Instant Trial Guide Not-for-Profit Entities

Transcription

1 Instant Trial Guide Not-for-Profit Entities Introduction To help you explore the potential of Liberty Accounts for your charity and additionally as a training guide you have the ability to create an Instant Trial Entity. The User may configure an instant trial entity with an organisation type and features aligned to their interests. The trial entity will have current and relevant data for the User to assess and test out the entity and features. A User may only have one trial entity of any particular organisational type at a time so when a new one is created the previous one is removed. The Instant Trial Entity will be available on the system for 28 days from the date of creation when it isautomatically deleted. Simply create a new one as and when required. Table of Contents Introduction... 1 To Start... 2 Tour of Liberty Accounts... 3 Beginning the tour... 3 Adding an Additional Fund... 4 Allocating Income to a Fund... 4 Run a SOFA (Statement of Financial Activities)... 5 Paying an outstanding bill... 7 Employee Expense Claim... 8 Payroll... 9 Running a Payroll Closing the Financial Year Continue to try out features Page 1 of 16

2 To Start Navigate to the Business Menu and click on New Instant Trial, a screen is presented that allows the User to chose the features of interest. Select the Business Type of interest from either Limited Company Limited Liability Partnership (LLP) or Partnership Sole Trader Not-for-Profit In additional to basic data some Optional Trial Features may then be added to the entity. Select by ticking the feature require. Un-tick those not required. Note the optional features are business type dependant so a User may not be able to have them all on a particular entity. When Submit is clicked the trial entity is created. Page 2 of 16

3 Tour of Liberty Accounts A basic appreciation of Liberty Accounts can be achieved if the following working tour is undertaken. Note that some screens may show different information depending on the entity type, but the principles of the transction remains the same. You do not have to complete it all at one session but sign in and out as often as you desire and just pick up from where you left off. Remember you can use any suitable specified Internet connected PC from anywhere, there is no need to be at your usual PC. Beginning the tour From the first screen (entitled Your Accounts on Liberty) select the newly created Trial Entity by clicking on the Open button adjacent to the company details. You are now working in the entity and on the Business Home Page where the left hand side shows compliance details for the business (including actions to be taken) with the right hand section showing aged balances for outstanding customer and supplier invoices/bills. Underneath are key accounts that are typically monitored (these can be amended to your chosen accounts). Page 3 of 16

4 Adding an Additional Fund Add a new fund to the existing funds from the Lists menu. Lists à Funds & Activities à Add Fund The Active box by default is ticked. Un-ticking will mean that whilst the details of the fund are on the system, and can be reported on, the name will not appear in data entry dropdown lists and cannot be selected. The Default field is un-ticked; ticking this fund means that when transactions are entered this fund is automatically selected. Un-ticking would mean that the fund would need to be selected from the fund dropdown box on each transaction entry. The Fund is the fund name. Each fund must have an associated Fund Type designation, selected from: o o o o o Unrestricted General Unrestricted Designated Restricted Endowment Capital Endowment Expendable If the Fund is a Trading Fund that requires a trading income and expenditure report in addition to being reported in the SOFA (Statement of Financial Activities), then tick the box. By default it is un-ticked. When complete submit to store. Allocating Income to a Fund Page 4 of 16

5 A legacy has been received that needs to posted. From the Activities menu navigate to Record Takings. Activities à Cash/Card Takings à Record Takings The legacy has been received as a cheque that will need to be subsequently banked, but for now post to undeposited funds. The legacy is for the new restricted fund, so select that fund from the dropdown. Enter the details of the transcation and click on Submit to complete. To see the impact of this and other transactions run a SOFA report. Activities à Statement of Financial Activities Run a SOFA (Statement of Financial Activities) From the Reports menu select Statement of Financial Activities Activities à Statement of Financial Activities Page 5 of 16

6 Click on Generate to run a report in pdf format. Note the report may also be exported as a file in Excel or CSV format. Page 6 of 16

7 Paying an outstanding bill A supplier bill is overdue by many days (30 or more) and needs to be paid immediately. Use Pay Bill accessed via Activities menu Select Community Food Supplies UK which will present the bill(s) outstanding for that supplier Accept the date (as today) and select the method of payment as an Online Payment Select the Current Account in the bank account dropdown. A reference may be entered if required. Tick the box against the bill being paid (in this case invoice SD for 3,900.00). Click on Submit to record the payment. A Remittance Advice may be printed/ ed from the confirmation line at the top of the page. Note the remittance advice may also be printed from the lists of payments. Lists à Payments & Transfers à View/Edit the transaction à Print Page 7 of 16

