Managing your Finances
Managing your finances
With Sage 50 Accounts 2010, managing your day-to-day finances, such as keeping track on what goes in and out, is really easy.
You simply enter information once and all the double entry details are filled in automatically, with reports and summaries updated at the same time.
By keeping thing simple, doing your accounts isn't such a time-consuming job.
The same goes for VAT. It may not be your favourite task, but Sage 50 Accounts 2010 will help you keep on top of those VAT returns, making sure you're keeping the right records and calculating your VAT correctly.
What's new and improved?
With Sage 50 Accounts 2010, you'll find all the information and actions you need to prepare, generate and reconcile your VAT returns in once place so you can stay on track.
Sage are already helping thousands of UK businesses successfully submit information and payments to NH Revenue & Customs (HMRC) online with our Payroll and CIS software. Now they have introduced the same proven technology into Sage 50 Accounts 2010 to help you submit your VAT returns online with complete peace of mind and minimum effort.
And because Sage 50 Accounts 2010 software has been fully tested and achieved recognition for filing VAT returns (VAT 100 and VAT 101) from HMRC, you can be sure you're recording and submitting the right information securely.
There are a number of reasons why you may have to adjust the figures in your VAT return before sending them off to HMRC. Your accountant may perform or send through corrections, or your business may use non-standard VAT schemes.
Whatever you need to adjust, Sage 50 Accounts 2010 makes it simple and straightforward. You can record the amount, together with the reasons for each adjustment to help you and your accountant reconcile the changes and account for them when facing inspections from the HMRC.
Because each transaction is now flagged with a unique VAT return number and stored along with complete histories of your VAT returns, they're always easy to trace when it comes to audits from your accountant or inspections by HMRC - and that could save you a great deal of time and hassle.
Trading in the European Community
You can now see your EC Sales list as an onscreen report, helping you identify and automatically calculate the value of sales to individual customers.
Helping you to deal with VAT changes as a result of 'carousel fraud'
Legislation to combat VAT 'Carousel' fraud was introduced on 1 June 2007. This means if you trade mobile phones or computer chips with a total net value of more than £5,000 with other VAT registered companies, you'll need to change the way you record and report that trade for VAT purposes.
With Sage 50 Accounts 2010, Sage have made it even simpler for you to account for this kind of transaction. You can now generate the relevant reports on screen and submit them directly to HMRC; saving you time and helping you record the right information.
Available in Sage 50 Accountant Plus and Financial Controller.
For full details click here.
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