement discount amount will be stored ( 6 in the example) as well as a breakdown of the total discount amount, split into settlement discount on the goods value ( 5) and a separate settlement discount on the VAT value ( 1). The reason for storing the breakdown is so that, if the settlement discount is taken when the invoice is paid, a VAT adjustment of - 1 can automatically be made as the cash is posted. To control whether the old or new rules should be used when calculating VAT when settlement discount is involved, the date appropriate for the calculation (today s date for quotations and orders, the invoice or credit note date for invoices and credit notes) is compared to the switchover date recorded against the company data. By default, the switchover date will be set during installation of the March Update to 1/4/15. For those sites that wish to try out the changes in advance of actually reaching the switchover date, it will be possible for someone from the Support Desk to reset the switchover date for the Test Company so that the new rules can be applied from an earlier date. Once the March Update has been installed, any site that wishes to try out the changes to the handling of settlement discounts in advance of the switchover date should contact Software Support so that the switchover date on the Test Company can be reset. prof.itplus Release notes addendum Prompt Payment Discounts Page 4

5 4.0 Changes to prof.itplus in Detail 4.1 The Switchover Date The date from which the new rules for VAT calculations where settlement discount is applicable will be set separately for each set of company data (to 1/4/15) as part of the installation of the March Update. The date will not be visible to prof.itplus users, but it can be reset for a Test Company by someone on the Support Desk to enable testing of the new facilities to take place in advance of the actual switchover date. 4.2 Calculation of VAT When Settlement Discount Is Available There are many circumstances in prof.itplus where VAT is calculated when settlement discount is available. When these calculations take place, a comparison will be made between the switchover date (when the new rules apply) and what is considered to be the appropriate date for the calculation. If the date for the calculation is before the switchover date, the old rules will apply (i.e. VAT is calculated on the discounted goods value), otherwise VAT will be calculated on the full goods value. In the case of a VAT calculation for an order (sales order, return order, purchase order, or debit note order) or a quotation, the eventual invoice or credit note date may not necessarily be known, so the appropriate date for the VAT calculation will be today s date. In the case of a VAT calculation for an invoice or a credit note (either manually entered or calculated from an order), the invoice date or credit note date will be the appropriate date for the calculation. The user will not need to do anything different to what would have been done prior to these changes in order for the appropriate rules to apply the programs will automatically apply the correct rules for the date of the calculation. 4.3 Display of Totals With Settlement Discount Deducted Some programs contain a Value option to display the totals for goods value, overall discount value, nett value, and (where appropriate) margin details for an order, a quotation, an invoice, or a credit note. Where a Value option exists and where settlement discount is applicable, an additional Settlement Discount section will now appear in which the settlement discount percentage, the discount value, the nett goods value, the VAT (on the nett goods value), and the discounted total value will be displayed. For purchase orders, where a second set of settlement terms are applicable, a second set of discounted totals will be displayed. prof.itplus Release notes addendum Prompt Payment Discounts Page 5

6 4.4 Printing Invoices Calculated From Sales Orders That Include Settlement Discount New print tags have been added to the tags available for sales invoice layouts to allow additional settlement discount information to appear on an invoice. Some of the tags include the form of works required by HMRC to explain that no credit note will be issued and that only the amount of VAT actually paid can be recovered. Other tags will show the various discounted invoice values if settlement discount is taken. A sample sales invoice containing information from the new tags is included at the end of this document. 4.5 Posting Invoices & Credit Notes Direct To Sales Or Purchase Ledger The programs used to post invoices and credit notes directly to the sales and (more likely) purchase ledgers have been modified so that, if settlement discount is applicable and if the transaction date is on or beyond the switchover date, as well as calculating a settlement discount amount for the entered goods/services value (as previously), a separate settlement discount amount will now be calculated for the entered VAT value. The label of the textbox showing the settlement discount amount for the goods/services value has been changed from Sett Disc Amnt to Sett Disc G&V and a new adjacent textbox will now display the separate settlement discount amount for the VAT value. Where a 2 nd set of settlement terms are available for a supplier, a 2 nd pair of settlement discount amounts for goods/services and VAT values will be calculated and displayed. For invoices with a transaction date that is before the switchover date, a settlement amount will only be calculated for the goods/services value and the new textbox(es) for the settlement discount amount for the VAT value will be blank and disabled. Under the new rules, for the example invoice ( 100 goods, 20 VAT, 5% settlement discount), the settlement discount amount for the goods/services value will be calculated and displayed as 5, and the separate settlement discount amount for the VAT value would be calculated and displayed as 1. The only difference from a user point of view in posting an invoice under the new rules is that an extra settlement discount amount (the one for the VAT value) will need to be confirmed. prof.itplus Release notes addendum Prompt Payment Discounts Page 6

7 4.6 Displaying Transactions That Include Settlement Discount The Display Customer Transactions and Display Supplier transactions programs have been modified so that, when using the Expand option to view the details of an invoice that contains settlement discount calculated under the new rules, the total amount of settlement discount available for the invoice will be broken down into a settlement discount amount for the goods value and a separate settlement discount amount for the VAT value. For the example invoice, the Sett Disc textbox would display 6 as the total settlement discount amount, the Sett Gds textbox would display 5 as the settlement discount amount for the goods value, and the Sett VAT textbox would display 1 as the settlement discount amount for the VAT value. The 1 settlement discount amount for the VAT value is recorded separately in this way so that, when the invoice is paid, a VAT adjustment can be made if the settlement discount has been taken. 4.7 Amending Transactions That Include Settlement Discount The Amend Sales Transactions and Amend Purchase Transactions programs have been modified so that, for invoices that contain settlement discount calculated under the new rules, separate textboxes will display the total settlement discount amount broken down into a settlement discount amount for the goods value and a settlement discount amount for the VAT value. The Change option allows the user to amend either or both of these values (for transactions not yet allocated) so that the settlement discount breakdown can be added, modified, or removed if necessary before the cash is posted to pay off the transaction. prof.itplus Release notes addendum Prompt Payment Discounts Page 7

