Add a new bank account

The procedure for adding a new bank account is exactly the same as adding any other account to the Organisation's Chart of Accounts.

Follow the steps listed to add a new account, making sure to specify Assets as the Account Group and Bank Account as the Account Type. You should also ensure that the Account is Enabled.

Allow access to someone else

You can allow anyone else to access your information in AccountsPortal by following the steps listed in Adding another User.

There is no limit (and no additional charge) to the number of other users that you can give access to.

Convert from another accounting system

Note: Changes made to this part of the application can signficantly affect your data. If you are unsure, speak to your Accountant first.

If you are transferring from another accounting package, then it may be necessary to enter a Conversion Balance (which is essentially an opening balance) for all of your existing accounts.

Step 1

You must first make sure that the Conversion Date is correct in the Organisation's settings. The Conversion Date is the first date that you start to enter transactions in AccountsPortal. Once you have decided on a Conversion Date (this should be the start of a VAT reporting period, or a calender month if you are not VAT registered), ensure that your accounts from the previous system are up to date; for example, if your Conversion Date is 01 July 2009, then the accounts from the previous system should be complete up to 30 June 2009.

Step 2

Enter a Conversion Balance for each of your existing accounts.

Step 3

Enter all Sales Invoices, Purchase Invoices and Credit Notes that were still outstanding at the Conversion Date. Ensure that the date of these transactions is before the Conversion Date.

Dealing with the UK VAT rate change on 04 January 2011

IF YOU ARE VAT REGISTERED, THEN WE STRONGLY RECOMMEND THAT YOU READ THE FOLLOWING INFORMATION CAREFULLY.

On the 4th of January 2011, the standard rate of VAT changed from 17.5% to 20% in the UK.

In addition to the existing rates, the 20% rate is now available in AccountsPortal for invoices, recurring invoices, credit notes and bank transactions.

Please check the HMRC website (http://www.hmrc.gov.uk/vat/forms-rates/rates/rate-increase.htm) for specific information on how to manage invoices raised after 4 January 2011 relating to sales/services provided prior to this date. The HMRC also explains how to manage VAT on sales/services provided before and afer this date that are billed on a single invoice.

If you are registered on the Flat Rate Scheme, then you will need to create a new VAT Status before you start entering data. More information on the new VAT thresholds are available on the HMRC website: http://www.hmrc.gov.uk/vat/start/schemes/flat-rate.htm#2.

 

At midnight on the 3rd of January 2011, the following changes were automatically made:

CHART OF ACCOUNTS

All Chart of Accounts items with a default VAT rate of 17.5% were changed to 20%. For invoices dated prior to 4 January 2011, please check that you are using the correct VAT rate as the 20% rate will not default and you will need to select a rate manually.

 

RECURRING INVOICES

Most Recurring Invoice items with a VAT rate of 17.5% have been changed to 20%. If you set up your Recurring Invoices using the 'Amount include VAT' indicator, then you will need to change your Recurring Invoices and the auto-generated invoices manually. This is because it is unclear to us whether you will be continuing with the same overall value on the invoice or increasing the total by the increased VAT Amount. 

We recommend you turn off the automatic sending of emails on each recurring invoice until such time as you have verified the changes.

 

BANK IMPORT RULES

All Bank Import Rules with a VAT rate of 17.5% have been changed to 20%. If you attempt to process an imported transaction that has a date prior to 4 January 2011, then the 20% VAT rate will not be available, and you will have to specify a different VAT rate.

 

PRICE LIST ITEMS

All Price List items with a VAT rate of 17.5% have been changed to 20%. If you attempt to use a price list item that has a default VAT rate of 20% prior to 4 January 2011, then you will have to specify a different VAT rate.

Enter Salary, PAYE and NI contributions

Usually an employee is paid a net salary after certain taxes/deductions have been taken into consideration. What follows is a suggestion of how you might account for these various components.

