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DIY Accounting Advanced Purchase Excel Spreadsheet

Self employed small business book keeping software UK

Entering the data in this small business accounts software is no more complicated than entering your financial information in 2 lists:

Simple Book keeping UK System:  Enter sales receipts on the sales excel book keeping spreadsheet

Simple Book keeping UK System:  Enter purchases on the purchase excel book keeping spreadsheet

The excel book keeping spreadsheets were designed from the simple small business bookkeeping software used for existing clients to make financial transactions fast, easy to enter and understand. Formula driven so that minimum data is entered with automated analysis producing from the book keeping system monthly profit & loss accounts, live debtor and creditor reports, self-assessment tax return and vat returns. Accountancy software reduced to its simplest form of single entry.

PURCHASES EXCEL BOOK KEEPING SPREADSHEET Part 1

Book keeping entries are only required in the blue shaded columns of this simple bookkeeping system. Small business accounts software made as simple as possible.

The cream shaded column for vat automatically calculates vat on purchase invoices at the current vat rate of 17.5%. If any purchases are at different vat rates, e.g. zero or 5% for power bills then simply overwrite the vat with the actual vat amount.

The orange shaded columns of the sales excel spreadsheet are automated and triggered by simply entering the type of receipt used to pay you. Automated small business book keeping software.

What happens to the bookkeeping information entered? 

The above excel book keeping spreadsheet totals each column for each book keeping month. The totals of each sheet are then collected by the accountancy software to complete the simple book keeping system by automatically producing the monthly profit and loss account and self assessment tax return to complete the self employed book keeping system. The purchase mileage, if recorded - it is optional - is also automatically adds in the sales mileage to the purchase mileage and calculates the mileage allowance. Mileage allowances are 40p for the first 10,000 miles and 25p thereafter and an alternative to claiming vehicle running costs including vehicle capital allowances on the fixed asset spreadsheet. This accountancy software will automatically claim 40p and change to 25p when applicable, users only have to enter the mileage covered.

The user guide that accompanies this self employed book keeping system has notes on mileage allowances and other tax tips to help save you money including household expenses that can be claimed and dealing with partner costs , tax saving tips that will be lost unless you follow the revenue ground rules carefully but will save self employed sole traders money .

Accountancy software designed to save many times the cost of buying it.

A simple  bookkeeping system so clients can spend  time saving  money, not wasting it on unnecessarily complex accountancy software.

PURCHASES EXCEL BOOK KEEPING SPREADSHEET Part 2

This area  of the book keeping software if it can be called that is fully automated. No entries are required in this area of the purchases bookkeeping which is all completed and analysed by entering a single letter in the column shown in the above Part 1 headed "Enter Expense Code Letter". The book keeping software then uses the letter entered to determine which column to place the expenditure, totals that expenditure and also transfers that total to the profit and loss account.

The expense headings used in the purchase excel spreadsheet have not been arbitrarily selected. This self employed small business book keeping software uses the same expense analysis headings as the inland revenue self assessment tax return. A solution for a simple book keeping system with notes in the book keeping system user guide as to what items should be analysed to which columns.

FIXED ASSETS AND CAPITAL TAX ALLOWANCES

Fixed items are physical items used by the business over m a period of more than one year.

Depreciation spreads the financial effect on profits over the life of the fixed asset but does not have an effect on the business tax as depreciation is disallowed as an expense. Instead the business receives a capital tax allowance on the cost of fixed assets to set against its profit. 

When the fixed asset schedule is completed the capital allowances are automatically calculated and also update the profit and loss account in the depreciation column. While depreciation is then disallowed in the self assessment tax return the same amount is then added back to the expenses as capital allowances. Capital allowances on vehicles are automatically reduced by the personal use %. 

For the financial year 6 April 2006 – 5 April 2007 50% of the cost of the asset can be set off against profits in the year purchased which is called First Year Allowance. The remaining value of the asset is then written off against future years profits at 25% of the book value remaining. The accountancy software has these percentages already written into the book keeping system.

Businesses should set a consistent policy in the treatment of fixed assets and it is suggested that only long term assets (used more than one year) and costing over £100 should be classified as “fixed”

DIY Accounting  "Small business book keeping software, simple self employed book keeping system on excel spreadsheets"

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Last modified: 03/14/08