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1. a desktop icon is created that allows for easy access to the financial solution Merely double click on the desktop icon which appears on the desktop The financial solution will automatically open in EXCEL after double clicking the desktop icon Before opening a prompt will appear providing a security warning for macros as follows oe Laen peie rb Eege frs ahin DR 7 ep otara mas Maros nay cortan unam a mally uate t dubi napon but f Pa mene me etree ra agt wae pee Are sorae ipae Mere La re KT As the financial solution depends on macros to run you must choose the Enable Macros option The logon screen that appears will include the username you have already setup and allow access by entering the password Logon x7 s fin financial spreadsheet solutions Allows you to close without accessing the financial solution User name Example Where you enter the password you created previously l 7 day to go Validate Password Allows you to log on to the financial solution Indicates the number of days that remain to validate the product After entering the password simply click on the Logon option This will open the financial solution If the correct password is not provided access to the financial solution will be denied FIN X Solutions Financial Solution Version 6 User Manual Page 6 of 58 1 2
2. accounts say B1 in respect of bank charges The expense and payment dates are identical in this case The entry will look like this 22 Apr 2009 22 Apr 2009 D 11 40 14 B1 B BC A payment of R228 00 inclusive of VAT this is the amount value is made on 12 March 2009 by way of an EFT which is a direct debit from the business bank account set up as B4 The expense and payment dates are identical in this case The payment is for personal computer consumables that are on behalf of a business partner that was set up as P3 The entry will look like this 12 Mar 2009 12 Mar 2009 Y D 228 00 14 B4 P3 CE On 25 June 2009 a direct credit of R22 42 is made to one of the business bank accounts say B3 in respect of interest earned on the positive bank balance The expense and payment dates are identical in this case The entry will look like this 25 Jun 2009 25 Jun 2009 Y D 22 42 0 B3 B IR FIN X Solutions Financial Solution Version 6 User Manual Page 35 of 58 4 3 1 2 Cost of Sales Cost of Sales relates to expenses that are incurred directly to earn revenue in a business For example you buy products and sell them on or you buy various parts to make up your product offering etc For each business a decision needs to be taken on which expenditure items will be considered as cost of sales so that the appropriate expense code allocation can be made when processing transactions
3. balance fields on any of the three screens contain a value Possible reason A quantity field on the Capture Invoice screen contains spaces A unit value field on the Capture Invoice screen contains spaces An entry has been made where the value field has been entered incorrectly A client payment has been entered and one of the four payment types has not been used An expense has been entered and not all the fields entered A petty cash expense has been entered and not all the fields entered An incorrect bank account or business partner code e g B33 or P10 has been entered What to do On the Client Payments screen identify the invoice number s that reflect a VALUE Go to the Capture Invoice screen for the identified invoice number s check the quantity and unit value fields and remove spaces simply use the Delete key Check any value field where data has been entered to identify errors in data entry an example is where a value has been entered with a rather than a Between the Rands and cents Go to the Client Payments screen make sure that all the client payments reflect one of the four options Cheque Cash Credit Card or EFT Also check for spaces entered after an entry Go to the Capture Expenses screen and check where information may be missing The Expense Sheet includes a column on the far right that is populated with a N or H fo
4. bookmarks or header footer make booklets n Up save PDF forms scan to PDF and more http www CutePDF com 4 3 4 3 1 FIN X Solutions Financial Solution Version 6 User Manual Page 30 of 58 Expense Related Transactions Expense transactions are processed using two key screens m A screen that allows you to capture expenses that are processed through a business banking account or paid for from the personal funds of one of the business partners m A screen that allows you to capture expenses that are processed through the business petty cash Should your business not maintain a petty cash float that allows for cash expenses this screen will not be used Capture Expenses This screen allows you to capture the content for expenses that are processed through a business banking account or paid for from the personal funds of one of the business partners The fields that you complete to capture transactions are as follows Field Required What to do Here you enter the supplier code established in the f supplier table The supplier name will be pulled Supplier NO through to the left hand column to allow you to check code that you have entered the correct supplier code This field can be left blank Here you enter the date on which the expense entry you are making needs to be accounted for this date must fall in the current financial year to be accounted correctly This field allows for the entry to be capt
5. Current year 44 4 4 3 Accounting for Agreement Instalments Payments sesssneenneeeeseeneneeeeerenne 45 4 4 4 Entering Agreement Balances in the Current Year sssr 45 4 5 Fixed Asset Transactions cccccccececeeeeeeeeeneeeeeeeeeceeceeeeeeeeeeseeseneeeeeeeesene 47 4 5 1 Current Fixed Asset Purchases nnen 48 4 5 2 Private Use of Fixed Assets 0 ccccccceceeeeeseennneeeeeeeeseeeneeeeeeeeeeeeeneeeeeeeeteae 49 4 5 3 Fixed Asset Disposal Transactions cccccceeeeceeeeeeeeeeeeeeeeeeteeeeneeeeeeeeeeees 49 4 5 4 Prior Year Fixed Asset Purchases en 49 SECTION 5 FINANCIAL SOLUTION REPORTG eeeeeeeeeseeseeeeeeeeeeeeneneeeeeeeeess 50 5 1 Performance Cuvervlew teert ne nennen nt 50 5 2 Balance Sheet EE 50 5 3 INCOME Statement mee rear eri na aadar aA aradan eaaa Tanana riin r aaia aeaa 50 5 4 Divisional Income Gtaiement 50 5 5 Gash Flow Report o eisai nneur EE EENAEEEERENEEEEEESNNEEEEEEEEE ESA EE ENEE 50 5 5 1 Cash Flow Reconciliation 2 0 0 2 ccceccccceceeeeeeeeeeneeeeeeeeeeeecneeeeeeeeeeecseneeeeeeeetenes 51 5 6 VAT RODO tner ege Ee Seeerei 52 5 7 Petty Cash Report cic ccccetnneseeugaeccuecensdepesuucgdccecedanvanesae seadeneeetenaz cteedgeedeeteess 52 5 8 Loan Account REPON sireni agan enteen aasa eah aea Uea iiaeaa AE REEI T E aiaa aani 53 5 9 Taxation Report sernai eaaa ane aiana aAA aaa aaiae k aaa Saaai 53 SECTION 6 OPENING BALANCES 000 cccccccseeeeeeeeeeeeeeenneeeeeeeeeaneeseeeeeseeeesen
6. Examples of Cost of Sales transactions are as follows A payment of R1140 00 inclusive of VAT this is the amount value is made on 12 March 2009 by way of an EFT which is a direct debit from the business bank account set up as B4 The expense and payment dates are identical in this case The payment is for goods bought for resale The entry will look like this 12 Mar 2009 ma Mar 2009 00 B4 B CS On 15 June 2009 one of the business partners say P3 uses personal funds to buy goods for resale on behalf of the business The total value of the purchase amounts to R570 00 inclusive of VAT this is the amount value The entry will look like this 15 Jun 2009 15 Jun 2009 D 570 00 14 P3 B CS FIN X Solutions Financial Solution Version 6 User Manual Page 36 of 58 4 3 1 3 Drawings by Business Partners In many businesses partners withdraw funds from the business on an ad hoc basis based on funds being available These withdrawals are not made as structured salary payments where structured salary payments are made including the deduction of PAYE etc the payments will be entered using a standard expense code such as SW Salaries and Wages On the other hand it is sometimes necessary for the business partners to deposit funds into the business to cover temporary cash shortfalls Examples of Drawings transactions are as follows On 12 March 2009 partner 2 P2 withdraws R5000 00 by way