As an example, let's assume that an employee gets paid monthly and that the following values apply:

Amount paid to employee (a)	£1150
+ PAYE (b)	£250
+ Employee NI contribution (c)	£100
= Gross Wage on payslip	£1500
+ Employer's NI contribution (d)	£150
= Total Salary Cost to Organisation	£1650

To reflect this in Accountsportal, you need to enter two transactions. Start with a Spend Money - General Payment transaction for the amount paid to the employee, followed by a Journal entry transaction to capture the taxes/deductions and show that they are payable to the HMRC at a later date.

 

1.Spend Money - General Payment transaction to reflect Amount paid to employee (e)

Proceed to enter the transaction as per the instructions in the link above. The following fields need special attention:

• Amount Spent: Enter the Amount paid to employee (a).
• Type: Type of transaction being entered which should be General. This field is automatically entered if you are processing a bank statement.
• Account: Enter the Salaries account.
• VAT Code: Select 'No VAT'.

 

 

2. Journal entry of PAYE(b) and NI(c + d)

This step will capture the taxes/deductions and show that they are payable to the HMRC at a later date. For more detail on entering journals view the instructions in the link above.

Line Item 1 raises the taxes as an expense in our books. The amount is the total of all (b) + (c) + (d). If you prefer, you could split this line into multiple debit lines to enter each category of tax/deduction against its own account.

Line Item 2 raises the liability for the amount the needs to be paid to HMRC at a later date.

 

 

At some point you will need to pay the HMRC the total amount of PAYE and NI due to them. This can also be entered as a Spend Money - General Payment transaction. In the example below, it is assumed that the HMRC is paid monthly for taxes/deductions. If you only pay quarterly, then you should adjust the amounts as required. The entry against the PAYE and NIC Payable account creates a debit entry which offsets the credit amount entered in the journal above.

 

• Amount Spent: Enter the Amount due to the HMRC (b + c + d).
• Type: Type of transaction being entered which should be General. This field is automatically entered if you are processing a bank statement.
• Account: Enter the PAYE and NIC Payable account.
• VAT Code: Select 'No VAT'.

Export my data

In various screens throughout AccountsPortal, you will notice an Export button.

Clicking this button will export your data in csv format. Because csv is a common and simple file format, it is easy to view this data in Excel or any other spreadsheet programme. Use the Transaction Line Items report to export a comprehensive list of all your transaction data. Please read the help on this report before proceeding. 

 

The year-to-date transaction history of all the accounts in the Trial Balance report can be exported in spreadsheet format by clicking the Export Nominal Ledger button.

Import Invoices and Credit Notes

Importing Invoices and Credit Notes is an efficient alternative to manually creating transactions. It can be used to simplify the process of transferring data from your previous accounting system or to assist with importing your organisation's regular Sales and Purchases activities. To get started, you will need to download the template file provided. The template contains column headings which correspond to the fields maintained when manually creating Invoices and Credit Notes, and you should not alter these headings.

Navigate to the Sales or Purchases tab and click on the Import button. The appropriate Import Sales Transactions or Import Purchase Transactions pop-up will appear.

 

Step 1: Download the template file

Click on the link to download the template file. It is advisable to open the file using a spreadsheet program like Excel. This will automatically recognise the commas in the CSV file and split the fields into columns. Enter or copy and paste your input data into the relevant fields.

The following general rules and tips should be considered:

• Save the file as CSV (comma delimited) with a .csv file extension as only CSV files are permitted for upload.
• Field names and field order cannot be changed or deleted.
• Maximimum lines per upload file is 250.
• Duplicates are NOT checked. Take care not to upload the same file twice.
• Commas within a field require the contents of the field to be Text delimited with quotation marks eg "xxx, xxx" (your spreadhseet program should do this for you automatically).

 

The following specific rules apply to each field. They are the same fields that would be used for manual entry of the transactions and are explained in greater detail in Sales Invoice, Sales Credit Note, Purchase Invoice, Purchase Credit Note.