8 4.8 Posting & Allocating Cash For Invoices That Include Settlement Discount The Post/Allocate Cash Received and Post/Allocate Cash Paid programs have been modified to cater for the requirement to automatically generate a VAT adjustment credit note transaction when paying off an invoice that contains settlement discount that has been calculated using the new rules. In terms of using the programs to post and allocate cash against an invoice that includes settlement discount, the user will not need to do anything different to what would have been done prior to these changes, but the Discnt Allowed textbox has now been split into two separate textboxes labelled DiscAllowd G&V (to break the settlement discount allowed into goods and VAT amounts). For the example invoice, if the settlement discount of 6 was taken, the amount of cash to be posted would be 114 and the invoice would be displayed in the table of transactions to be allocated with a value of 120, a settlement discount value of - 6, and a balance of 114. If the user confirms the settlement discount and balance amounts, the discount allowed on goods would be displayed as - 5 and the discount allowed on VAT would be displayed as - 1. On confirmation that the cash could be posted, a cash transaction would be generated (as before) with a total value of - 119, split into a cash value of and a discount value of - 5. What is new is that a separate VAT adjustment credit note transaction would automatically be generated with transaction date and reference the same as the cash transaction (the reference would have a letter, typically A, appended to it to make it unique), with a further reference of VAT ADJUSTMENT and a value of - 1 (goods value 0, VAT value - 1). The original invoice would be allocated against both the cash transaction and the VAT adjustment credit note transaction. prof.itplus Release notes addendum Prompt Payment Discounts Page 8

9 4.9 Generating Remittances For Purchase Invoices That Include Settlement Discount It has not been necessary to make any changes to the Remittance Proof List program or to the program that prints the remittances. The example invoice would appear on the proof list and on the remittance with a transaction amount of 120, a discount amount of 6, and a payment amount of 114. Where changes have been made is in the program that generates payments for remittances. If the example invoice were to be paid off on or before the settlement date using the remittance generation program, the same transactions would be generated as described above for the cash posting program. A cash transaction would be generated with a total value of - 119, split into a cash value of and a discount value of - 5, a separate credit note VAT adjustment transaction would be generated with a transaction date and reference the same as the cash transaction (the reference would have a letter, typically A, appended to it to make it unique), with a further reference of VAT ADJUSTMENT, and a value of - 1 (goods value 0, VAT value - 1). The original invoice would be allocated against both the cash transaction and the VAT adjustment credit note transaction Transferring Purchase Invoices That Include Settlement Discount To A Buying Group Account It has not been necessary to make any changes to the Buying Group Transfer Proof List program or to the program that prints the transfers. The example invoice would appear on the proof list and on the transfer print with a transaction amount of 120, a discount amount of 6, and a payment amount of 114. Where changes have been made is in the program that transfers the transactions to the buying group account. If the example invoice were moved to the buying group account to be paid off on or before the settlement date using the transfer program, the following transaction updates would take place: On the original supplier account: A credit note transaction would be generated with a value of (goods - 114, VAT 0). A cash transaction would be generated with a value of - 5 ( 0 cash, - 5 discount). A separate VAT adjustment credit note transaction would be generated with a value of - 1 (goods value 0, VAT value - 1). The original invoice would be allocated against both the credit note transaction, the cash transaction, and the VAT adjustment credit note transaction. On the buying group account: An invoice transaction would be generated with a value of 114 (goods 114, VAT 0). prof.itplus Release notes addendum Prompt Payment Discounts Page 9

10 4.11 Generating Direct Debit Transfers For Sales Invoices That Include Settlement Discount It has not been necessary to make any changes to the Direct Debit Proof List program or to the program that prints the transfer payments list. The example invoice would appear on the proof list and on the payment list with a transaction amount of 120, a discount amount of 6, and a payment amount of 114. Where changes have been made is in the program that generates direct debit transfers. If the example invoice were to be paid off on or before the settlement date using the direct debit transfers generation program, a cash transaction would be generated with a total value of - 119, split into a cash value of and a discount value of - 5, a separate VAT adjustment credit note transaction would be generated with a transaction date and reference the same as the cash transaction (the reference would have a letter, typically A, appended to it to make it unique), with a further reference of VAT ADJUSTMENT, and a value of - 1 (goods value 0, VAT value - 1). The original invoice would be allocated against both the cash transaction and the VAT adjustment credit note transaction Providing Evidence Of The Reduction In Consideration Of VAT For Settlement Discount Where a VAT adjustment has been generated as a result of paying off an invoice that included settlement discount, evidence of which invoice (or invoices) was paid off with settlement discount taken could be provided by using the Allocn option in the Display Customer Transactions and Display Supplier Transactions programs (or the equivalent programs for archived transactions) or by printing the Allocation Audit Trail (available on the Post Transactions/Global Amendments sub-menu in both the sales and purchase ledgers). In either case, details of the cash transaction and of the invoice(s) involved when the settlement discount was taken and the VAT adjustment transaction was generated would be shown. prof.itplus Release notes addendum Prompt Payment Discounts Page 10