7. Financial Solution Version 6 User Manual Page 13 of 58 Hire Purchase Lease Agreement Data The HP Lease Loan Account Details fields allow you to enter descriptive detail for each of the business HP Lease agreements the rates of interest charged on each respective loan these rates are used for the automated calculation of interest by the financial solution and the division in the business that utilises the asset on which the loan has been taken The financial solution provides for four HP Lease loan accounts An example of information populated is as follows HP Lease Loan Account Details Interest Rate Division H1 Standard Bank Vito Bus finance Acc 545 666 789 12 00 B H2 Standard Bank equipment finance Acc 545 777 890 10 25 Opening Balances Provision is made for entering various opening balances These opening balances relate to the figures that would have been reported in the previous financial year s financial statements The accuracy of these values is of extreme importance Due to the importance and complexity of this a separate section addresses the requirements in more detail refer to SECTION 6 OPENING BALANCES FIN X Solutions Financial Solution Version 6 User Manual Page 14 of 58 3 3 Client Table The Client Table is a simplistic table that allows you to capture certain key and relevant information about your clients The Client Table forms the basis for issuing invoices t
8. Mk7 Save as type PDF Files pdf Cancel Move up to CutePDF Pro and get advanced control over your PDF documents Easily merge amp split PDFs add security digital signature stamps bookmarks or header footer make booklets n Up save PDF forms scan to PDF and more http www CutePDF com 4 2 3 Client Payments This screen allows you to capture payments that you receive from clients based on the invoices that you have issued The fields that you complete to capture client payments are as follows Field Required What to do Here you simply enter the date on which the client makes payment against the invoice this date must fall in the current financial year to be accounted correctly The invoices that have been issued are Se reflected on the left find the invoice relevant to the aic YES payment received and enter the date in the line on 2 columns which the invoice is listed The date field can be entered as 1 Mar 09 10 Jul 09 etc you do not have to type out the full month or year Field Payment type 2 columns Amount paid 2 columns Discount allowed 2 columns Required YES YES NO FIN X Solutions Financial Solution Version 6 User Manual Page 26 of 58 What to do Here you enter the manner of payment against the relevant invoice It is important to note that you must use one of the following four options Cheque Cash Credit Car
9. VAT Examples of VAT payment and refund transactions are as follows On 24 May 2009 an amount of R12653 26 is paid to SARS for the Mar Apr 2009 VAT period The funds are withdrawn by cheque from the business bank account set up as B1 The expense and payment dates are identical in this case The entry will look like this 24 May 2009 24 May 2009 ie N Cc 12653 26 0 B1 B VT On 24 May 2009 you submit your VAT return and an amount of R2423 90 is claimed from SARS for the Mar Apr 2009 VAT period as the input VAT amounts exceeded the output VAT for the period The entry will look like this 24 May 2009 2423 90 0 B1 B VT After processing your return SARS refunds your business via a direct deposit to your bank account B1 on 16 June 2009 Now all that needs to be captured is the payment data refer back to the original entry and add the relevant data The entry will now look like this 24 May 2009 16 Jun 2009 D 2423 90 0 B1 B VT FIN X Solutions Financial Solution Version 6 User Manual Page 39 of 58 An example of a VAT refund transaction that includes interest paid by SARS is as follows On 24 May 2009 this is the expense date an amount of R2423 90 is claimed from SARS for the Mar Apr 2009 VAT period as the input VAT amounts exceeded the output VAT for the period SARS only refunds this amount on 3 August 2009 and the refund includes R87 72 interest total received R2511 62 The entri
10. and your VAT periods are Feb Mar Apr May Jun Jul etc In this case the month of February in the Feb Mar VAT period is in one financial year whilst the month of March is in the next financial year m If your VAT periods are such that they do not overlap at the end of a financial year then your VAT period is even As an example your business year end is end February and your VAT periods are Jan Feb Mar Apr May Jun etc Based on whether your business VAT period overlaps with the financial year enter either an O for odd or E for even in the appropriate space VAT Period Odd or Even Reporting Month The Reporting month field allows you to determine until which date the financial reports must account for data that has been entered Even though you may have entered data up to some point in December you may want reports that only reflect information to the end of say August By entering 31 Aug in this field the automated reports will only include transactions for the appropriate periods This field has been populated with the date of 28 Feb 2010 the most widely used date for the last month of the current financial year Reporting month 28 Feb 2010 Tip When you change the Reporting month date field to generate specific reports remember to change the date back to the last day of the financial year to include all transactions again 3 2 3 3 2 4 3 2 5 FIN
11. of an EFT from the business bank account set up as B4 On the same date partner 1 P1 deposits R6000 00 of his personal funds by way of an EFT into the business bank account set up as B2 The entries will look like this 12 Mar 2009 12 Mar 2009 5000 00 0 B4 P2 DL2 12 Mar 2009 12 Mar 2009 Y D 6000 00 0 B4 P1 DL1 4 3 1 4 Drawings for Petty Cash Where a petty cash float is maintained in the business and cash is drawn from a bank account to replenish the petty cash float a pre defined code has been created to account these withdrawals An example of a transaction for a petty cash replenishment is as follows On 18 May 2009 an amount of R2000 00 is withdrawn from the business bank account set up as B2 to replenish the business petty cash float The expense and payment dates are identical in this case The entry will look like this 18 May 2009 18 May 2009 2000 00 0 B2 B PC FIN X Solutions Financial Solution Version 6 User Manual Page 37 of 58 4 3 1 5 Stock Adjustments Because the financial solution does not include full accounting for stock purchase items into stock and then issue them as they are sold this pre defined code allows you to capture the value of stock on hand in your business so that your financial reports accurately reflect stock on hand The code is basically used in two ways a To capture the value of stock on hand at a given point in time e g at th
