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Thursday 21 November 2013
After the accounting period of a business and its time to pay VAT, the following steps explain how we can easily pay VAT to a particular VAT agency in QuickBooks Accounting Software.
The File VAT window is use to file your VAT and pay your VAT bill.
Note: Don't pay your VAT using the Write Cheques or Pay Bills windows, as this will cause errors in your bookkeeping and in your VAT reports.
There are two parts, they are:
Part A: How to File VAT Return
Part B: How to Pay VAT
The File VAT window is use to file your VAT and pay your VAT bill.
Note: Don't pay your VAT using the Write Cheques or Pay Bills windows, as this will cause errors in your bookkeeping and in your VAT reports.
There are two parts, they are:
Part A: How to File VAT Return
Part B: How to Pay VAT
Part
A: How to File VAT Return Using (Ferm Tax Agency)
1) Click VAT at the
menu bar and select ‘File VAT’ from the drop down list
2) The ‘File VAT’ window
below appears
Click the drop down
arrow at the top of the window (VAT Agency) and select the VAT agency. Here,
‘Ferm Tax Agency’ is selected.
3) Set the date
4) Click ‘File Return’
at the bottom of the window to complete the task
An information message
appear asking if you would like to print your VAT Return before filing
5) Preview of Ferm Tax
Agency VAT Return
Part B: How to Pay VAT
1) Open the ‘Pay Bill’
window (Click Suppliers at the top of the window and select ‘Pay Bill’ from the
drown list)
2) The ‘Pay Bill’
window below appears. Click the bill you want to pay from the list by clicking
the box.
A: Select the bill by
ticking the box
B: Click ‘Pay Selected
Bills’ at the bottom of the window to continue the task
3) An information
message appears telling you the ‘payment has been successfully paid’
The following steps show how you can import your company
logo to your sales documents (Invoice, Sales Receipt, Estimates, etc.) Either before printing it or sending it
through email.
Example: Importing a company logo into a sales receipt before printing
1) Click ‘Customer’ at the menu bar and select
‘Enter Sales Receipt from the drop down list
2) The ‘Enter Sales Receipt’ window below appears
Click ‘Formatting’ at the top of the window and select 'Manage Templates'
3) The ‘Manage Templates’ window below appears
Select the template of your choice and click
OK below the window.
4) The ‘Basic Customisation’ window below appears
Tick the ‘Use logo’ button box and click ‘Select
Logo’
Automatically, a dialog box appears telling
you to get the logo from the desktop.
Select the logo and click ‘Open’ below the
window.
Here, Picture 1 is selected
5) Click
‘Print Preview below ‘Basic Customisation’ window in order to check if the logo
has appeared at the top of the receipt.
The following steps show how to check VAT reports on sales and purchases for a particular VAT agency before filing and paying the VAT to its agent.
1) Click VAT and the menu bar and select ‘VAT Detail Report’ from the drop down list.
2) The ‘VAT Detail Report’ window below appears.
3) Set the date of the report and click refresh at the top of the window
4) The VAT Detail Report for Ferm Tax Agency
1) Click VAT and the menu bar and select ‘VAT Detail Report’ from the drop down list.
2) The ‘VAT Detail Report’ window below appears.
3) Set the date of the report and click refresh at the top of the window
4) The VAT Detail Report for Ferm Tax Agency
Wednesday 20 November 2013
The following steps explain how you can easily add a new agency, a new VAT rate, and tracking accounts in QuickBooks.
1) From the ‘Manage VAT’ window, click ‘Change VAT Setup’ at the right side of the window
1) From the ‘Manage VAT’ window, click ‘Change VAT Setup’ at the right side of the window
2) A window titled
‘VAT Setup Wizard’ below open.
Select ‘Add a new tax,
including a new agency and accounts’ by clicking the belly button
Click ‘Next’ below the
window to continue
3) The ‘Create a new
tax and agency’ window below appears
A: Enter the name of
the tax in the box e.g. Lag Tax
B: Click the drop down
arrow and select from the list the reporting period according to the rules and
regulations of the government. Monthly, Bi-Monthly, Quarterly, Bi-Annual, and
Annual.
C: Enter the name of
the agency in the box. E.g. Lag Tax Agency
D: Enter the name to
be printed on cheque in the box
E: Select from the list
the one suitable to your business
F: Click ‘Next’ at the
bottom of the window after filling in the necessary information.
4: The next window below
appears
Select the checkbox to
apply this tax to sales and purchases. Check both boxes to apply it to both and
fill in the necessary information.
