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Accounting

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Nobby View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Nobby Quote  Post ReplyReply Direct Link To This Post Posted: 07 October 2011 at 11:23am
Hi
On a retail VAT system the only date relavent is when the invoice is actually paid out or paid in, the invoice date doesn't matter at all.
I believe with the Invoicing VAT system the relavent dates are the invoice date, either in or out.

Cheers
Nobby
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RomanCart Team
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Support Quote  Post ReplyReply Direct Link To This Post Posted: 07 October 2011 at 11:33am
Hi Nobby,

Presumably by 'retail VAT system' you are referring to sales where a VAT receipt may or may not be given at the time of the purchase. Either way, the invoice date is the same date as the purchase date as payment is made at the time of issue.

With the 'Invoicing VAT system' are you saying that you would pay VAT on an invoice which has not actually been paid?

Many Thanks
Support

Edited by Support - 07 October 2011 at 11:41am
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tester1 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote tester1 Quote  Post ReplyReply Direct Link To This Post Posted: 07 October 2011 at 11:43am
Seeing the recent posts is making me quite nervous about the "accounting" feature. I seconded the suggestion that you guys sort out all the problems first before embarking on this project, if at all.

If you must go ahead, please consult a qualified accountant and view a proper accounting package.

I suppose there are many levels of accounting functionality that you could offer but the very basics also need to include:

Trial Balance
Balance Sheet - which will incorporate such things as share capital or owner's equity, retained profit, bank account balances (possibly in foreign currencies), other liabilities
Debtors reports
Creditors reports
Stock quantity and valuation reports
etc

How will the accounting feature those with multiple carts?

Regarding some of the discussion above ... at the simplest level, a sale is recognised at either the invoice date or the payment date, depending on whether you are operating on accruals basis or cash basis.

If someone orders 5 of widget A and only 4 are in stock, depending on how you've got RC set up, you could either allow all 5 to be ordered or just 4. If all 5 are allowed to be ordered, then 1 will go on back-order. The "accounting" feature needs to be able to show this.

Similarly, if you order 20 of widget A at your supplier but they only send you 10 because that's all they have in stock, the remaining 10 will go on back-order and the accounting feature needs to be able to show these as being on back-order.

Just some of the features that accounting packages are capable of.
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Nobby View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Nobby Quote  Post ReplyReply Direct Link To This Post Posted: 07 October 2011 at 11:49am
Hi Support
That's pretty much it. In the retail system the VAT due or owed is basically on the day money changes hands (obviously you pay/reclaim the VAT at the end of your quarter).
I don't use the Invoicing system but the VAT is due as soon as you invoice and can be reclaimed as soon as you receive an invoice even if no payments are made.
I would assume that most of RC users are retail.

Cheers
Nobby
P.S. I'm not an accountant (thank God) so don't take my humble word on all this :)
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raineshoe View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote raineshoe Quote  Post ReplyReply Direct Link To This Post Posted: 07 October 2011 at 8:55pm
You need to see what's outstanding in payments so you can chase the blighters when they don't pay.

Also I'm not VAT registered yet, but nearly there. Any accounts system needs to be able to handle VAT and those not VAT registered I'd say.

Its quite involved I think, so like the others say may be worth picking the brains of an accountant.
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handlesandhinges View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote handlesandhinges Quote  Post ReplyReply Direct Link To This Post Posted: 13 October 2011 at 10:45am
Hi, the idea of this is music to my ears, this will save double work and also my accountant will be able to log on online without coming in to visit and take away our files. I would ask though that there isa more tiered log in to enable staff to log in without seeing our days takings,turnovers etc.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Support Quote  Post ReplyReply Direct Link To This Post Posted: 13 October 2011 at 11:30am
Hi,
Please can you detail exactly what permissions you would like to see.

You can already disable access to the sales manager, dashboard, sales graph and reports.

With the new functionality you will also be able to disable access to new specific screens.

However is it that you don't want the member of staff to see any sales or are there specific sales you want them to see.
e.g. maybe the ability to look up an order number to view an individual sales record, but not see all the sales info.

Please let us know what you would need,

Many Thanks
Support

Edited by Support - 14 October 2011 at 10:01am
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Support View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Support Quote  Post ReplyReply Direct Link To This Post Posted: 13 October 2011 at 11:46am
Hi,

Tester1 - To begin with the functionality is more of a bookkeeping assistant making it easier to supply information needed by an accountant at the end of the year. It is not initially intended to completely replace an accountant.

The key thing here is that ourselves and presumably most merchants using RomanCart have to get details from RomanCart to create vat returns and to submit information required by an accountant. We want to make this process easier for ourselves and anyone using RomanCart.

We also want to cut through the complexity associated with accounting. As per your earlier post, there are many really simply things which sound complicated but are actually very simple. We want make everything really easy to understand, so that at the end of the year, the merchant knows their exact financial situation.

Many merchants we have met send all their paperwork to an accountant, then sign and submit the accounts they get back, without really having any understanding of what it all means.

Please be assured that we are working with qualified accountants on this functionality.

Many Thanks
Support
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ponyandcarriage View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote ponyandcarriage Quote  Post ReplyReply Direct Link To This Post Posted: 13 October 2011 at 12:24pm
We have found sage online cloud accounts to be very good for our need maybe worth a look for some

Sageone
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Support Oliver View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Support Oliver Quote  Post ReplyReply Direct Link To This Post Posted: 13 October 2011 at 6:35pm
Hi,

Thank you for all your suggestions. Many of you have been great customers over the years.

I have a list here of features that I feel need finishing or customers have reported incomplete or feel need that little extra.

On this newer thread can you please reiterate the things that need polishing off as it were.

Also in this time please feel free to contact the support team now with these issues with as many screen shots examples and links as possible. It may be these issues have been resolved.

Kind Regards

Oliver Brason
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