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Adding a New Month to Earnings Tracker |
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Earnings Tracker lets you add company revenue and spending details on a monthly and yearly basis. So you could, for example, enter values for April 2007, May 2008, August 2009, and so on. Note: You must be logged on to Earnings Tracker to be able to add a new month to the database. To add a new month:
Money Coming In (Revenue)Amount Invoiced (net)You can enter up to eight separate invoice amounts per month. If you need to enter more than that, you'll need to combine one or more invoice amounts and enter them in one box. Each invoice field must contain a value, even if it is '0'. You can also enter up to 30 characters of free format text to identify the client, and a further 30 characters of free format text, which could typically be for the invoice number. Other Revenue AmountsEnter up to six amounts of 'other revenue' received this month. This is revenue that has not been included on an invoice. This might be, for example, revenue from Google Adsense, or perhaps a tax refund that was due to you (highly unlikely, I know !!). The value you enter should be a gross amount, including any VAT if there is any. Each field must contain a value, even if it is '0'. Optionally, in the corresponding Details fields, you can enter up to 100 characters of free format to describe what the revenue is. Include the 'Other Revenue' amount in the VAT Flat Rate Scheme CalculationDepending on the source of the other revenue, you may need to select (check) this check box. Refer to the HM Customs & Excise website to see whether or not the revenue needs to be included in the VAT Flat Rate Scheme calculation. If in doubt, you should include it in the calculation to be on the safe side. Your accountant should also be able to advise you if you're unsure. Bank Interest ReceivedIf any interest has been paid into your company's bank account for this month, enter that amount in this field. This field must contain a value, even if it is '0'. Include the 'Bank Interest Received' amount in the VAT Flat Rate Scheme CalculationCurrently, any bank interest received needs to be included in the VAT Flat Rate Scheme calculation. For this reason, this check box must be selected (checked). The default setting for this check box is controlled by the default settings, and is selected by default (by the software). The reason you have the option to de-select (uncheck) this check box is so that if the law changes in the future, and bank interest does not need to be included in the VAT Flat Rate Scheme calculation, you can deselect it (without the software needing to be updated). Money Going Out (Spending)Gross Salary(ies)Enter the total gross salary bill for your company for this month. If more than one person is drawing a salary from your company, enter the combined salaries here. You can get this information from your/their payslip(s). By default, the value entered in this field is taken from the default settings. You can change it here of you want to. This field must contain a value, even if it is '0'. Income Tax on Salary(ies)Enter the amount of income tax paid this month. If multiple people are drawing salaries from your company, enter the combined income tax bill for them here. You can get this information from your/their payslip(s). This field must contain a value, even if it is '0'. Employees NI on Salary(ies)Enter the amount of employees national insurance (NI) paid this month. If multiple people are drawing salaries from your company, enter the combined NI bill for them here. You can get this information from your/their payslip(s). This field must contain a value, even if it is '0'. Employers NI on Salary(ies)Enter the amount of employers national insurance (NI) paid this month. If multiple people are drawing salaries from your company, enter the combined NI bill for them here. You can get this information from your/their payslip(s). This field must contain a value, even if it is '0'. Accountancy FeeEnter your company's monthly accountancy bill here. By default, the value entered in this field is taken from the default settings. You can change it here of you want to. If you pay your accountancy fee annually instead of monthly, you can leave this field set to zero for 11 months of the year, and just enter the full accountancy fee when you are adding the 12th month. This field must contain a value, even if it is '0'. Rent (Desk/Office)If you rent an office or a desk in an office, enter the monthly rent here. By default, the value entered in this field is taken from the default settings. You can change it here of you want to. If you pay your rent annually instead of monthly, you can leave this field set to zero for 11 months of the year, and just enter the total annual rental amount when you are adding the 12th month. This field must contain a value, even if it is '0'. Expenses TakenEnter any expenses that have been taken out of the company bank account this month, which are separate from salaries and dividend payments, for example, travel expenses. This field must contain a value, even if it is '0'. Optionally, in the Description of Expenses field, you can enter up to 100 characters of free format text to describe what the expenses are. Bank ChargesEnter any bank charges that have been paid by the company this month. This field must contain a value, even if it is '0'. Pension ContributionsEnter any pension contributions that have been paid by the company this month. By default, the value entered in this field is taken from the default settings. You can change it here of you want to. This field must contain a value, even if it is '0'. Dividend TakenIf a dividend payment has been made this month, enter it here. If dividend payments have been made to multiple shareholders, enter the combined dividend amount here. This field must contain a value, even if it is '0'. Other OutgoingsEnter any additional outgoings/deductions that will be deducted from the company bank account this month, for example, insurance premiums. This field must contain a value, even if it is '0'. Optionally, in the Description of Other Outgoings field, you can enter up to 100 characters of free format text to describe what the other outgoings are. General CommentsEnter as much free format text as you want to. Tax RatesEnter the standard rate of VAT, flat rate of VAT, and corporation tax rate. By default, the values entered in these fields are taken from the default settings. Although they are values that should very rarely change, you can change them here if you need to. Note: If you are not registered for VAT, or you are not using the VAT Flat Rate scheme, you can simply ignore (or hide) the appropriate VAT columns when you view an Earnings Tracker spreadsheet. |