Click ‘Next’ below the
window to continue
5: The next window
below appears
Enter the sales rate
in the box
Click ‘Next’ below the
window to continue
6) The Next window
below appears. Assign a VAT code for this rate.
A: Enter the code in
the box
B: Select from the
options the one suitable to your business
Click ‘Next’ to
continue
7: The Summary of the
changes made.
Click ‘Finish’ to
complete this task
Tuesday 19 November 2013
Do you collect VAT in your business? If Yes, QuickBooks helps automate your VAT tracking so you can keep accurate records about the VAT you collect and pay.
Note: Before you setup VAT in QuickBooks, you need to consult your accountant or government VAT agency about the rules and regulations for collecting and paying VAT in your area.
In the next few days, I will be posting some topics on how to manage VAT in your business using QuickBooks Accounting Software.
Note: Before you setup VAT in QuickBooks, you need to consult your accountant or government VAT agency about the rules and regulations for collecting and paying VAT in your area.
In the next few days, I will be posting some topics on how to manage VAT in your business using QuickBooks Accounting Software.
1) Click VAT at the menu bar and select
‘Manage VAT from the drop down list
2) The VAT window interface (Manage VAT
window)
QuickBooks enables you to create users and assign roles in a company file.
“Users” in QuickBooks are people who have access to the company file while “Roles” control the areas and activities the users have access to in QuickBooks company file. By using roles, you can keep your company file more secure by granting users access to only the activities in QuickBooks they need. You can assign multiple roles to a single user and multiple users can have the same role.
Example:
(1) David is your Accountant. You can create a role called "Accountant," set the level of access for the role, and then assign that role to David.
(2) Mrs. Theresa is the owner of the business. You can create a role called “View only,” set the level of access for the role and assign the role to Mrs. Theresa.
Note: Only the QuickBooks Administrator can create a role.
1) Click ‘Company’ at the menu bar, select Users, Setup Users and Roles
2) The Users and Roles window below appears. Click ‘New’ to add a new user
3) A window titled ‘New User’ appears.
A: Enter the name of the user in the box
B: Enter the user’s password
C: The list or roles already created in the company file
D: Click ‘Add’ after choosing the role you want to assign to the user
E: These are roles that are already created in the company file
F: The roles assigned to the user are listed in the box
G: View-Only is selected as the role of the managing director
H: The details of the role selected is shown in the box
I: Click OK to continue after filling in the necessary information
4) The user (Managing Director) created, automatically appears in the users list. The role assigned to the user is shown below the window because the user is selected.
Click Close below to window.
Check
a) Close the company file (Click File at the menu bar and select ‘Close Company/Log off) from the drop down list)
b) Reopen the same company file (Select the company file from the list and click Open)
c) The QuickBooks Login window appears telling you to enter a username and a password to log in to the company. Enter the correct username and the password and click OK
Note: If you type wrong information, an information message will appear telling you about the wrong details you input.
d)
When the company file open, click ‘File” at the menu
bar, select ‘Users’, View Users
Note: Managing Director (Logged on)
e) The managing director cannot do anything on the company file because his role is to view only. If he/she tries to do anything apart from the role given, an information message appears.
“Users” in QuickBooks are people who have access to the company file while “Roles” control the areas and activities the users have access to in QuickBooks company file. By using roles, you can keep your company file more secure by granting users access to only the activities in QuickBooks they need. You can assign multiple roles to a single user and multiple users can have the same role.
Example:
(1) David is your Accountant. You can create a role called "Accountant," set the level of access for the role, and then assign that role to David.
(2) Mrs. Theresa is the owner of the business. You can create a role called “View only,” set the level of access for the role and assign the role to Mrs. Theresa.
Note: Only the QuickBooks Administrator can create a role.
1) Click ‘Company’ at the menu bar, select Users, Setup Users and Roles
2) The Users and Roles window below appears. Click ‘New’ to add a new user
3) A window titled ‘New User’ appears.
A: Enter the name of the user in the box
B: Enter the user’s password
C: The list or roles already created in the company file
D: Click ‘Add’ after choosing the role you want to assign to the user
E: These are roles that are already created in the company file
F: The roles assigned to the user are listed in the box
G: View-Only is selected as the role of the managing director
H: The details of the role selected is shown in the box
I: Click OK to continue after filling in the necessary information
4) The user (Managing Director) created, automatically appears in the users list. The role assigned to the user is shown below the window because the user is selected.
Click Close below to window.
Check
a) Close the company file (Click File at the menu bar and select ‘Close Company/Log off) from the drop down list)
b) Reopen the same company file (Select the company file from the list and click Open)
c) The QuickBooks Login window appears telling you to enter a username and a password to log in to the company. Enter the correct username and the password and click OK
Note: If you type wrong information, an information message will appear telling you about the wrong details you input.