11 4.13 Reporting On and Accounting For VAT Adjustment Transactions As VAT adjustments are generated as credit note transactions, they will appear as credit notes on the daybook and nominal audit reports in both sales and purchase ledgers. VAT adjustment transactions have a VAT value but no goods value so they will be included in the VAT figures for the standard UK VAT code in Sales/Purchase Control Totals but they will not affect the goods figures. The VAT adjustments will be included in the VAT Return in the same boxes as those updated by the VAT values from the original invoices for which the adjustments were generated. In the nominal ledger, the VAT adjustments from the sales and purchase ledgers will be posted to the nominal codes recorded for VAT in the sales and purchase ledger parameter programs. prof.itplus Release notes addendum Prompt Payment Discounts Page 11

12 5.0 Example Invoice Layout prof.itplus Release notes addendum Prompt Payment Discounts Page 12

How to: Account for Settlement Discount VAT Rule Changes from 1 st of April 2015

How to: Account for Settlement Discount VAT Rule Changes from 1 st of April 2015 How to: Account for Settlement Discount VAT Rule Changes from 1 st of April 2015 Users of Merlin who offer Settlement Discount to their Customers, or are given Settlement Discount by their Suppliers, will

More information

HMRC Change in UK Law for VAT

HMRC Change in UK Law for VAT HMRC Change in UK Law for VAT Prompt Payment VAT Discounts in Microsoft Dynamics NAV February, 2015 Overview HMRC VAT 2015 Changes - Prompt Payment Discounts (PPD) This change in PPD VAT legislation comes

More information

Further guide to Prompt Payment Discount. Opera 3 (2.23) Opera II (7.43)

Further guide to Prompt Payment Discount. Opera 3 (2.23) Opera II (7.43) Opera 3 (2.23) Opera II (7.43) (Version 1.0) Opera 3 (2.23) Opera II (7.43) Copyright Pegasus Software, 2015 Manual published by: Pegasus Software Orion House Orion Way Kettering Northamptonshire NN15

More information

Pegasus CIS (03.00.50) Guide to Prompt Payment Discount

Pegasus CIS (03.00.50) Guide to Prompt Payment Discount Pegasus CIS (03.00.50) Guide to Prompt Payment Discount Guide to Prompt Payment Discount Version 1.0 Pegasus CIS (3.00.50) Copyright Pegasus Software, 2015 Manual published by: Pegasus Software Orion House

More information

Suppliers Guide Good Invoicing Practice

Suppliers Guide Good Invoicing Practice Information Suppliers Guide Good Invoicing Practice In order to ensure that Bournemouth Borough Council process Invoices quickly and efficiently, we ask that suppliers follow the Good Invoicing Practices

More information

FIA FA1. Recording Financial Transactions

FIA FA1. Recording Financial Transactions FIA FA1 Recording Financial Transactions Chapter 1 Business transactions and documentation What is a business? Business transactions Discounts Sales tax Storage of information What is a business? Business

More information

Sage 200 Business Intelligence Cubes and Reports

Sage 200 Business Intelligence Cubes and Reports Sage 200 Business Intelligence Cubes and Reports Sage (UK) Limited Copyright Statement Sage (UK) Limited, 2014. All rights reserved If this documentation includes advice or information relating to any

More information

CHAPTER 6: SALES TAX SETUP

CHAPTER 6: SALES TAX SETUP Chapter 6: Sales Tax Setup CHAPTER 6: SALES TAX SETUP Objectives Introduction The objectives are: Provide an overview on sales tax Create Ledger Posting Groups Create Sales Tax Authorities Create Sales

More information

POSTING RCT AND VAT TRANSACTIONS ON COMPUTERISED ACCOUNTS SYSTEMS A GUIDE FOR ACCOUNTS PERSONNEL

POSTING RCT AND VAT TRANSACTIONS ON COMPUTERISED ACCOUNTS SYSTEMS A GUIDE FOR ACCOUNTS PERSONNEL POSTING RCT AND VAT TRANSACTIONS ON COMPUTERISED ACCOUNTS SYSTEMS A GUIDE FOR ACCOUNTS PERSONNEL 1 CONTENTS TAS Menu Page Introduction 3 Section 1 TAS SETUP 1. Set up VAT and RCT NOMINAL CODES 111 5 2.

More information

Opening Balances Process for a business that is VAT registered using the standard scheme or is NOT VAT registered

Opening Balances Process for a business that is VAT registered using the standard scheme or is NOT VAT registered Opening Balances Process for a business that is VAT registered using the standard scheme or is NOT VAT registered Correct opening balances are the key to bookkeeping activities. If you do not enter them

More information

Year End made easy with Mamut

Year End made easy with Mamut // Mamut Business Software Year End made easy with Mamut Year End made easy with Mamut Contents Introduction... 3 Year End... 3 Period End... 4 Year End in Mamut Business Software... 5 Can I enter accounts

More information

Financials & accounting

Financials & accounting Financials & accounting With a heritage that goes back over 20 years, you can rely on Access Dimensions financial software to provide the very best in functionality, reliability and ease of use. At the

More information

Getting Started 7. The Customer Ledger 19

Getting Started 7. The Customer Ledger 19 Contents Contents 1 Getting Started 7 Introduction 8 Starting Sage 50 9 Sage 50 Desktop Views 10 Settings 11 Company Preferences 1 Currency & the Euro 15 Customer & Supplier Defaults 16 Finance Rates 18

More information

Prepare for success. ICAEW Business Advice Service. trader and tax. The sole

Prepare for success. ICAEW Business Advice Service. trader and tax. The sole ICAEW Business Advice Service Prepare for success The sole trader and tax The sole trader and tax When setting up a new business, you have to decide what format your business will take. If you have decided

More information

VAT (Value added tax)

VAT (Value added tax) VAT (Value added tax) Note it may be possible to use the Adobe Acrobat bookmarks facility to navigate this document If your enterprise is registered for VAT then the system will handle all of your VAT

More information

How do I Process Discounts, Refunds and Rebates?