12. or street detail suburb and city information etc Simply enter the postal code applicable to the address entered to ensure appropriate delivery via the postal system This is an information field simply enter a contact telephone number This is an information field simply enter a fax number for the client This is an information field simply enter a contact cellular telephone number FIN X Solutions Financial Solution Version 6 User Manual Page 15 of 58 Field Required What to do This is an information field simply enter a contact Email NO email address here address This field creates hyperlinks that allow you to send email messages directly from the client table Here you enter your client s VAT registration number This is an important field SARS requires VAT YES that your clients VAT number must appear on your number invoice so that VAT can be claimed If you do not include your client VAT registration number you could have unnecessary payment delays The Client Table also has seven columns that contain information which is automatically updated based on the data you capture These seven columns are as follows m Outstanding this shows you which clients owe you money The amount reflected is determined based on invoices you have issued and payments that you have processed This column serves as a quick reference point when you want to follow up on outstanding amounts m Ageing colu
13. relate to the payment date rather than the current date rather consider the R300 00 as a bad debt and enter it accordingly Decimals of value are simply entered by including a point in the bad debt field for example R275 40 is entered as 275 40 Do not enter decimals using a comma in the bad debt field as this will provide an error Here you simply enter the date on which the bad debt is accounted for The invoices that have been issued are reflected on the left find the invoice relevant to the bad debt and enter the date in the line on which the invoice is listed The date field can be entered as 1 Mar 09 10 Jul 09 etc you do not have to type out the full month or year Tip Where an amount is being written off as a bad debt be careful to ensure that you enter a date in the current period i e do not use a date in previous months as automated calculations are done that influence items such as the VAT report FIN X Solutions Financial Solution Version 6 User Manual Page 29 of 58 4 2 5 Print Client Statements The printing and emailing of statements is done through accessing the Print Client Statements screen On this screen you will see notes that indicate where you must enter the client code and the month for which statements that you want to view print email Simply place the relevant client code and date in these fields and hit the enter key the
14. these off on the bank statement as you check them The items that you have captured but have not yet gone through the bank account those marked with a N in the through the bank column on the Capture Expenses screen are automatically accounted as outstanding reconciling items on the cash flow reports m Check that all the direct debits and credits bank charges interest etc that reflect on the bank statement have been captured in the Capture Expenses screen again you can tick these off on the bank statement as you check them m When complete you can check to see which items still appear on the bank statement that have not been ticked off and decide what needs to be done to account for these o Create further entries in the financial solution o Account them as errors on the bank s side These need to be followed up with the bank to get them corrected Where you identify items that need to be shown as reconciling items separately the financial solution Cash Flow Report page provides an area at the bottom of the page where these can be captured Simplistic examples of such items are as follows OTHER RECONCILING ITEMS Detail Acc March 09 April 09 Bank error debit duplicated B1 127 33 Bank error debit duplicated B2 34 67 34 67 5 6 5 7 FIN X Solutions Financial Solution Version 6 User Manual Page 52 of 58 VAT Report The VAT Report forms the basis for completing your VAT ret
15. to substantiate the claim for VAT Field Bank account Business private Division code Expense code Required YES YES YES YES FIN X Solutions Financial Solution Version 6 User Manual Page 32 of 58 What to do Here you indicate where the transaction is being paid from or to The funds can apply to a business bank account or a partner s personal funds Funds applicable to the business bank accounts are indicated by a B1 B2 etc the code for the relevant bank account as established on the Business Data sheet Funds from business partners personal funds are indicated by a P1 P2 etc This reflects whether the transaction is for business purposes or personal to a business partner For business transactions enter a B for personal transactions enter a P1 P2 etc Here you enter the division code established in the business data sheet This allows for expenses to be accounted against a division and thus reported on separately Here you enter the expense code established in the expense table The expense name will be pulled through to the right hand column to allow you to check that you have entered the correct code FIN X Solutions Financial Solution Version 6 User Manual Page 33 of 58 4 3 1 1 Examples To provide an indication of how transactions are processed in the financial solution a few examples are provided note that n
16. FIN X Solutions Financial Solution Version 6 User Manual Page 1 of 58 fin financial spreadsheet solutions FIN X Solutions User Manual Financial Spreadsheet Solution Version 6 FIN X Solutions Financial Solution Version 6 User Manual Page 2 of 58 fin financial spreadsheet solutions Thank you for purchasing the FIN X Solutions Financial Solution Please also read the installation instructions carefully before installing your solution for use This user manual has been designed to provide you with a step by step guide to using the financial solution to ensure that you enter information accurately and as a quick reference guide when required Use of the FIN X Solutions Financial Solution is subject to the standard terms and conditions of use which are included in the Software Licence Agreement included in Appendix B FIN X Solutions Financial Solution Version 6 User Manual Page 3 of 58 Table of Contents Pages SECTION 1 SOLUTION LOGON cccccccceeeeeseeeeeeeeeeeeeeeeeeeeeeeeeaaeenaeeeeeseesaeeeeeeeesenennees 5 1 1 Financial Solution Logon without Validation 0 cccccccsseeeceeeeeeeeneeeeeeeeeeees 5 1 2 Financial Solution Logon after Validation seeeesseneeeeeeeeenrrenseeerenrnnnesserene 6 1 3 Financial Solution Password Change 7 SECTION 2 SOLUTION INTRODUCTION 2 ccccecesesseeeeeeeeeeeeeeeeeeeeeeeesneeeseeeeeseeeneees 8 2 1 INTODUCTION EE 8 2 2 Entering Data Z
17. Financial Solution Logon after Validation After completing the validation process the financial solution logon screen reflects only your username and password tab when accessing the solution fin financial spreadsheet solutions tee seo Password Ei i bs E ees After entering the password simply click on the Logon option This will open the financial solution If the correct password is not provided access to the financial solution will be denied If the correct password is provided the financial solution will open and reflect the Index page as follows E Microsoft Excel Financial Solution Mk6 2009 Format Tools Data Window Help S J V Reply with Changes End Review EC F in financial spreadsheet solutions J 3 Go to Office Live Oper 1 3 FIN X Solutions Financial Solution Version 6 User Manual Page 7 of 58 Financial Solution Password Change After initially creating a password to protect your financial solution from unauthorised access you may consider it necessary to change this password To do this you simply click on the button provided on the solution logon screen to the right of the password tab eS fin financial spreadsheet solutions Provides for changes to your password User name Example Password d 2 Aft