Note: Managing Director (Logged on)
e) The managing director cannot do anything on the company file because his role is to view only. If he/she tries to do anything apart from the role given, an information message appears.
Monday 4 November 2013
Continue from my last post (Portable Company File in QuickBooks) on how to create portable company file in QuickBooks, this post will teach you how to restore a portable company file.
Portable company file does not contain related files such as letters, logos, images, and templates unlike backup, but only consist of your company file financial data. When you want to restore the financial data, QuickBooks uncompress the file and then rebuilds your company file.
Follow the steps below:
1) Click ‘File’ at the menu bar and select ‘Open or Restore Company’ from the drop down list.
2) The ‘Open or Restore Company’ window below appears.
Select ‘Restore a portable file’ by clicking the belly button.
Click ‘Next’ below the window to
continue.
3) A window titled ‘Open Portable Company File’ below appears showing the list of portable company files already created in QuickBooks.
Select from the list the portable company file you want to restore.
Click ‘Open’ to continue
4) A window ‘Open or Restore Company’ window below appears, asking you where you want to save the new restored company file.
Note: Do not overwrite your existing company file with this restored one, instead rename the file to a name that is not being used yet.
Click ‘Next’ to continue.
5)
A window titled ‘Save Company File as’ below
appears, telling you to choose where the portable
restored company file will be saved and also to rename the newly restored
company file to a name that is not being used in order not to overwrite the
existing company file.
NOTE: Never restore a
company file without renaming it first unless you intend to overwrite your
existing company file. If you do so, you will lose all data in your existing
company file.
If you did not rename the newly restored file and you click ‘Save’ to continue, an information message window titled ‘Confirm Save As’ will open telling you the company name already exist and also asking whether you want to replace it or not.
Click ‘Yes’ to replace the existing company file to the newly restored file
Click ‘No’ to go back to the previous window in order to rename the company name.
Portable company file does not contain related files such as letters, logos, images, and templates unlike backup, but only consist of your company file financial data. When you want to restore the financial data, QuickBooks uncompress the file and then rebuilds your company file.
Follow the steps below:
1) Click ‘File’ at the menu bar and select ‘Open or Restore Company’ from the drop down list.
2) The ‘Open or Restore Company’ window below appears.
Select ‘Restore a portable file’ by clicking the belly button.
3) A window titled ‘Open Portable Company File’ below appears showing the list of portable company files already created in QuickBooks.
Select from the list the portable company file you want to restore.
Click ‘Open’ to continue
4) A window ‘Open or Restore Company’ window below appears, asking you where you want to save the new restored company file.
Note: Do not overwrite your existing company file with this restored one, instead rename the file to a name that is not being used yet.
Click ‘Next’ to continue.
If you did not rename the newly restored file and you click ‘Save’ to continue, an information message window titled ‘Confirm Save As’ will open telling you the company name already exist and also asking whether you want to replace it or not.
Click ‘Yes’ to replace the existing company file to the newly restored file
Click ‘No’ to go back to the previous window in order to rename the company name.
Portable company file is a compact version of your company file containing only financial data, and is small enough to be sent by email or saved to a device. You can use portable company file whenever you want to change your company financial data to another location or send it to another person.
Portable company file doesn’t contain related files such as letters, logos, images, and templates unlike backup, but only consist of your company file financial data.
The following steps show how to create portable company file in QuickBooks:
1) Click ‘File’ at the menu bar and select ‘Create Copy’ from the drop down list
2) A window titled ‘Save Copy or Backup’ window below appears.
Select ‘Portable company file’ by clicking the belly button.
3) 'Save Portable Company File’ window below appears. Choose where you want the company file to be saved in your computer, Click ‘Save’ at the bottom of the window to save the file.
4) An information message window titled ‘Close and Open’ appear telling you that QuickBooks must close and reopen your company file before creating a portable file.
Click OK to continue.
Portable company file doesn’t contain related files such as letters, logos, images, and templates unlike backup, but only consist of your company file financial data.
The following steps show how to create portable company file in QuickBooks:
1) Click ‘File’ at the menu bar and select ‘Create Copy’ from the drop down list
2) A window titled ‘Save Copy or Backup’ window below appears.
Select ‘Portable company file’ by clicking the belly button.
3) 'Save Portable Company File’ window below appears. Choose where you want the company file to be saved in your computer, Click ‘Save’ at the bottom of the window to save the file.
4) An information message window titled ‘Close and Open’ appear telling you that QuickBooks must close and reopen your company file before creating a portable file.
Click OK to continue.
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