| DIY Accounting Software for UK limited liability | | | | The fixed asset schedule is preset with the capital |
| companies is a series of bookkeeping templates | | | | allowance tax rates to automatically calculate |
| on excel spreadsheets, suitable for any small | | | | capital allowances when fixed assets are entered. |
| limited company producing an automated monthly | | | | Deprecistion perecentages are already set in the |
| profit and loss account and a set of final company | | | | fixed asset schedule to calculate depreciation and |
| accounts with balance sheet and notes ready for | | | | can be changed for individual requirements. |
| publication. | | | | The limited company corporation tax liability is also |
| Accounting Software Strengths | | | | calculated automatically in such a way that all the |
| As the whole small business accounting software | | | | calculations; additions and deductions are both |
| for a limited liability company is written on excel | | | | automated and visible. Capital allowances on both |
| spreadsheets all bookkeeping transactions are | | | | existing and new assets being shown on the |
| visible. The excel spreadsheets have 12 monthly | | | | corporation tax calculation. |
| sheets in each work book. Prime data entry excel | | | | Accountancy Knowledge Required |
| spreadsheets being provided for sales, purchases, | | | | The limited liability company accounting software |
| cash, bank, savings account and credit card | | | | is based upon single entry of transactions requiring |
| account. Financial transactions such as sales or | | | | no accounting or bookkeeping knowledge. All the |
| expenses are then simply listed on the | | | | accounting knowledge required to perform the |
| appropriate months' sheet. And changes or errors | | | | double entry of transactions which is a required |
| can easily be rectified by simply deleting errorsa | | | | feature to produce a balance sheet has been |
| or entering new information. This simple listing | | | | automated. The company accounts package has |
| process is a huge advantage to non accountants | | | | a feature so that the previous years' numbers |
| as no previous bookkeeping or accountancy | | | | may be entered with a list of the opening |
| software knowledge is required. | | | | customers and suppliers, debtors and creditors. A |
| Bank spreadsheets can be entered by listing the | | | | minimal level of accounting knowledge is required |
| items that appear on the bank statement and | | | | to correctly list the closing debtors and creditors |
| include a box to enter the statement balance | | | | and check the totals of those lists agrees with |
| each month. The formulae within the excel | | | | the automated balances shown on the company |
| spreadsheet then automatically checks that the | | | | accounts balance sheet |
| entries made agree with the statement balance | | | | Very Low Priced |
| producing effective bank reconciliation. A good | | | | At £15 the accounting software can save |
| feature that ensures entries are recorded | | | | many businesses exempt from a full audit the |
| accurately in the companies accounts. | | | | need to employ an accountant potentially saving |
| The simple bookkeeping entries that have been | | | | hundreds of pounds in professional fees. Hundreds |
| made to the sales,purchases and the bank | | | | of small limited companies with up to 20 |
| statement is automatically transferred to the | | | | employees also purchase the DIY Accounting |
| financial accounting file. In this file is a trial balance | | | | Payroll Software which is sold separately from |
| which actually automates all the double entry | | | | £14.99 and fully integrates into the Financial |
| accounting transactions. No entries are required | | | | Accounting Software. |
| removing the need for users to have accounting | | | | Other Features |
| experience. The Trial Balance is purely an | | | | The product has a stock control feature to |
| accounting solution, visible and contains an audit | | | | monitor any stock losses. The limited company |
| check to again ensure the company accounts are | | | | accounting software contains a wages interface |
| accurate with no entries are required. The | | | | that fully integrates the DIY Accounting Payroll |
| absence of required entries in the area of | | | | Software when those files are saved into the |
| accountancy makes the product an ideal company | | | | same folder as the accounting software files. |
| accounts package for companies requiring a small | | | | Being written on excel spreadsheets all |
| business accounting software package. | | | | transactions are visible and capable of being |
| Within the financial accounting software file is an | | | | changed by for example overwriting any errors |
| automated monthly profit and loss account to | | | | as opposed to a database system that requires |
| enable limited companies to track their financial | | | | new transactions to be entered to reverse |
| performance and very important, the package | | | | previous entries. The sales and purchase |
| also produces a balanced profit and loss account | | | | spreadsheets include columns for entering CIS tax |
| and Balance Sheet in the correct format for | | | | deductions and payments and the certificate |
| submission of the final accounts. This set of final | | | | numbers. The CIS tax being then automatically |
| accounts automatically gathering the financial | | | | entered on the self assessment tax return. As |
| information from the basic entries made and | | | | the small business accounting software is written |
| includes the statutory notes required for a set of | | | | on excel spreadsheets then it is essential that |
| company accounts being published. | | | | users have a version of excel from 1998 |
| The package is equally suitablke for both vat and | | | | onwards installed to use the program. The |
| non vat registered business with vat returns | | | | accounting software also works fine with an Open |
| produced at the touch of a button each quarter. | | | | Source spreadsheet package. |
| To produce a vat return clients simply go to the | | | | Conclusion: to Buy or not to Buy |
| vat file and select the quarter end date from a | | | | Exceptionally good value, very easy to use and |
| drop down menu and the figures for the vat | | | | produces exactly what every small limited |
| return are automatically generated. The vat | | | | company requires in a small business accounting |
| calculations can be disabled by non vat registered | | | | software package, automated accounts requiring |
| small businesses by simply changing the standard | | | | no bookkeeping skills and no previous financial |
| vat rate from 17.5 to zero making the accounting | | | | accountancy software experience with the |
| software suitable for both vat registered and non | | | | valuable end product of a fully automated final set |
| vat registered businesses. | | | | of accounts for the limited liability company. |