18. Manual Page 43 of 58 What to do Here you enter the amount total including VAT that applies to the transaction you are entering Decimals of value are simply entered by including a point in the amount field for example R275 40 is entered as 275 40 Do not enter decimals using a comma in the amount field as this will provide an error Here you enter the VAT applicable to the transaction you are entering Remember that to claim the VAT your business must be registered for VAT as well You also need to ensure that you are in possession of a tax invoice or voucher that contains the suppliers VAT registration number to substantiate the claim for VAT This reflects whether the transaction is for business purposes or personal to a business partner For business transactions enter a B for personal transactions enter a P1 P2 etc Here you enter the expense code established in the expense table The expense name will be pulled through to the right hand column to allow you to check that you have entered the correct code Here you enter the division code established in the business data sheet This allows for expenses to be accounted against a division and thus reported on separately FIN X Solutions Financial Solution Version 6 User Manual Page 44 of 58 4 4 Hire Purchase Transactions The complexity of entries normally associated with hire purchase and lease agreements is related
19. X Solutions Financial Solution Version 6 User Manual Page 12 of 58 Start Date for Financial Year The Financial year start date field allows you to enter the first date of your business financial year This field has been populated with the date of 1 Mar 2009 the most widely used date for the first day and month of the current financial year The Business Tax Rate field allows you to enter a percentage by entering a percentage in this field the financial solution automatically calculates the tax liability for the business at the entered Financial year start date Mar 2009 Business Tax Rate 0 0 Bank Account Information The Bank Account Details fields allow you to enter descriptive detail for each of your business bank accounts The financial solution provides for ten business bank accounts An example of information populated is as follows Bank Account Details B1 First National Bank Account No 6111 345 1234 B2 ABSA Bank Savings Account No 766 145 444 Loan Account Information The Loan Account Details fields allow you to enter descriptive detail for each of the business partners and their respective shareholding in the business Provision for eight partner accounts is made in the financial solution An example of information populated is as follows Loan Account Details Share P1 Joe Brown 60 00 P2 Mandy Green 40 00 3 2 6 3 2 7 FIN X Solutions
20. ace the relevant invoice number in this field and hit the enter key the relevant data will automatically be pulled through to the pre formatted invoice To print or email the invoice click on the Print button The invoice will be displayed on the screen Click on the print button again The print pop up box will appear as follows Print la Printer Name Canon LBP2900 Properties Status L Mfx server HP Officejet 7300 series aoe lt lt Canon LBP2900 a Find Printer ype 6 CutePDF Writer J Where Gag HP officejet 6200 series Comment G Microsoft Office Document Image Writer ae z Microsoft XPS Document Writer F C Print to file Print range Copies Al Number of copies 1 Page s From To Print what i E E F Colate Selection Entire workbook Active sheet s List be d To print the invoice choose a printer that is connected to your computer and click on the OK button FIN X Solutions Financial Solution Version 6 User Manual Page 25 of 58 To email the invoice choose the CutePDF Writer as the printer and click on the OK button This allows you to save the invoice as a PDF file which you can then email to your client using your email software such as Outlook cass 2i Y anad gt Save in Desktop amp img ES Name Size Type Date modified ger J Public A Computer File name Financial Solution
21. ake use of the functionality that automatically calculates the tax liability at the end of the year you then account the tax liability as follows 28 Feb 2010 28 Feb 2010 Y D 21 234 00 0 B1 B BT 28 Feb 2010 28 Feb 2010 Y D 21 234 00 0 B1 B RET 4 3 2 Petty Cash Expenses This screen allows you to capture the content for expenses that are processed through a business petty cash float The fields that you complete to capture transactions are as follows Field Required What to do Here you simply enter the date applicable to the entry you are making this date must fall in the Expense VES current financial year to be accounted correctly date The date field can be entered as 1 Mar 09 10 Jul 09 etc you do not have to type out the full month or year Here you can enter a voucher number that refers to your paper based filing system This will allow for Voucher NO easier reference to a source document when you number need it in the future This field is optional and can be left blank This is a free formatted field that provides for a ce ES supplier name This is a free formatted field You can enter any Description NO description that suitably describes the transaction you are entering Field Amount VAT Business private Expense code Division code Required YES YES YES YES YES FIN X Solutions Financial Solution Version 6 User
22. alue will be equal to the VAT exclusive amount entered in the row where the FA transaction is captured The reason for this is that fixed assets unlike all other transactions require a second level of input an entry into the fixed asset schedule Based on the above example the entry in the fixed asset schedule will look as follows Purchase ee Asset Asset ap Purchase SS o Depreciation n class namber Description Voucher date apr G VAT rate Division M 1 VW Polo 235 24 Aug 2009 117 350 00 14 20 00 B By entering this data into the fixed asset schedule the financial solution is able to automatically calculate the depreciation that is accounted as an expense and the value of the assets that is reported on the business Balance Sheet 4 5 2 4 5 3 4 5 4 FIN X Solutions Financial Solution Version 6 User Manual Page 49 of 58 Private Use of Fixed Assets There are cases where a business purchases an asset and the asset is used by a business partner for private use A common example of this is a motor vehicle Your auditor accountant tax advisor can easily advise you if it is suitable to allocate a portion of an asset as private use Where private use is applicable you simply indicate in the fixed asset schedule against the relevant asset item what the percentage of private use is and to which business partner the private use applies As a
