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Setting Up Default Data in Earnings Tracker |
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Note: You must be logged on to Earnings Tracker to be able to set up default data (values). The default data functionality is intended to enable you to set up values that do not generally change on a monthly basis, for example, your salary will almost certainly remain the same for several months at a time, and the corporation tax rate may remain the same for several years. These values are then automatically loaded into fields when, for example, you add a month in Earnings Tracker. When you first register and log in you are asked to set up your default data before doing anything else. Sometimes, after you have logged in, you are prompted to confirm these values. This happens when the application is used by multiple users on the same machine (not simultaneously). Earnings Tracker can recognise when the current user is different from the previous user, and prompts for confirmation of the values. To set default values:
Gross Monthly SalaryEnter the combined monthly salary for all the employees in your company. VAT Rate (Percentage)Enter the VAT Rate percentage, for example, 15, 15.00, or 18.5. Do not enter the percentage sign, that is to say, do not enter 15% or 15.00%. VAT Flat Rate (Percentage)Enter the VAT Flat Rate percentage, for example, 13 or 13.00. Do not enter the percentage sign, that is to say, do not enter 13% or 13.00%. If you are not using the VAT Flat Rate Scheme, you can enter any value here and then just hide the VAT Payable and VAT Surplus columns when you view a spreadsheet. Corporation Tax (Percentage)Enter the current rate of corporation tax, for example, 21 or 21.00. Do not enter the percentage sign, that is to say, do not enter 21% or 21.00%. Monthly Accountancy FeeIf you pay your accountancy fees monthly, enter the monthly fee here. If you pay your accountancy fees annually, leave this field set to zero apart from when you add the month when you pay your fees. In that month, enter the full annual amount. Monthly RentIf you pay rent for the use of your desk or office, enter the monthly value here. If you are working from home, it may be that you charge your company a small monthly rent for the use of a desk in your home. Monthly Pension ContributionIf you make pension contributions from the company bank account, enter the monthly amount here. Include bank interest in the VAT Flat Rate Scheme CalculationCurrently, any bank interest received (on the company bank account) needs to be included in the VAT Flat Rate Scheme calculation. For this reason, this check box is selected by default. 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 here, which means that it will be automatically deselected when you add a new month. Financial YearSelect the default financial year to be used when, for example, you add a month or generate a report.
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