How do I Process Discounts, Refunds and Rebates? 1/5 How do I Process Discounts, Refunds and Rebates? 1. Introduction. 2. Discounts. 3. Invoice Discounts. 4. Payment Discounts. 5. Invoice Refunds. 6. Cash Refunds. 7. Rebates. 1. Introduction: You need

More information

Sage One Accounts Extra

Sage One Accounts Extra sageone.ie/- sageone.com/- Introducing is an online accounting service for small businesses that want to manage international trade easily, control how they share accounts data with trusted colleagues

More information

Compact Software. financial control for your business. Financial Control for your business

Compact Software. financial control for your business. Financial Control for your business Compact Software financial control for your business WinAccs Financial Control for your business THE WINACCS SUITE The WinAccs Accounting system is a fully integrated financial management system, which

More information

Sage 50 to Sage 200 Migration Guide. Not just small business. All business. www.sageallbusiness.co.uk

Sage 50 to Sage 200 Migration Guide. Not just small business. All business. www.sageallbusiness.co.uk Sage 50 to Sage 200 Migration Guide Not just small business. All business. www.sageallbusiness.co.uk Introduction This document is intended to be an additional, complimentary guide to the Sage 200 Upgrade

More information

Public Sector e-invoicing

Public Sector e-invoicing Public Sector e-invoicing Cutting Costs & Improving Service V8 20141201 Simple Business Case for e-invoicing To process an e-invoice takes a best-in-class organisation² 4 It costs just 4.77* to process

More information

Integrated Accounting, CRM and ERP System for Mac OS X, Windows, Linux, ios, Android and AIX

Integrated Accounting, CRM and ERP System for Mac OS X, Windows, Linux, ios, Android and AIX Integrated Accounting, CRM and ERP System for Mac OS X, Windows, Linux, ios, Android and AIX Purchase Order Contract Register Program version: 7.2 140321 2014 HansaWorld Ireland Limited, Dublin, Ireland

More information

Introduction to Client Online. Factoring Guide

Introduction to Client Online. Factoring Guide Introduction to Client Online Factoring Guide Contents Introduction 3 Preparing for Go live 3 If you have any questions 4 Logging In 5 Welcome Screen 6 Navigation 7 Navigation continued 8 Viewing Your

More information

A guide to Sage 50 Accounts from your Accountant

A guide to Sage 50 Accounts from your Accountant A guide to Sage 50 Accounts from your Accountant As a small business owner you obviously want what s best for your business. That s why finding the right accountancy software is absolutely vital. Good

More information

Nominal Ledger. Month End Procedures

Nominal Ledger. Month End Procedures Nominal Ledger Month End Procedures Page Section Topic 2 1 Introduction 2 2 Period Forward 3 3.1 Month End Reports 10 3.2 Bank Reports 13 3.3 Control A/Cs by Date Reports 16 3.4 VAT Return 19 3.5 Management

More information

www.northumbria.ac.uk nu PURCHASE CARD USER GUIDE

www.northumbria.ac.uk nu PURCHASE CARD USER GUIDE www.northumbria.ac.uk nu PURCHASE CARD USER GUIDE 2 Contents 1. Why do we use Purchase Cards? 4 2. When should you use your Purchase Card? 4 3. Inappropriate use of your Purchase Card 5 4. Authorisation

More information

FSN White Paper. How automating the Procure-to-Pay process delivers business advantage

FSN White Paper. How automating the Procure-to-Pay process delivers business advantage FSN White Paper How automating the Procure-to-Pay process delivers business advantage 1 Contents Introduction Employing EDM Solutions Supplier Communication Data Capture Internal Authorisation Secure Payments

More information

Getting Started in Accounts Payable

Getting Started in Accounts Payable Getting Started in Accounts Payable Table of Contents 1. Purchase to Pay Process: An overview... 4 1.1 Overview... 4 1.2 Suppliers... 4 1.3 Invoice Entry... 5 1.4 Matching Purchase Invoices to Purchase

More information

purchase to pay at its best providing solutions for hospitality professionals peace of mind

purchase to pay at its best providing solutions for hospitality professionals peace of mind purchase to pay at its best providing solutions for hospitality professionals peace of mind welcome > > > > > > The Procure Wizard e-procurement platform is a web application ideally suited to the hospitality

More information

AVATAR Sales Ledger. The Sales Ledger is a multi-company, multi-currency module providing all the features expected of an accounts receivable system.

AVATAR Sales Ledger. The Sales Ledger is a multi-company, multi-currency module providing all the features expected of an accounts receivable system. AVATAR Sales Ledger The Sales Ledger is a multi-company, multi-currency module providing all the features expected of an accounts receivable system. The Sales Ledger is designed to be seamlessly integrated

More information

VAT: Prompt Payment Discounts

VAT: Prompt Payment Discounts VAT: Prompt Payment Discounts Consultation document Publication date: 17 June 2014 Closing date for comments: 9 September 2014 Subject of this consultation: Scope of this consultation: VAT invoicing and

More information

BusinessMan CRM. Contents. Walkthrough. Computech IT Services Ltd 2011. Tuesday, June 1 st 2014 Technical Document -1015 Version 6.

BusinessMan CRM. Contents. Walkthrough. Computech IT Services Ltd 2011. Tuesday, June 1 st 2014 Technical Document -1015 Version 6. Contents. Table of Figures... 2 Businessman Enterprise Overview... 3 System Settings... 3 Human Resources... 4 User Management... 5 Customers... 7 Prospects... 9 Document Management 9 Sales Dashboard...