Template Field	Rules and Explanation
InvoiceNumber	Mandatory field. This value does NOT become the Transaction ID for the transaction created. It is only used during the import to identify when a new transaction begins. The value in this field is not saved. AccountsPortal will automatically assign Invoice Numbers based on your organisation's Transaction Numbering. Multi-line transactions must all have the same InvoiceNumber value on consecutive rows as in the example above for INV208. Multi-line transactions only need values in the first row for the Customer/Supplier, Reference, InvoiceDate, DueDate and Memo fields. Values entered for these fields on subsequent lines of a multi-line transaction will be ignored Values in the InvoiceNumber field can only repeat when used to enter Multi-line transactions. If the same value appears further down in the file, it will be considered a duplicate and rejected.
Customer/Supplier	Mandatory field If the value in this field corresponds exactly with the Name of an existing Customer/Supplier, then that Custome/Supplier will be used. Any deviation will result in a new Customer/Supplier being automatically created.
Reference	Optional field. We recommend inserting the original Invoice or Credit Note number in this field.
InvoiceDate	Mandatory field. Must follow the format DD/MM/YYYY or DD-MM-YYYY.
DueDate	Mandatory field. Must follow the format DD/MM/YYYY or DD-MM-YYYY.
VatTreatmentId	Mandatory field. A numeric value indicating the underlying nature of the transaction for VAT/GST purposes. If you are not VAT/GST Registered, then use 99. UK Vat Registered Organisations: Sales Invoices and Credit Notes   1 - Goods or Services to UK Customer   2 - Goods to EU Customer   3 - Services to EU Customer   4 - Goods to Customer outside EU   5 - Services to Customer outside EU 99 - No VAT / Out of Scope   Purchase Invoices and Credit Notes 21 - Goods or Services from UK Supplier 22 - Goods from EU Supplier 23 - Services from EU Supplier 24 - Goods from Supplier outside EU 25 - Services from Supplier outside EU 99 - No VAT / Out of Scope   See VAT UK - Box by Box for more information on how the different options flow through to the VAT Report   International VAT/GST Registered Organisations: Sales Invoices and Credit Notes   1 - Sale of Goods or Services 99 - No VAT   Purchase Invoices and Credit Notes 21 - Purchase of Goods or Services 99 - No VAT   If you are not registered for VAT on the date in the InvoiceDate field, the entry in VatTreatmentId will be replaced by 99 automatically.
Memo	Optional field. Any text relevant to the individual transaction. If you usually request your customers to pay you via PayPal, then you can insert [paypal_link] on your Sales Invoices. See the section on Organisation Settings for more information.
ItemQuantity	Mandatory field. If Quantity is not relevant to your invoice, use a value of 1.
ItemUnitAmount	Mandatory field. The Amount of the line item net (i.e. excluding) any VAT. Use a -ve sign, eg. -200.00 to indicate that the transaction is a Credit Note Multi-line transactions will use the sign of the first row to determine if the transaction is an Invoice or Credit Note. The sign on the remaining lines is ignored. The total value of a line is ItemQuantity x ItemUnitAmount + any VAT (if applicable).
ItemAccountCode	Mandatory field. The Account number defined in the Chart of Accounts.
ItemDescription	Optional field. Any relevant text to describe the line item.
ItemCategoryCode	Optional field. If specified, this needs to exactly match the Category Code as defined in Categories.
ItemVatCode	Mandatory field. The VAT Code applicable to the line item. This needs to have the exact same description as the VAT Code field in a manually created transaction. The default descriptions are listed below. Note that these may no longer apply if you have added or edited VAT Rates since the creation of your Organisation. Default descriptions for Sales Invoices and Credit Notes: 20% Income 17.5% Income 15% Income 5% Income Zero Rated Income Exempt Income No VAT (this code is to be used on all transactions if you are not registered for VAT) Default descriptions for Purchase Invoices and Credit Notes: 20% Expense 17.5% Expense 15% Expense 5% Expense Zero Rated Expense Exempt Expense No VAT (this code is to be used on all transactions if you are not registered for VAT) If you are not registered for VAT on the date in the InvoiceDate field, the entry in ItemVatCode will be replaced by 'No Vat' automatically.
ItemVatAmount	Optional field. If this field is left blank, the VAT Amount will be calculated based on the ItemVatCode field above. Only insert a value into this field if you require the VAT Amount for a line item to differ from the amount that would be calculated by using the ItemVatCode. If you are not registered for VAT on the date in the InvoiceDate field, the value in ItemVatAmount will be ignored.