23. ance if this is agreed you have assurance that you have captured expenses related to the bank accounts accurately The financial solution provides for ten user defined bank accounts B1 B10 All that needs to be entered on the Cash Flow Report screen is the number applicable to the bank account for which you want to view the cash flow after entering a number the detail will automatically be pulled through to all the relevant fields FIN X Solutions Financial Solution Version 6 User Manual Page 51 of 58 5 5 1 Cash Flow Reconciliation Reconciling your cash flows to your individual business bank accounts is a very important control if the reconciliation agrees it means that the data you have captured against these bank accounts has been done accurately Inversely where you do not reconcile it may provide the clue to where you have omitted to enter information such as bank charges you did not capture or entered information erroneously incorrect amount incorrect account code used etc Reconciling your cash flow to your bank account involves the following simplistic steps m Obtain a bank statement for the relevant bank account m Check to ensure that all the debit orders and cheques that reflect on the bank statement are marked as a Y in the through the bank column on the Capture Expenses screen and ensure that there are none marked as a Y that are not on the bank statement You can tick
24. asy to identify as they have a red marking in the upper right hand corner of the field The note attached to a field will become visible simply by moving your mouse pointer towards the red marking on each field as in the example below Example Business Invoice Detail Input Sheet Insert the payment Name check to ensure valid Data Capture Control During the process of capturing data specifically income and expense related data it is possible that you may make errors that influence the balance within the solution These errors will result in erroneous reports To assist you in ensuring the accuracy of your data capture two simplistic control mechanisms are included in the financial solution The key control mechanism is explained in more detail in section 4 1 Maintaining Balance within the Solution on page 19 Validating Data During the process of capturing data specifically income and expense related data it is possible that you may make errors that may not influence the financial solution in terms of balancing but may result in incorrect reports Examples include using the incorrect expense code omitting to include the 14 VAT rate on expenses that qualify etc These errors although unnoticed influence the validity of the data used in drafting financial statements for your business processing VAT and other SARS returns etc It is therefore recommended that the financial solution be used in conjunction with the ad
25. ated Transactions ccccccsceeeeeeeeeeeeeeseeeeeeeeeeseesenieeseeeeeteees 30 4 3 1 Capture Expenses eecht EERNNESdEEEEEEEENESEENEE ECKER saedheeevaeab agen cgereeeneaae 30 4321 21 Eu e 33 El 35 4 3 1 3 Drawings by Business Partners 36 4 3 1 4 Drawings for Petty Cash 36 4 32 15 Stock el EE 37 4 3 1 6 VAT Payments and Refunds ccccccceeeeeeeeeeeeeeeeeceeeeeeeeeeeeeneeeeeeeetee 38 4 3 1 7 Business Tax Pavments natnr rtnnnnnnseennn en 39 4 3 1 8 Fixed Asset Purchases ccccccceceeeceeeeeeeeeeeeeaeeeeeeeeseecnaeeeeeeeeesesenieeeeeeeetenes 40 4 3 1 9 Hire Purchase Lease Agreement Transactions sssssseeneeeeeseeernneeeereen ee 40 4 3 1 10 Accounts Payable Transactions cccccceeceeceeeeeeeeeeeeeeeeeeeeeeeneeeeeeeetees 40 4 3 1 11 Dividend Payment Transactions ssesssseeeeeeesesnnrneeserenrrrnnserrtrnnnnrseerenn en 41 4 3 1 12 Share Capital Member Interest Transactions cccccceesseesseeeseeeeees 41 4 3 1 13 Retained Earnings Transactions ccccceecceceeeeeeeeeeeeeeeeeeseeseneeeeeeeeeeees 42 4 3 2 Petty Cash Expenses cccccccceeeecceeeeeeeeeeceeeeeeeeeesccaeeeeeeeeseeseseeeeeeeeteees 42 4 4 Hire Purchase Transactions nseseessseneeeeseettrrtnssrettrnntrssrtnnntnnseernnnnnn ee 44 4 4 1 Current Agreements from Previous vears 44 FIN X Solutions Financial Solution Version 6 User Manual Page 4 of 58 4 4 2 New Agreements in the
26. balances on each of the business partners loan accounts Loan Accounts Loan Account Details Opening balance P2 SEEI P4 P5 l P6 P7 l Par 6 5 6 6 6 7 FIN X Solutions Financial Solution Version 6 User Manual Page 56 of 58 Hire Purchase Lease Agreements Opening Balances This relates to the opening balances on hire purchase and lease loan agreements that are already in place at the beginning of the year in other words the agreement was made in a prior financial year but the business is still paying the monthly instalments on the hire purchase and lease agreements All that is required is to enter the opening balances at the beginning of the year in this section Hire Purchase Capitalised Lease Rental Accounts HP Lease Loan Account Details Opening balance H1 HP Agreement 1 H2 HP Agreement 2 H3 HP Agreement 3 H4 HP Agreement 4 Fixed Assets Opening Balances This relates to fixed assets that already exist at the beginning of the year in other words the assets were acquired in a prior financial year but the business is still in possession of and using the fixed assets The information for these assets is captured in the Fixed Asset Schedule in the same way as described in section 4 5 above individually for each fixed asset item as follows Purchase SE Asset Asset Sa Purchase BEE o Depreciation dasa
27. business cheque Note that this field works in conjunction with the payment method field Here you simply enter a Y or a N a Y for amounts that have been processed through the bank account and N for those that have not yet been processed this can be identified by referring to the bank statements for the relevant bank account Here you simply enter a D or a C a D for amounts that are processed through the bank account by way of direct debit and C for those that are processed by cheque payments this works in conjunction with the Cheque Number field Examples of direct debits includes direct credits are bank charges debit orders interest received etc This is a free formatted field You can enter any description that suitably describes the transaction you are entering Here you enter the amount total including VAT that applies to the transaction you are entering Decimals of value are simply entered by including a point in the amount field for example R275 40 is entered as 275 40 Do not enter decimals using a comma in the amount field as this will provide an error Here you enter the VAT applicable to the transaction you are entering Remember that to claim the VAT your business must be registered for VAT as well You also need to ensure that you are in possession of a tax invoice or voucher that contains the suppliers VAT registration number
28. d EFT The solution requires one of these four options to ensure the correct allocation of the payments to the cash flow report Using a payment type other than the four listed above will provide an error Here you enter the amount that you have received from the client for the relevant invoice Decimals of value are simply entered by including a point in the amount field for example R275 40 is entered as 275 40 Do not enter decimals using a comma in the amount field as this will provide an error Here you enter the amount that you allow the client as a discount on payment An example may be where the invoice is raised for R2100 00 and the client pays R2000 00 earlier to receive a R100 00 discount The R100 00 discount will be entered here Tip Where an invoice has been issued for R257 43 and the client inadvertently pays you only R257 40 consider the RO 03 as discount and enter it here This ensures that you do not have petty amounts reflecting as outstanding against client accounts Decimals of value are simply entered by including a point in the amount field for example R275 40 is entered as 275 40 Do not enter decimals using a comma in the amount field as this will provide an error Field Bank account 2 columns Required YES FIN X Solutions Financial Solution Version 6 User Manual Page 27 of 58 What to do Here you provide an indication of where the money rec