More information

Sage Pay user guide for Sage 50 Accounts Sage Instant Accounts

Sage Pay user guide for Sage 50 Accounts Sage Instant Accounts Sage Pay user guide for Sage 50 Accounts Sage Instant Accounts Table of Contents 1.0 Introduction 3 2.0 Versions & Features 4 3.0 Getting Started 5 4.0 Taking Mail & Telephone Order Payments 7 5. 0 'Pay

More information

VAT FILING ON LINE WITH SAGE

VAT FILING ON LINE WITH SAGE VAT FILING ON LINE WITH SAGE Wednesday 17 th February 2010 Wynnstay Hotel & Spa Presented by June Horne of Sage (UK) Limited Sage (UK) Limited Page 1 of 14 JH 11/09 chartered accountants Vital Support

More information

Synergist Spotlight on

Synergist Spotlight on Synergist Spotlight on Improving the appearance of Synergist Quotations Sending out a quotation document produced by Synergist can involve some trial and error. Although the output should hopefully look

More information

Online Store order process within SAP 2 nd December 2013

Online Store order process within SAP 2 nd December 2013 Information Systems Services Online Store order process within SAP 2 nd December 2013 Contents Overview of functionality within SAP... 2 Store transaction / order reporting... 2 Printing invoices... 3

More information

Sales Order Processing new features

Sales Order Processing new features Sage 200 Accounts v2009 is supplied with a new help system. The new help system is complemented by a comprehensive search facility across all of the accounting modules. We have provided this Sage 200 v5.1

More information

National Occupational Standards in Accounting

National Occupational Standards in Accounting National Occupational Standards in Accounting 2 ACCOUNTANCY OCCUPATIONALS STANDARDS GROUP (AOSG) Contents Introduction to the Accounting Standards...4 Accounting Qualification Framework...6 Accounting

More information

WHAT SHOULD YOUR TERMS AND CONDITIONS INCLUDE?

WHAT SHOULD YOUR TERMS AND CONDITIONS INCLUDE? WHAT SHOULD YOUR TERMS AND CONDITIONS INCLUDE? The date of the contract. The names and addresses of the parties. When the contract is to start. Duration? Fixed term or ended by notice? Set out the background

More information

Chapter 5. Accounting for merchandising operations. Appendix 5A: Periodic inventory system

Chapter 5. Accounting for merchandising operations. Appendix 5A: Periodic inventory system 1 Chapter 5 Accounting for merchandising operations Appendix 5A: Periodic inventory system 2 Learning objectives 1. Record purchase and sales transactions under the periodic inventory system 2. Prepare

More information

Moving from Sage 50 Accounts to Sage 200 Standard Online

Moving from Sage 50 Accounts to Sage 200 Standard Online Moving from Sage 50 Accounts to Sage 200 Standard Online 2 Contents Contents Software that grows with your business...4 Straightforward online accounting...5 Reasons to upgrade...6 Financials - Managing

More information

Reference Manual Agresso Accounts Payable

Reference Manual Agresso Accounts Payable Reference Manual Agresso Accounts Payable Contents Project background...1 Why Agresso?...1 Viewing Supplier Details...2 Scanning Invoices...5 Load Invoices...5 Invoice Registration...7 Overview...7 Purchase

More information

CFAWB7 Sell your products or services on the Internet

CFAWB7 Sell your products or services on the Internet Overview Businesses use the Internet to carry out business, market, and buy and sell products or services to a wider audience. E-commerce, e-business and e- trading are terms used to describe business

More information

Accounts. Step by Step Data Setup Wizard and How to Guide. online

Accounts. Step by Step Data Setup Wizard and How to Guide. online online Accounts Step by Step Data Setup Wizard and How to Guide Main Tel. 0845 450 7304 Support Tel. 0844 484 9412 Email info@liquidaccounts.com Free 30day trial www.liquidaccounts.com Page 1 Online Accounts

More information

Sage One Online accounts for start-ups and small businesses

Sage One Online accounts for start-ups and small businesses Sage One Online accounts for start-ups and small businesses About Sage One Sage One is a family of online accounts software that helps you manage your business finances. Designed for UK businesses, there

More information

Project Bank Account Awareness

Project Bank Account Awareness Project Bank Account Awareness Background of Fair Payment and PBAs PBAs explained Business Case Perceptions v reality HA forecast take up Impact on HA & the extended the supply chain Responsibilities KPIs

More information

ProStix Smartstore Training Manual - Accounts Payable. 2014 Sterland Computing

ProStix Smartstore Training Manual - Accounts Payable. 2014 Sterland Computing ProStix Smartstore Training Manual - Accounts Payable Contents 3 Table of Contents Accounts Payable 4 1 Introduction to... Accounts Payable 4 2 Accounts Payable... Terminology 6 3 PreRequisites... 9 4

More information

SKF Requirements for Invoices and Delivery Notes

SKF Requirements for Invoices and Delivery Notes SKF Requirements for Invoices and Delivery Notes 2 (14) Table of contents 1 Purpose... 3 2 General... 3 3 Invoice information elements... 4 4 Required information elements for invoices to SKF... 5 5 Detailed

More information

Bookkeeping and Accounting

Bookkeeping and Accounting Bookkeeping and Accounting within the Business Skills suite Unit Title: Preparing and recording financial documentation OCR unit number: M6 Unit reference number: J/600/8758 Level: 2 Credit value: 2 Guided

More information

NHS South Tees CCG. Lease Car Policy

NHS South Tees CCG. Lease Car Policy NHS South Tees CCG Lease Car Policy Policy Title: Lease Car Policy Date: July 2013 1. Introduction NHS South Tees CCG Guide to Scheme Principles and Conditions for Employees NHS South Tees CCG has in operation

More information

IAB LEVEL 1 AWARD IN COMPUTERISED BOOKKEEPING

IAB LEVEL 1 AWARD IN COMPUTERISED BOOKKEEPING IAB LEVEL 1 AWARD IN COMPUTERISED BOOKKEEPING Qualification Accreditation Number 500/9405/1 (Accreditation end date 31 st December 2012) CONTENTS QUALIFICATION SPECIFICATION 1. Introduction 2. Aims 3.

