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Ftax Cashbook Overview (for Businesses)

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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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Cashbook for Businesses – Overview

Ftax Cashbook is a simple, low-cost way to prepare and carry out MTD submissions, including MTD VAT submissions. The individual version of the form means you are licensed to up to two users on up to two computers. Income and Expense data entered into the Cashbook form is synchronised with data in other copies of the same form.

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

  1. Setting up
  2. Entering incomes and expenses
  3. Synchronising form data (syncing)
  4. VAT calculations and submissions 
  5. Data backups
  6. Accessing archived data

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1. Setting up:

Download the form and log in to your Ftax account. The cashbook can be set up for a new or existing SA100, SA800 or CT600 user:

Log in screen

 

Enter your name, surname and UTR:

Name, surname and UTR

 

When prompted, allocate a credit. If data had been entered in previous editions of the Ftax Cashbook, this data may be imported:

Allocate a credit

 

Save the form in a known location and comply with the special notice:

Save the file in a known location

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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

 

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 income 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 to this copy of the form to the Ftax account, or to import changes made to other copies of the form from the Ftax accounts.

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

 

You can choose to calculate your liability using either the Standard or Flat rate scheme. Further schemes may be added in the future:

Standard or flat rate scheme

 

You can also set up the Cashbook form 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 you to backup your data by regularly storing copies of the Ftax Cashbook form on your own computer.

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 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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