29. e end of each month or at the end of the financial year To reverse the value of stock on hand that was captured in the financial solutions in previous periods Examples of stock related transactions are as follows On 31 May 2009 you do a physical stock take and identify R12640 00 exclusive of VAT worth of stock where the purchases of the items has been accounted for already The entry to account sll this stock will look like this 31 May 2009 640 00 H B1 B ST On 28 February 2010 you do a physical stock take and identify R10318 40 exclusive of VAT worth of stock where the purchases of the items has been accounted for already At the beginning of the financial year you also had stock on hand valued at R9347 55 that was entered as an opening balance The entries to account for this stock both the current on hand stock and the reversal of the opening balance stock will look like this Se HE 28 Feb 2010 10 318 40 0 B1 B ST 28 Feb 2010 9 347 55 0 B1 B ST FIN X Solutions Financial Solution Version 6 User Manual Page 38 of 58 4 3 1 6 VAT Payments and Refunds Where your business is registered for VAT the transactions you account invoices for income and supplier vouchers for expenses will automatically update the VAT report Based on this report the business will complete a VAT return every two months and submit a payment or request a refund where the input VAT exceeds the output
30. e these transactions need to be accounted for in the business Balance Sheet and not as part of the normal expenses An example of a Share Capital Member Interest transaction is as follows On starting a business R100 00 is invested as share capital by the directors Where the funds the R100 00 are actually paid into the business bank account the transaction may look as follows 10 Apr 2009 10 2009 00 B1 B SCMI Where the funds the R100 00 are not paid into the business bank account but the directors pay for the shares from their own funds say two directors that each pay R50 00 the transaction may look as follows 10 Apr 2009 10 Apr 2009 Y D SS 0 P1 B SCH 10 Apr 2009 10 Apr 2009 Y D 50 00 0 P2 B scm FIN X Solutions Financial Solution Version 6 User Manual Page 42 of 58 4 3 1 13 Retained Earnings Transactions This pre defined code is applicable to CC s and companies but not sole traders partnerships Profit that is made in a sole proprietor partnership is automatically accounted in the individuals name s for tax purposes CC s and companies on the other hand can accumulate profits that are not paid out these accumulated profits are known as Retained Earnings This code simply allows for the capture of transactions where amounts need to be accounted in respect of changes to the Retained Earnings An example is where you do not m
31. ect client code Field Client order Payment terms Due on Quantity 5 columns Description 5 columns Unit price 5 columns Required NO YES YES YES YES YES FIN X Solutions Financial Solution Version 6 User Manual Page 23 of 58 What to do This is a free text field and can be left blank where the customer has not issued an official order Alternatively you may enter Verbal or a person s name here to provide the client with a reference This is a free text field Examples of terms you can enter include COD 7 days net 30 days On presentation etc This provides your client with a clear indication of when payment is expected Here you enter the date on which payment is due based on the payment terms and the date of issuing the invoice As an example if the invoice is issued on 12 March 2009 and the terms are 7 days net the due date will be 19 March 2009 The date field can be entered as 1 Mar 09 10 Jul 09 etc you do not have to type out the full month or year Here you enter the number of products services that are being provided to the client Quantity includes hours days and different units of measure kg s metres litres etc Only the quantity must be entered here do not include the unit of measure as this will provide an error Decimals of quantity are simply entered by including a point in the qua
32. eived from the client was deposited If the amount was deposited into a business bank account simply indicate which bank account by entering a B1 B2 etc as per the bank accounts you set up in the business data sheet If the amount was received in cash and retained for cash expenses simply indicate that it was deposited to Petty Cash by entering a P Tip Where a payment has been received and is deposited into one of the business partner s bank accounts for some reason enter a P and then process a partner drawing separately in the Petty Cash Expense sheet 4 2 4 Bad Debts FIN X Solutions Financial Solution Version 6 User Manual Page 28 of 58 Unfortunately the potential for clients not being able to pay where products services have been provided on credit terms always exists in business In instances where an invoice needs to be considered as a bad debt two fields are provided on the Client Payment sheet Field Bad debt Date of bad debt Required NO YES What to do Here you enter the amount that you are writing off as a bad debt The amount of the bad debt must not exceed the amount that is outstanding on an invoice Tip Where an invoice has been issued for say R2500 00 and the client has paid you R2200 00 in previous months do not be tempted to account the R300 00 in the discount column in a subsequent period Doing this will result in automated calculations that
33. eneeeeeeeeees 54 6 1 Introductio Lu RE 54 6 2 Sundry Accounts Opening Balances ssssseeseeeeeeeeeretrnetessttnnnrnseerrrrennn ee 54 6 2 1 Debtors Opening Balances ssnsssssseseereneeseeeertrtesertttnnntesrrrtnnnnnsrernrnennn ee 54 6 2 2 Inventories Opening Balances sessssenneeeeeeerentereeerttrnntesrrrtnnnnnsrerrrne nnne 54 6 2 3 Creditors Opening Balances 55 6 2 4 VAT Opening Balances rt nsrernnn nnna 55 6 3 Bank Account Opening Balances sssseeseseeeesnrrenseesrrrnntesertnnnnnseerrnnnnnn e 55 6 4 Loan Account Opening Balances ssssseeeeeseeesnrrtnseeertrnntesetrnnnnnnsserennnnnnee 55 6 5 Hire Purchase Lease Agreements Opening Balances sssseseneeeserrene 56 6 6 Fixed Assets Opening Balances ccccccccccsseeeeeeeeeeeeseeeeeeeeeeseeseneeeeeeeeseees 56 6 7 Accuracy of Opening Balances sessseeneesesenrtntesererttrnrresrrrtrnrensrerrrnrnnn ee 56 APPENDIX A INSERTING A BUSINESS LOGO occ cccesecesseeeeeeeeeeeeeeeeeeeeeeeeeeeeeneeeee 57 APPENDIX B SOFTWARE LICENCE AGREEMENT cseeeeesseeeeeeeseneeeeseeeeeennsees 58 FIN X Solutions Financial Solution Version 6 User Manual Page 5 of 58 SECTION 1 SOLUTION LOGON 1 1 Financial Solution Logon without Validation Once the initial username and password have been set up you can continue to access the financial solution without having validated the product In the initial installation process
34. enger EE tae wee eel ee eee Get ener 9 2 3 Data Capture Control 9 2 4 Validating Data TEE 9 SECTION 3 MASTER DATA ve rarei e enaar raap p vevsiciececsdtdeeattcdectecdsvecsaccectteeds 10 3 1 IIMTODUCTION EE 10 3 2 BUSINGSS EE 10 3 2 1 Basic Business Information sssssssessseseerrnsessetrrnnntnssrtrrtrnntsnettnnnnnnsneeenn en 10 3 2 2 Reporting Months sissien resini niinen aiaiai daaa akalari anatania diaaa 11 3 2 3 Start Date for Financial year 12 3 2 4 Bank Account Information ceccceeceeeeeeeeeeceeeeeeeeeeeeeeaeeeeeeeeeeeeeneeeeeeeetees 12 3 2 5 Loan Account Information 12 3 2 6 Hire Purchase Lease Agreement Data 13 3 2 7 Opening ET 13 3 3 Client Fable siis3 4c EA ET ctea cd te Gi ve dagaa EE tates RA 14 3 4 S pplier Table inie Seege geegent ee Eege Eden 16 3 5 Expense Table issiccccccccchesudetnpeecevsaeccusnedsdeeesuvegaccecadeuvansue EKE Eaa ETNEA RA gaa ZEN 17 SECTION 4 DATA INP UT cc cciccccistcccicedssccccssahecssiecascedcosadieecssanccttsscoctesesccdenseuseccsetssoats 19 4 1 Maintaining Balance within the Solution cccccceceeeeeeeeeeeeeeeeeeeseenteeeeees 19 4 2 Income Related Transactons ne 22 Gelee 22 4 2 2 Print ee 24 4 2 3 Client PayMents cececceceeeeeeeeeeeeeeeee eee eee eeceaeeeeeeeeeseceaaeeeeeeeeseeseceeeeeeeeseees 25 4 24 Bad Debtsires mnata nce teh are n i ei ieee A et SE eee 28 4 2 5 Print Client Statements eee eeeecaaeeeeeeeeseescneeeeeeeetee 29 4 3 Expense Rel