More information

Comparison Report. Landmark KEYPrime Advanced. Between. And

Comparison Report. Landmark KEYPrime Advanced. Between. And Comparison Report Between Landmark KEYPrime Advanced And Sage 50 Professional 2012 INDEX Table of contents Introduction.3 Summary Comparison 4 Screen Layouts and Menus...4 Setting Up 4-5 Financial Reporting

More information

Release Notes: BUSINESS PRO GENERAL LEDGER VERSION 3.0 BUSINESS PRO ACCOUNTS PAYABLE VERSION 4.0

Release Notes: BUSINESS PRO GENERAL LEDGER VERSION 3.0 BUSINESS PRO ACCOUNTS PAYABLE VERSION 4.0 Release Notes: HISTORICAL JE BATCH REPORT Allows retrieval of batches for all source types that are posted to the General Ledger. The Historical Journal Entry Batch selections are by Company, Branch, Dept,

More information

Release 392. Exact Globe Inventory

Release 392. Exact Globe Inventory Release 392 Exact Globe Inventory release 392 Exact Globe Inventory EXACT GLOBE INVENTORY The information provided in this manual is intended for internal use by or within the organization of the customer

More information

Setting up a Website. Creating your website on the Herts @UK emarketplace

Setting up a Website. Creating your website on the Herts @UK emarketplace Creating your website on the Herts @UK emarketplace 1 Contents Creating your website on the Herts @UK emarketplace...1 Step 1 Setting up a site...3 1. Registering for an @UK Website...6 Step 2 Create your

More information

Sage 200 v5.10 What s New At a Glance

Sage 200 v5.10 What s New At a Glance Introducing Sage 200 v5.10 Sage 200 v5.10 What s New At a Glance Sage 200 v5.10 sees the release of a number of new features including support for Microsoft Vista (Business and Ultimate Edition) and Microsoft

More information

Your Guide to setting up Sage One Accounting from your Accountant. Setting Up Sage One Accounting

Your Guide to setting up Sage One Accounting from your Accountant. Setting Up Sage One Accounting Your Guide to setting up Sage One Accounting from your Accountant Setting Up Sage One Accounting 1 Contents Introduction Introduction...3 Quick Start Guide entering key business information...4 Set Up

More information

Section 1 School Bank Account

Section 1 School Bank Account Section 1 School Bank Account 1. Introduction All schools operate a local bank account, which allows them to pay for all costs directly, including employee s salaries. The proper administration of bank

More information

ROSSENDALE BOROUGH COUNCIL SUNDRY DEBT MANAGEMENT - POLICY STATEMENT

ROSSENDALE BOROUGH COUNCIL SUNDRY DEBT MANAGEMENT - POLICY STATEMENT ROSSENDALE BOROUGH COUNCIL SUNDRY DEBT MANAGEMENT - POLICY STATEMENT 1. Introduction 1.1. The principal objective for any debt recovery policy must be the maximum conversion of outstanding debt into cash

More information

Changing from Accrual to Cash Accounting

Changing from Accrual to Cash Accounting Changing from Accrual to Cash Accounting Contents About Changing from Accrual to Cash Accounting Description of Accounting Methods Creating a Client Disb Expense (5010) Account Adjusting GST/Vat and Sales

More information

DRAFT PROCUREMENT AND TENDERING PROCEDURES. (Revised October 2006)

DRAFT PROCUREMENT AND TENDERING PROCEDURES. (Revised October 2006) DRAFT PROCUREMENT AND TENDERING PROCEDURES (Revised October 2006) Contents Page 1. Purpose of Document 2 2. Objectives of Procedures 2 3. Procurement of Supplies and Services 2 4. Invoice Processing 4

More information

Feature List. Freight.Ware for Brokers. Included Features: 1 P a g e. 5501 NE 109 th Court Suite H Vancouver, Wa 98662 * (360) 896-6699 *

Feature List. Freight.Ware for Brokers. Included Features: 1 P a g e. 5501 NE 109 th Court Suite H Vancouver, Wa 98662 * (360) 896-6699 * Freight.Ware for Brokers Included Features: Explorer Style menu system Menu-Level Security SQL Server 2005 / 2008 based Full-charge integrated Accounting Management Information Center Optional Mileage

More information

Purchase Order Processing new features. Order entry Generate list of suggested purchases Print the negotiation reports Amend a suggested order

Purchase Order Processing new features. Order entry Generate list of suggested purchases Print the negotiation reports Amend a suggested order Sage 200 Accounts v2009 is supplied with a new help system. The new help system is complemented by a comprehensive search facility across all of the accounting modules. We have provided this Sage 200 v5.1

More information

Higher National Unit specification. General information for centres. Unit title: Using Financial Accounting Software. Unit code: F7JP 34

Higher National Unit specification. General information for centres. Unit title: Using Financial Accounting Software. Unit code: F7JP 34 Higher National Unit specification General information for centres Unit title: Using Financial Accounting Software Unit code: F7JP 34 Unit purpose: This Unit is designed to enable candidates to use a commercial

More information

Client Information. Terms & Conditions. www.nockolds.co.uk

Client Information. Terms & Conditions. www.nockolds.co.uk Client Information Terms & Conditions? www.nockolds.co.uk 1. Introduction As from 1 June 2012 all work we do for you is governed by these terms of business. Attached to these terms is a letter that contains

More information

CLOUD ACCOUNTING ADVICE FOR YOUR CLIENTS?