 

The above file viewed in a text editor such as Notepad would appear as follows:

 

Step2: Import the file

Click on the Browse button and select the saved CSV file. Click the Upload button. A pop-up will show a summary and status of incorrect file records. The import has not yet taken place and can be cancelled in order to amend the file.

Correct the errors in your file and resave the CSV. Click on the Go Back button and try to upload the file again. Once all errors have been resolved, the Complete Import button will become active.

The default setting is for all transactions to be saved as Draft. The recommended approach when importing transactions is to save them as Draft and then to review each item thoroughly before saving as actual invoices and Credit Notes. This approach will result in less errors.

Click the Complete Import button to import the transactions. A pop-up will confirm the process has been successful.

 

WARNING:

IT IS ALWAYS RECOMMENDED THAT YOU VERIFY THE RESULTS OF YOUR IMPORT. DO NOT EMAIL INVOICES OR STATEMENTS UNTIL YOU HAVE CHECKED THEIR VALIDITY. MANIPULATING DATA IN FILE FORMATS CAN RESULT IN ERRORS WHICH IS WHY WE ADVISE YOU TO SAVE TRANSACTIONS INITIALLY AS 'DRAFT'.

Include a PayPal link on Sales Invoices

Including a PayPal link on your PDF sales invoice can assist customers to pay directly to your PayPal account. Clicking the link opens the PayPal website and prompts the customer to make payment.

Go to the Settings tab and click on the appropriate Organisation. Insert your PayPal email address and fill in a Link Text and/or activate the logo for display.

Further explanation of the options can be found in the Add or Edit an Organisation help document.

Manage Out-of-pocket Expenses

Out-of-pocket expenses are business costs that have been paid out of your personal bank account or cash. At a later date, the business reimburses you for the full out-of-pocket amount.

Using online bookkeeping and accounting means you and your staff can submit these expenses from just about anywhere. You no longer have to wait until you return to the office.

Managing out-of-pocket expenses consists of just four easy steps:

1. Create a Supplier account for the relevant staff member (only required once per staff member).
2. Create a Purchase Invoice for each invoice you pay or receipt you collect.
3. Pay yourself or your staff from the business bank account, or petty cash, to reimburse the total out-of-pocket expenses incurred.
4. Enter the Payment and allocate it against the staff Supplier account.

Remember though, maintaining online accounts does not mean you can ignore good basic accounting practises. Hang onto your physical invoices/receipts and file them methodically for future reference.

Process Customer Overpayments

This procedure explains how to record the transactions required when a customer overpays you.

Note that if the payment is an overpayment of a single invoice and there are other outstanding invoices for the customer, then this would not be considered an overpayment in the example being covered here. You should assign the excess payment to one of the other invoices.

Let's assume you have only one invoice outstanding for £200 and your customer pays you £250.

1. Create a Customer Overpayments account in your Chart of Accounts

If it doesn't already exist, create an account in your Chart of Accounts called 'Customer Overpayments' (Account Group - Liabilities, Account type - Current Liabilities, Default VAT - 'No VAT').

2. Enter a payment against the customer invoice

Use the Receive Money option to enter £200 as a Customer Invoice Payment transaction to settle the outstanding invoice. If you are entering the payment from an imported bank statement, then you will need to change the Amount Received from £250 to £200. The reason for this is that you need to enter a separate Receive Money for the £50 overpayment (see the next step).

3. Enter a separate payment for the overpayment value

Use the Receive Money option to enter the £50 overpayment as a General Receipt. In the line item, select the 'Customer Overpayments' account and apply the 'No VAT' VAT Code.

 

If you are going to make a refund for the overpayment, continue with 4. If you want to apply the overpayment against the next invoice you issue, then go to 5.

