Dear all,
I am wondering if there is an option in Quickfile that allows to track last 12 months (not calendar year) of sale on a rolling basis so that you can assess the need for VAT registration?
Many thanks,
Solar
I think the trick is to know how much of that is VATable income (not just income). There’s no way to record if a transaction is VATable if you’re not VAT registered unfortunately, but hopefully giving yourself an idea of the overall income would be a good way to check.
What I’d recommend is having a look at the custom report option. This would allow you to use certain nominal codes (say 4000:4999) to calculate the income in a period. Setting to a bar chart on a month view for example would also generate a table at the bottom with monthly totals, and an overall total:
I hope that helps!
I did this for client recently.
I looked at the monthly sales figures in the segmented P& L account. You will need advanced subscription for this.
Put the monthly sales in excel and tracked it every month by removing the 1st month and adding a new 12th month figure. (total months always 12)
I tracked mine simply by running a P&L Report > Preset Date Range > Custom once a month.
For example 1/11/14 - 31/10/15, then 1/12/14 - 30/11/15, and so on. As all of my turnover counted towards the VAT threshold calculation, then I’d simply use the top line turnover figure from the custom P&L. Once you’ve ran custom reports they sit in Quickfile as well, so you can always go back and view them again.
No need for an advanced subscription to do that either.