CLOUD ACCOUNTING ADVICE FOR YOUR CLIENTS? CLOUD ACCOUNTING ADVICE FOR YOUR CLIENTS? Some key questions to ask before you do As an established professional accountant and trusted adviser you may well be asked by your clients to help them decide

More information

Processing Value Added Tax (Schools)

Processing Value Added Tax (Schools) Processing Value Added Tax (Schools) June 2015 Issued by the Chief Accountant s Team. For any queries on these procedures please email financetrainingteam@kent.gov.uk Processing Value Added Tax (VAT) Introduction

More information

e-invoicing Supplier On-boarding Pack

e-invoicing Supplier On-boarding Pack e-invoicing Supplier On-boarding Pack A straightforward, universal solution What is e-invoicing? E-Invoicing (e-billing) is a web based service that facilitates the secure exchange of information between

More information

PeopleSoft Training Notes. Accounts Payable New Forms and Best Practice

PeopleSoft Training Notes. Accounts Payable New Forms and Best Practice PeopleSoft Training Notes Accounts Payable New Forms and Best Practice FINANCIAL SERVICES FINANCE & RESOURCES OFFICE CENTRAL ADMINISTRATION UNIVERSITY OF WESTERN AUSTRALIA FINANCIAL SERVICES (M449) UNIVERSITY

More information

Point Of Sale Payment Processing

Point Of Sale Payment Processing Point Of Sale Payment Processing TechStorm http://www.gotechstorm.com/howto/pos.pdf Contents Point of Sale Payment Processing... 3 Transaction Flow for processing sales... 3 Barcode Scan an Item... 3 Choose

More information

Your guide to the Internet Service for Receivable Finance (ereceivable Finance)

Your guide to the Internet Service for Receivable Finance (ereceivable Finance) Issued by HSBC Bank Middle East Limited, PO Box 66, Dubai, UAE. Regulated by the Jersey Financial Services Commission. Visit our website at https://www.hsbc.ae Enter the User ID which begins with AEIF.

More information

Complete an Expenses Claim Form

Complete an Expenses Claim Form Complete an Expenses Claim Form This How To document gives an overview of the important steps to take when completing a University Expenses Claim Form. The form is available to download from the Finance

More information

OISC Model Documents. Adviser Guidance. Codes 62 to 69 set standards to be met in the management of finances.

OISC Model Documents. Adviser Guidance. Codes 62 to 69 set standards to be met in the management of finances. Adviser Guidance Client Money and the Client Account Codes 62 to 69 set standards to be met in the management of finances. The OISC considers clear and comprehensive financial management to be a key indicator

More information

CCM Enterprise Business Management Software - Functional Schema

CCM Enterprise Business Management Software - Functional Schema CCM Enterprise Business Management Software - Functional Schema Sales Progressing Business Development SALES SALES Products Planning Supplies Supplies Accounting Operations Stock System Administration

More information

Managing your finances with Sage 50 Accounts Professional

Managing your finances with Sage 50 Accounts Professional Detailed features of Sage 50 Accounts Professional Online (Software as a Service (Saas)) Managing your finances with Sage 50 Accounts Professional Manage all your VAT tasks in one place With our new VAT

More information

Sole Trader Guide. A complete accountancy service for the small business across the United Kingdom

Sole Trader Guide. A complete accountancy service for the small business across the United Kingdom Sole Trader Guide A complete accountancy service for the small business across the United Kingdom What is a sole trader A sole trader business (being self-employed) is the most simple business type and

More information

UNIVERSITY OF ST ANDREWS

UNIVERSITY OF ST ANDREWS UNIVERSITY OF ST ANDREWS CORPORATE CARD POLICY Version 5 Last updated by Michele Merrington (18.10.2015) 1. Introduction... 2 2. Application... 2 3. Compliance... 3 3.1. Cash Withdrawals... 3 4. Prevention

More information

TERMS AND CONDITIONS PENSION ANNUITY.

TERMS AND CONDITIONS PENSION ANNUITY. TERMS AND CONDITIONS PENSION ANNUITY. This document is intended for reference both before and after the annuity has been bought. If you are looking at it before buying, we recommend that you also read

More information

Documents to daybooks

Documents to daybooks 1 Documents to daybooks w h a t t h i s c h a p t e r c o v e r s... This chapter: shows the ways in which information about financial transactions such as sales and purchases is shown on invoices and

More information

Finance Procedure 2.11 PURCHASING & ACCOUNTS PAYABLE PROCEDURE CENTRAL OFFICE

Finance Procedure 2.11 PURCHASING & ACCOUNTS PAYABLE PROCEDURE CENTRAL OFFICE Finance Procedure 2.11 PURCHASING & ACCOUNTS PAYABLE PROCEDURE CENTRAL OFFICE FP2.11 Version 003 Sept14 1.0 INTRODUCTION This procedure sets out the finance processes and responsibilities for administering

More information

Direct payments finance and pre-paid cards

Direct payments finance and pre-paid cards MERTON COUNCIL Direct payments finance and pre-paid cards www.merton.gov.uk Your pre-paid card Your new pre-paid card, provided by Merton Council and Advanced Payments Solutions Limited, will be loaded

More information

Management of Accounts Receivable

Management of Accounts Receivable Management of Accounts Receivable December 1997 Contents Preface Introduction The Accounts Receivable Process Re-Engineering Accounts Receivable Risk Management Use of Advanced Technology Debt Collection