8 To see the impact, go to Lists menu and select Supplier Bills/Credits. Enter a From Date four months earlier and Status is All or Closed. The bill is now shown as paid and the transaction locked. On the Business Home Page the Unpaid Bills Aged Summary section has now been updated. Note clicking on the network allocation. symbol will open up a dialogue showing the details of the payment Employee Expense Claim An employee expense claim (or a mileage claim where the employee is using their private vehicle for a business specific journey) can be recorded as a repayment to the employee either directly as a bank transfer, or if the employee is a director via the Directors current account or included with the net pay via a payroll run. A hard copy of the expense or mileage claim is available to be distributed (or signed off) to the employee. Expense and mileage claim are accessed via the Activities menu. Activities à Staff Expenses à Expense Claim (or Mileage Claim) Page 8 of 16

9 Select the method of reimbursement, in this case Directors Current Account/Payroll In the A/C field select the Expense Claim from the dropdown list to make the reimbursement via a payroll run. Select the Claimant.. Enter a reference if required and amend or leave the default date. Click Add Item; Select Office Supplies from the Account dropdown. The Net Amount is and the VAT Rate is 20.00%. Save Item to confirm the line item and add additional lines. Click Submit to record the transaction. The expense claim can now be reimbursed in the next payroll run as an additional amount to the net pay. See below. Payroll The system has a fully integrated payroll. The following is a very brief overview of it use. The current income tax year has been pre-set, and can be inspected by navigating to the Payroll menu. Payroll à Configure Payroll à Business PAYE Settings Page 9 of 16

10 Some pay elements have also been set up in readiness to create a payroll. The pay elements are:- Directors Pay Staff Pay Expenses Claimed These two may be inspected, amended or added to (for say an Overtime element) by navigating to Payroll à Configure Payroll à Global Pay Elements Details of tax codes, employment dates and rates of pay for each employee have also been pre-set but can be reviewed and changed if required by going to the Manage Employee menu item. Payroll à Manage Employee A screen is presented that lists all employees and offers access to their employment details, the Tax & PAYE data, their pay, deductions and pension details. The set employee is the one whose data can be viewed and/or amended. Note: - When running regular payrolls pay data can be amended in a Quick Pay/Deductions screen and does not require a user to edit each employee individually. Running a Payroll As all the necessary information has been pre-set, simply go to the Payrun Processing menu and set the payroll run. Payroll à Payrun Processing Page 10 of 16

11 Select PAYE Payment Date in this case the Date Paid as the 28/02/2015. Click Submit. The Payrun is now displayed in the redrawn screen. Page 11 of 16

12 Now import the expense claim by clicking Import Expenses and click Add to Pay the particular claim. Click Submit. Calculate the payroll and the screen redraws again with the status updated and the FPS ready to file and close the payroll. Page 12 of 16

13 Navigate to reports for payslip and payroll run summary Payroll à Reports à Payslips or Payroll Run Summary etc. When Submitted the information is posted to the appropriate accounts and the FPS filing screen is Page 13 of 16

14 presented. For Information on RTI and filing to HMRC please refer to the Running a Payroll under RTI Overview user guide from Help. For now do nothing. Closing the Financial Year The financial year ended on the last day of the month two months before the date of the creation of the trial company, e.g. if created on 5th January 2013 then the year ended on the 30th Nov Whilst the New Year is available to record transactions entries for the old year can still be adjusted until closed after which no further changes are possible. The year-end routine is accessed via the left hand menu (Entity Name). Entity Name à Close Financial Year A drop down box offers the year that is to be closed (pending year). Select this year and click on Submit to continue. A warning is displayed; click OK to complete the routine. The system confirms with a message at the top of the screen and a batch run summary screen is displayed. Page 14 of 16

15 Items that were recorded in the closed year are now frozen, the status indicated by a padlock symbol, review items from the Lists menu to confirm. If an attempt is made to enter a transaction into a closed year, the system will prevent it. Staff with the appropriate access level will be able to enter a Journal to a closed year. Continue to try out features Liberty Accounts offer a range of fully integrated features such as Bank Statament download, P11D Benefits and Expenses (with online filing through the Government Gateway for RTI payroll submissions and P11D s). To explore some of our other features that are not currently activated in the trial company then go to Entity Name à Profile à Optional Features tab Tick the optional feature(s) you wish to explore and click Submit. Page 15 of 16

16 Liberty Accounts recommend that you try out as many things as possible. The company is a trial company and is made available to experiment with without restriction. Help exists for all pages, click on the Help menu. In addition user guides are available giving detailed guidance to processes within Liberty Accounts. User Guides are accessed via the Help menu. Select the Guide required which will display as a PDF file for reviewing on the screen or storing and/or printing locally. Don t forget that you can see and use your accounts from any suitably specified internet connected PC from any where, there is no need to be at your usual PC. Also remember two or more persons can be using your accounts from different PC s at the same time, so reviews of data and results with, say your clients or advisor, can be efficiently and readily completed. Page 16 of 16