The Finances Tab

 

There is a button on the left menu bar named “Finances”.

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This allows the user to access a variety of business performance, charts, accounting reports and CIS reports.

The reports all run on the server and so there must be a live connection to the internet for these reports to work.

Business Performance

In the “Monthly view” the right hand shows for each month what the following amounts:

  • Quoted

  • Accepted

  • Invoiced

  • Paid

  • Supplier invoices

  • Expenses

  • Profit (note that this does not take into account PAYE payroll costs or any other costs not entered into Powered Now)

  • Hours booked by users

Against each line there are three horizontal bars. Clicking these results in the details of that line being displayed on the left hand side.

When the “Annual view” tab is clicked this works the same as the monthly view except that years are displayed.
Credit notes are subtracted from total Invoiced and Supplier invoices as appropriate and Refunds are subtracted from Payments. Non-approved and deleted documents are not included in totals. Amounts appear in the period for the date they were entered or the date entered by the user if they over-road the date they were entered.

Charts

When “View the last 12” months is clicked, a graph is shown by month of amounts:

  • Quoted

  • Accepted

  • Invoiced

  • Paid

  • Supplier invoices

  • Expenses

  • Profit (note that this does not take into account PAYE payroll costs or any other costs not entered into Powered Now)

  • Hours booked by users

Each of these can be turned on or off so that certain aspects can be more easily examined in detail.

When “Compare last 2 years” is clicked the display is the same except the trailing year and previous year can be compared side by side (due in v5.1).

The data going into the charts is the same as the data going into the “Business Performance” reports.

Accounts Export

The end of accounting year should be set in Settings | Tax Setup | Settings | End of tax year. The month and day of the end of tax year is entered using a day/month picker.

There is one critical thing to remember here. Once items are “Locked” they cannot be reported on again and they cannot be edited or deleted. So use the “Lock” capability with great care.

Each of the following can be exported:

  • Sales Invoices

  • Supplier Invoices

  • Expenses

  • Sales payments (this will include disbursement payments when disbursements are on)

  • Expense / Supplier Invoice Payments (this will include disbursement payments when disbursements are on)

  • Cost Disbursements (when disbursements are on)

  • Sales Disbursements (when disbursements are on)

By separating these out, they can be posted to the correct places in your accounts.

The “Preview” (which won’t cause anything to be locked) should normally be used to check that the report will be correct before pressing the “Export” button.

It would be normal to run the report “To end of last month:” if you are doing monthly reports and “To end of last year” if doing annual reports. The output of all of the reports is sent to your accountant or book-keeper.

Note on locking

By locking documents after they have been exported, this ensures that your accounts are not made up based on any information that changes after it has been exported. By reporting “Up to” the last month or year, any documents that are raised since the previous export and with a date in an earlier reporting period will be picked up in the next export. If you wish to change an invoice or payment after it has been locked, raise a credit or refund.

CIS reports

CIS reports are based on payments and payment records of CIS deductions. If payments and deductions are not recorded against CIS invoices, the CIS reports will be wrong.

CIS reports do not include credits, they are ignored (v5.2).

CIS reports will normally be run up to the 5th of the proceeding month.

The three reports enable:

  • Contractors to send money to HMRC and complete the monthly online return

  • Contractors to send the monthly deduction statement to subcontractors

    “Vouchers” in old parlance

  • Subcontractors to keep track of deductions they have suffered so they can

    claim the credit back

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