35. ening balances can be obtained with reference to the financial reports for the business for the prior year In many cases these are not available immediately as they need to be completed by the business auditor accountant It is recommended that you consult with the business auditor accountant to obtain the correct data this will ensure the accuracy of your current year s financial reports Except for the data relevant to fixed assets all opening balances are captured on the Business Data screen Sundry Accounts Opening Balances This is the first section in which opening balances are entered Opening balances Sundry Accounts Petty Cash balance at start 2009 Debtors balance at start 2009 Creditors balance at start 2009 Provision for Taxation at start 2009 Accumulated tax loss at start 2009 VAT balance at start 2009 Member s interest at start 2009 Retained earnings at start 2009 Debtors Opening Balances This opening balance relates to amounts that are due to the business by clients based on invoices that were issued Because the invoices relate to the previous year but the payments will be received in the current year the invoices need to be captured on the Capture Invoices screen as well When you capture them ensure that the date is the date in the previous year when the invoice was issued Capturing this data in the Capture Invoices screen ensures that the invoice data is drawn thro
36. ense Sheet An example where a loan of R117350 00 is made to purchase a vehicle will be entered as EE 12 May 2009 12 May 2009 117 350 00 0 B1 B HP1 m A description and the interest rate applicable to the loan in the Business Data sheet refer also section 3 2 6 An example of this is as follows HP Lease Loan Account Details Interest Rate Division H1 Standard Bank Vito Bus finance Acc 545 666 789 12 00 B FIN X Solutions Financial Solution Version 6 User Manual Page 45 of 58 4 4 3 Accounting for Agreement Instalments Payments Entering the instalments for a hire purchase or lease agreement is simple and is best explained by the following example Where a payment of R3562 18 is made on a HP agreement set up as say H3 on 2 May 2009 by way of a debit order processes on a business bank account B2 the entry will look as follows 2 May 2009 2 May 2009 3562 18 0 B2 B HP3 As another example if the same payment as above was made from a business partner s private account say partner P1 rather than a business bank account the same entry would look as follows 2 May 2009 2 May 2009 3562 18 0 P1 B HP3 4 4 4 Entering Agreement Balances in the Current Year The purpose behind entering agreement balances is to provide the financial solution with exact balances this supports the automated calculation of interest expenses in the solution If you do not enter the agreemen
37. ense and Petty Cash Expense screens to identify asset purchases that have not been updated in the fixed asset schedule Check the Balance Sheet if the previous year values do not balance then there is an error in the opening balance values Refer to SECTION 6 OPENING BALANCES in this regard Go to the Capture Fixed Asset screen and check where depreciation rate information may be missing Go to the Petty Cash Expenses screen and check where information may be missing Go to the Capture Expenses screen make sure that all the expense codes are correct this can be checked by looking at the name column to the right of the expense code Go to the Petty Cash Expenses screen make sure that all the expense codes are correct this can be checked by looking at the name column to the right of the expense code Check the client code used on the invoice use the correct code or create a new client if necessary 4 2 4 2 1 FIN X Solutions Financial Solution Version 6 User Manual Page 22 of 58 Income Related Transactions Income transactions are processed using four key screens m A screen that allows you to capture the content for your invoices that are issued to clients m A screen that displays the invoice and allows for the printing and emailing of invoices m A screen that allows you to capture payments that you receive from clients based on the invoices that you have issued m A screen tha
38. ent Payments Example Business Invoice Detail Input Sheet m Capture Expenses Si Business Expense Detail Input Sheet Y N D C Enter additional info with number m Petty Cash Expenses Example Business Petty Cash Detail Input Sheet Check As filed Enter supplier name Enter additional info These fields are all linked to the same source so if one is not zero the other two will not be zero either And if one of these three fields contains something other than a zero shown by a then there is an imbalance due to an input error somewhere Any imbalance must be identified and corrected if not the financial reports generated by the financial solution will have the error in them Errors are caused by excluding information that is necessary entering spaces in a field that cannot have spaces using client or expense codes that are not set up in the Client Table or Expense Table etc FIN X Solutions Financial Solution Version 6 User Manual Page 20 of 58 The following table identifies some of the more common errors that result in an imbalance in the financial solution Error The invoice amount field on the Client Payments screen contains a VALUE The balance fields on any of the three screens contain a VALUE The bank account balance on the Cash Flow Report does not agree with the Balance Sheet balance on the same bank account The
39. er clicking on the password change button on the logon screen a screen will appear requesting that you confirm that you wish to change your password Moost Cane m ei Lv If you want to proceed with changing your password simply click on the Yes button This will bring up the next screen where your current password must be entered Type your current password here and press OK After entering your current password click on the OK button This will bring up the next screen where your new password must be entered Type your new password here and press OK A confirmation screen will then appear that reflects the password and allows you to accept it simply click on the Yes option to confirm the password HE mz zm FIN X Solutions Financial Solution Version 6 User Manual Page 8 of 58 SECTION 2 SOLUTION INTRODUCTION 2 1 Introduction The financial solution consists of three key areas Master Data where information regarding your business clients suppliers and types of expenses is entered This master data is then used on an ongoing basis when income and expenses are captured Data Input where income is captured invoices and customer payments expenses are captured also petty cash hire purchase transaction data is captured and fixed asset information is captured Reports allowing for automated reports for a variety of purposes Af