More information

FINANCIAL PROCEDURES. Belfast Music Society

FINANCIAL PROCEDURES. Belfast Music Society FINANCIAL PROCEDURES Belfast Music Society CONTENTS Purpose of document 1. Ordering supplies and services 2. Payment authorisation 3. Cheque writing and signing 4. Handling of cash 5. Salaries, payroll

More information

WOOD: Business Accounting Basics, 01 CHAPTER 5. Value added tax

WOOD: Business Accounting Basics, 01 CHAPTER 5. Value added tax CHAPTER 5 Value added tax Learning objectives By the end of this chapter you should be able to: Calculate the level of VAT for inclusion on an invoice Ascertain the VAT liability of a business through

More information

TAKING AWAY THE HASSLE OF KEEPING THE BOOKS

TAKING AWAY THE HASSLE OF KEEPING THE BOOKS TAKING AWAY THE HASSLE OF KEEPING THE BOOKS 2 LESLIE ERIERA & CO PAPERWORK AAAAARGHHHH Every business owner hates bookkeeping and paperwork. Unfortunately it has to be done. And it has to be done in a

More information

Getting started with Sage Accounts The online retailers guide

Getting started with Sage Accounts The online retailers guide Getting started with Sage Accounts The online retailers guide Contents Overview... 3 Which Sage Accounts package to use?... 3 Configuring Sage Accounts... 5 Nominal Codes... 5 Departments... 7 Bank Accounts...

More information

Key Feature. VAT Insight Issue No. 2012/04 December 2012. New VAT invoicing rules to apply in Malta. Applicable rules for invoicing

Key Feature. VAT Insight Issue No. 2012/04 December 2012. New VAT invoicing rules to apply in Malta. Applicable rules for invoicing Malta Tax Services New VAT invoicing rules Key features VAT Insight Issue No. 2012/04 December 2012 Contents: Overview Applicable rules for invoicing Content of invoices Deadline for issuance of invoices

More information

ACCOUNTS RECEIVABLE OPTION 100

ACCOUNTS RECEIVABLE OPTION 100 ACCOUNTS RECEIVABLE OPTION 100 The Accounts Receivable (AR) Menu contains functions for managing and documenting customer and other payments. Several options allow you to search for and display transaction

More information

Tools & Resources. A Guide to Managing your Invoice Discounting Account. How to get the most out of your Invoice Finance service

Tools & Resources. A Guide to Managing your Invoice Discounting Account. How to get the most out of your Invoice Finance service Tools & Resources A Guide to Managing your Invoice Discounting Account How to get the most out of your Invoice Finance service 2 Introduction This guide is designed to help you understand the actions you

More information

Aplicor assumes no liability with respect to the use of the information contained herein which is provided as is and there are no warranties of any

Aplicor assumes no liability with respect to the use of the information contained herein which is provided as is and there are no warranties of any Aplicor assumes no liability with respect to the use of the information contained herein which is provided as is and there are no warranties of any kind provided by Aplicor with respect to this document.

More information

Welcome to Exchequer Solutions Ltd

Welcome to Exchequer Solutions Ltd solutions CIS (SELF-EMPLOYED) Welcome to Exchequer Solutions Ltd Established in 2003, Exchequer Solutions is a commercial contractor offering construction services. We are vastly experienced in working

More information

Finance and accounting skills for business growth

Finance and accounting skills for business growth Finance and accounting skills for business growth Contents 4 6 7 9 10 12 14 18 18 21 22 24 26 28 30 32 35 AAT qualifications AAT delivering finance skills that add value Training solutions for your business

More information

Introducing new Sage One Accounting

Introducing new Sage One Accounting Sage One Accounting Introducing new Sage One Accounting Sage One Accounting is an online accounting service for small businesses that want to manage international trade easily, control how they share accounts

More information

Purchase Order Processing

Purchase Order Processing Purchase Order Processing The Purchase Order Processing system is concerned with the production and management of orders placed with suppliers of materials, plant, etc and the subsequent matching with

More information

terms and conditions for business

terms and conditions for business Version 10.1, December 2013 terms and conditions for business britishgas.co.uk/business Contents 1.0 This contract 4 2.0 Charges 6 3.0 Payment and billing 10 4.0 Security deposit 12 5.0 Meters and access

More information

How to Define Authorizations

How to Define Authorizations SAP Business One How-To Guide PUBLIC How to Define Authorizations Applicable Release: SAP Business One 8.8 All Countries English September 2009 Table of Contents Introduction... 3 Authorizations Window...

More information

2. A service company earns net income by buying and selling merchandise. Ans: False

2. A service company earns net income by buying and selling merchandise. Ans: False Chapter 6: Accounting For Merchandising Activities True/False 1. Merchandise consists of products that a company acquires for the purpose of reselling them to customers. 2. A service company earns net

More information

Reporting on Point of Sale

Reporting on Point of Sale Reporting on Point of Sale What is a Point of Sale Session? In Point-of-Sale, a Session is simply a period of time during which you make sales and receive payment. If these sessions are broken down into

More information

Point of Sale Setting up Point of Sale User Guide (POS)

Point of Sale Setting up Point of Sale User Guide (POS) Point of Sale Setting up Point of Sale User Guide (POS) Page 1 of 11 Table of Contents Setting up Point of Sale for the first time... 4 Point of Sale Activation... 4 Point of Sale Security Settings...

More information

Sage One Accounts Extra

Sage One Accounts Extra Sage One Accounts Extra guide Introducing new Sage One Accounts Extra Sage One Accounts Extra is an online accounting service for small businesses that want to manage international trade easily, control

More information

Value Added Tax (VAT)

Value Added Tax (VAT) Value Added Tax (VAT) 1. Introduction 1.1 Local Authorities pay VAT on goods and services but the authority is entitled to a refund of the difference between the VAT on purchases and the VAT on income.

More information