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Ftax Cashbook Overview (for Agents)

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We are very grateful to our clients for their comments and suggestions, without which these guides would not be possible. If you have a suggestion to improve this guide or its associated video, please email tracey@ftax.co.ukrule line

Cashbook for Agents  – Overview

Ftax Cashbook is a simple, low-cost way to prepare and carry out MTD submissions, including MTD VAT submissions. Income and Expense data entered into the Cashbook form is synchronised with data in other copies of the same form. This enables tax agents to monitor data being entered by their small business clients.

This guide will briefly describe the following aspects of the Ftax Cashbook:

  1. Setting up the Cashbook
  2. Entering Incomes and Expenses
  3. Synchronising form data (Synching)
  4. VAT calculations and submissions 
  5. Data backups
  6. Accessing archived data

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1. Setting up the Cashbook

If an agent is completing the Cashbook on behalf of their client, a client copy need not be generated. If both agent and client wish to contribute however, agents need to set up both an agent and a client copy for each client:

Client copy

 

The agent can select the tax filer via their UTR and allocate a credit:

Allocate a credit

 

The client copy will generate a Cashbook password to enable the agent to securely transfer the Cashbook form to the client:

Cashbook password

 

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2. Entering Incomes and Expenses

Before Incomes and Expenses may be entered, the Business details must be entered:

Business details entered

 

Use the two red buttons on the right to navigate to the Incomes and Expenses pages. Note that these buttons are not visible if no business is selected:

Red buttons on right of navigation pane

 

You can also use the bookmarks on the left to navigate to the Incomes and Expenses pages:

Incomes and expenses bookmark on the left

 

Each entry is defined using the 'Type' and 'Category' drop-down options. View the 'Further details' pop ups to help correctly select each:

Further details dropdown list

 

Frequently used Customers and Suppliers can be set up to speed up income and expense entries using default value settings. Recurring Incomes and Expenses can also be set up to automatically enter regular entries, such as monthly subscription fees.

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3. Synchronising form data 

The 'Sync' button at the bottom of the opening page is used to either save changes made in this copy of the form to the Ftax account, or to import changes made in other copies of the form via the Ftax account.

The form will also advise you to Sync when a save button is clicked and when the front page is opened:

Data sync warning

 

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4. VAT calculations and submissions

VAT options are set up on the 'Businesses' page:

VAT options

 

Businesses may be set to calculate their liability using either the Standard or Flat rate scheme. Further schemes may be added in the future:

Standard or flat rate scheme

 

Businesses may also be set up for either Standard or Cash-based accounting. Quarterly or monthly calculations and submissions are carried out on the VAT page, while a summary is displayed on the opening page:

Standard or cash based accounting

 

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4. Data backups

Ftax Cashbook data is automatically backed up and stored within the Ftax Cashbook form itself. This enables agents to backup client data by regularly storing copies of the Ftax Cashbook form on their own computers.

Data may be recovered by clicking the question mark in the red ball and selecting 'Backup Mode':

Backup mode on highlighted

 

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5. Accessing archived data

Only incomes and expenses data which is dated within this or the previous tax year will be displayed in the Ftax Cashbook. Older data is stored in an Archive file. 

This may be viewed by clicking on the question mark in the red ball on the front page of the form and putting the form into 'Archive Mode':

Archive mode highlighted

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We are very grateful to our clients for their comments and suggestions, without which these guides would not be possible. If you have a suggestion to improve this guide or its associated video, please email tracey@ftax.co.uk

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