Begin setting up your Bookkeeping module
In times of modern advancement and rapid developments in the accounting profession, Acting Office offers a robust bookkeeping module to meet the needs and demands of accountants as well as clients and facilitate record-keeping in a better and more concise way.
In order to start the process of setting up the business for bookkeeping, please follow the below steps:
Accessing the client
1. Entering as an accountant
Navigate to the bookkeeping module by using the 9 dots option. If you are within a client, it takes you to the respective client’s bookkeeping section and if not, it lands you on a page where you can select a particular client.
2. Entering as client
If you are within the action center, navigate to the bookkeeping module by using the 9 dots option. In cases where you manage more than one business, you can select the business from the left hand side.
A. Set up business details
SIC code
Input the SIC code in the ‘Business category’. In cases of businesses registered with Companies House, this is automatically fetched. Alternatively, you can select the SIC codes from the dropdown list.
SIC code is more connected with the nature of business and helps in categorising businesses based on their primary activity. So, just to illustrate the purpose through an example, for a business dealing in marine fishing, code 3110 could be a great idea! You can find a list of codes used by Companies House, by clicking here.
Category
Select the category of the business, which includes whether the business is product-oriented, service-oriented, or a mix of both.
To illustrate, a business dealing in renting out of properties to tenants, would be selecting service here as against a business dealing into sale of furniture and fittings, which would be opting for a product. For businesses dealing into both kinds of activities i.e, product as well as service, you could select both as the option.
Impact of category selection - While creating invoices, by default, for a product oriented business, the line items of invoice would display quantity and units with the flexibility to add a service through an additional button (just in case it is needed for a particular invoice) and vice versa for a service oriented business, i.e., it would display time and rate by default with an additional option to add product in invoices. Line items to add both of these i.e., product as well as service would be available by default if third option is selected. This helps in preventing user clicks and achieve a cleaner user interface.
Book start date
Enter the book start date, i.e., the date from which the bookkeeping records need to be maintained in Acting Office. This is the date before which we validate entering of transactions by user.
Observe-
The ‘i tip’ button will always be there to help you across the platform.
Mode of import
Select the mode of import for fetching the past year's bookkeeping records into the system. We are in the process of integrating the software with other platforms. After all the necessary information has been entered, simply click on ‘Next’ to proceed further.
B. Set up VAT details
From the drop-down provided, select whether the business is registered, not registered, or in the process of registering under the VAT scheme.
Not registered
If the business is not registered for VAT, simply click on ‘Next’ to continue.
Registered
If the business is already registered for VAT, input the necessary information, such as the VAT number, effective date, and any other required details.
VAT number - This is generally of 9 numbers, with code ‘GB’ at the start for England, Scotland and Wales businesses and ‘XI’ for Northern Ireland businesses. The same could be found on VAT registration certificates.
Effective date - Date from which business is considered as VAT registered and is eligible for issuing VAT invoices. This is also mentioned on the VAT registration certificate.
Return frequency - VAT returns are generally prepared at set frequencies as laid out by HMRC. Most of the businesses are on quarterly frequency. You can arrange with HMRC to file at a different frequency i.e, monthly or annually.
Payment frequency - In case of businesses filing returns annually, they have to make estimated payments throughout the period, which could either be monthly or quarterly.
VAT accounting basis - Whether the basis of accounting followed for VAT perspective is ‘cash’ or ‘accrual’. In case of cash basis, invoices and payments are reported only when cash flows happen as against accrual basis where these need to be reported as soon as they have been accrued.
Scheme - By default set as standard and in cases where the businesses have opted to pay a flat rate based on their turnover, the scheme for ‘flat rate’ could be selected. This scheme doesn’t allow return filers to claims inputs except for capital goods over £2,000.
Applied for
If the client is in the process of registering for VAT, select ‘Applied for’ and input the necessary information, such as the effective date, return frequency, and all other details.
C. Bank Details
Using the add button, input the details of business’ bank account. Additionally, you can also mark a bank account as the primary one using the checkbox provided. For convenience, the first bank account created is generally marked as a primary account by the system itself. However, this can easily be changed using the checkbox.
Account type could be selected based on whether the account is a current account, saving account or a credit card.
From the bank dropdown, select the service provider for this account.
Account name would be the name in which this particular bank account is designated.
Account number and sort code needs to be added as the banking details of the said account.
IBAN is generally added to identify bank accounts across international borders.
You can then click on save . Click ‘Finish’ to complete the process. As soon as the business is set up, the bookkeeping dashboard will present a comprehensive overview of key balances and other critical information in an intuitive and visually appealing graphical format.
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