4. Refund the overpayment

Enter a Sales Credit Note transaction for £50. In the line item, select the 'Customer Overpayments' account and apply the 'No VAT' VAT Code. When you pay the customer, use the Spend Money option to enter a Customer Refund.

5. Offset overpayment against next invoice

Enter a Sales Credit Note transaction for £50. In the line item, select the 'Customer Overpayments' account and apply the 'No VAT' VAT Code. Allocate the Credit Note to the next available invoice.

Process Supplier Overpayments

This procedure explains how to record the transactions required when you overpay a supplier.

Note that if the payment is an overpayment of a single invoice and there are other outstanding invoices for the supplier, then this would not be considered an overpayment in the example being covered. You should assign the excess payment to one of the other invoices.

Let's assume you have only one invoice outstanding for £200 and you pay your supplier £250.

1. Create a Supplier Overpayments account in your Chart of Accounts

If it doesn't already exist, create an account in your Chart of Accounts called 'Supplier Overpayments' (Account Group - Assets, Account type - Current Assets, Default VAT - 'No VAT').

2. Enter a payment against the supplier invoice

Use the Spend Money option to enter £200 as a Supplier Invoice Payment transaction to settle the outstanding invoice. If you are entering the payment from an imported bank statement, then you will need to change the Amount Spent from £250 to £200. The reason for this is that you need to enter a separate Spend Money transaction for the £50 overpayment (see the next step).

3. Enter a separate payment for the overpayment value

Use the Spend Money option to enter the £50 overpayment as a General Payment. In the line item, select the 'Supplier Overpayments' account and apply the 'No VAT' VAT Code.

 

If you receive a refund for the overpayment, continue with 4. If you want to apply the overpayment against the next invoice you receive, then go to 5.

4. Receive refund for the overpayment

Enter a Purchase Credit Note transaction for £50. In the line item, select the 'Supplier Overpayments' account and apply the 'No VAT' VAT Code. When you receive payment from the supplier, use the Receive Money option to enter a Supplier Refund.

5. Offset overpayment against next invoice

Enter a Purchase Credit Note transaction for £50. In the line item, select the 'Supplier Overpayments' account and apply the 'No VAT' VAT Code. Allocate the Credit Note to the next available invoice.

Record a Dividend Payment

Broadly speaking, you can take dividends whenever you like and for as much as you like, but you must ensure that the total of all dividends in a year do not exceed the company’s accumulated profits (after corporation tax). The treatment in AccountsPortal depends on when you make the payment

 

1. Payment Date same as Dividend Date

Use the Spend Money (type 'General Payment') transaction to reflect the dividend paid out. Assign the line item of the transaction to the 'Retained Income' account and clearly mark it as a dividend payment in one of the transaction text fields.

 

2. Payment Date later than Dividend Date

a. Enter a Journal transaction to reflect the dividend declared and payable. The first line item should be a Debit amount assigned to the 'Retained Earnings' account. The second line item should be a Credit amount assigned to the 'Dividend Payable' account.

b. Use the Spend Money (type 'General Payment') transaction to reflect the subsequent payment. Assign the line item of the transaction to the 'Dividend Payable' account.

 

If you would like to have your Dividends report separately to your 'Retained Earnings', then use the 'Dividends Paid' account instead of the 'Retained Earnings' account in the steps above.

 

Set the Currency printed on Customer PDF Documents

You can choose the symbol or code of the currency that will print on your Sales Invoices, Credit Notes and Customer Statements. The control for this feature is in the Organisation Settings. For example, you could specify either £ or GBP if your organisation is operating in the United Kingdom.

 

Navigate to Settings, Organisations and then click on the appropriate Organisation.

Insert  the appropriate symbol or code, for example £ or GBP or  € or EUR etc.

Click on the Save button.

Track Departmental or Job-specific values by using Categories (Cost Centres)

Categories can now be created to represent divisions, departments, people or any other classification required for reporting purposes. Categories can be specified in the line item of any transaction and the results analysed in the Profit and Loss or Transaction Line Items report.

For more information, refer to the help documentation on Categories.