40. er copyright material except that you may a make one copy of the Software solely for a back up or archival purposes or b transfer the Software to a single hard disk provided you keep the original solely for back up and archival purposes and c you may not copy the written materials accompanying the Software Licence Terms FIN X grants to you the right to use one copy of the Software or such other quantity indicated on the Certificate of Licence provided to you by FIN X on a single computer You may not rent or lease the Software but you may transfer the Software and accompanying written material on a permanent basis if you obtain FIN X s written consent and provided that you retain no copies and the recipient agrees to be bound by the terms of this agreement This licence shall not permit the installation of the Software on a network server for the sole purpose of distribution to one or more other computer s for which a separate licence is required You may not reverse engineer decompile or disassemble the Software The effective date of this agreement is the day that you install the Software The agreement shall remain in force until terminated in writing by FIN X You may terminate this agreement by returning to FIN X the original Software and any back up copies and the written materials accompanying the Software If you breach this agreement FIN X can terminate the licence upon written notificat
41. es will look like this 24 May 2009 3 Aug 2009 2423 90 0 B1 B VT 3 Aug 2009 3 Aug 2009 Y D 87 72 0 B1 B IR 4 3 1 7 Business Tax Payments Businesses that are registered as CC s or companies need to register for business tax with SARS The business will then submit provisional and final tax returns and STC returns for tax on dividend payments A pre defined code has been created to account for these payments This code should be used in conjunction with the tax rate functionality included in the Business Data sheet refer 3 2 1 Examples of business tax transactions are as follows On 24 August 2009 the business makes two payments to SARS one in respect of provisional tax for the business of R12000 00 and another in respect of secondary tax STC on dividends declared and paid by the business of R3000 00 The payments are made by way of cheques from the business bank account set up as B1 The entries will look like this 24 Aug 2009 24 Aug 2009 12000 00 0 B1 B BT 24 Aug 2009 24 Aug 2009 35 N Cc 3000 00 0 B1 B BT FIN X Solutions Financial Solution Version 6 User Manual Page 40 of 58 4 3 1 8 Fixed Asset Purchases Most businesses purchase fixed assets such as motor vehicles computer equipment factory equipment etc Because fixed asset purchases are treated differently from an accounting perspective the way in which they are captured in the fina
42. hat are used in most businesses These can be used if appropriate or changed based on your requirements The percentages can also be changed as appropriate for your business The fields that you can complete in the Expense Table are as follows Field Required What to do Here you simply enter a code of your choice that you can associate with each income expense The codes you decide on can have letters or numbers or Code YES a combination of letters and numbers you decide It is important to remember that you cannot duplicate a code i e you cannot have two identical codes Enter a description of your choice here Remember Name YES that this is the name that will appear on the automated financial solution reports Enter the percentage of the item that is accounted for business purposes here Percentage YES This unique functionality allows you to create codes for items such as municipal bills where you only want to account a portion because you use a portion of the property for business Type YES This field cannot be altered it is pre defined Here you simply enter a Y Yes or N No to indicate whether the item is taken into account in E YES calculating the business tax liability As an example Taxation although fines paid are shown as an expense SARS does not allow fines to be accounted for in calculating tax Tip Where you are unsure whether an item is accounted for in calculati
43. his means that you need to create a client before you can issue an invoice Tip Where you regularly sell products services to people on a once off basis i e repeat business is unlikely instead of creating each one as a separate client create one Sundry Cash Sales client that you can repeatedly use for the once off sales transactions The fields that you complete to create clients in the Client Table are as follows Field Code Name Contact Address 3 fields Code Telephone number Fax number Cellular number Required YES YES NO YES YES NO NO NO What to do Here you simply enter a code of your choice that you can associate with each client The codes you decide on can have letters or numbers or a combination of letters and numbers you decide It is important to remember that you cannot duplicate a code i e you cannot have two clients that both have the same client code Enter the clients name here Remember that this is the name that will appear on the invoice so add all the relevant details such as CC or Pty Ltd where it is relevant Enter a contact persons name here This name also appears on the invoice which can help ensure that the invoice is forwarded to the right person in larger client businesses Here you simply enter the address details that apply to where the invoice will be sent to Three fields are available to enter POBox
44. hoc services of a bookkeeper accountant This will provide a basis for data review to ensure the accuracy of data captured and make processing at year end and during the submission of SARS returns easier FIN X Solutions Financial Solution Version 6 User Manual Page 10 of 58 SECTION 3 MASTER DATA 3 1 3 2 3 2 1 Introduction The master data sections allow you to capture basic key information for your business and data that influences the way in which the financial solution treats subsequent data capture Business Data This screen provides for the capture of basic information regarding your business for banking and loan account business partner details and for opening balances on the various accounts in your financial solution Basic Business Information This allows for the simplistic capture of your business name address and contact details and for your business banking details as you would like them to appear on your printed emailed invoices The area that provides for the capture of the business name address etc has been pre populated with example information Simply enter the information relevant to your business over the pre populated information Example Business VAT Registration Number 4530199233 P O Box 1234 Weltevreden Park 1715 Tel 27 11 791 1234 Fax 27 11 791 4321 Cellular 082 576 1234 e mail example execmail co za The area that provides for the capture of the busine
45. humber Description Voucher Gate ee T VAT rate M 1 VW Polo 235 24 May 2007 117 350 00 14 20 00 C 2 Computer 376 6 Aug 2008 4 675 00 14 33 33 Accuracy of Opening Balances Once you have captured all the data relevant to the opening balances it is quite simple to check the accuracy thereof simply go to the Balance Sheet and check to see that the totals in the column showing the prior year s balances for Total Assets is equal to that for Total Equity and Liabilities If these two totals do not agree there is an error in the opening balances data that has been captured This error will also automatically reflect in the balance fields on any of the three data capture screens the value will be equal to the difference between the Total Assets and Total Equity and Liabilities values as reflected on the Balance Sheet This difference needs to be evaluated to determine what changes must be made to the opening balance data so that the Total Assets and Total Equity and Liabilities values as reflected on the Balance Sheet do equal each other FIN X Solutions Financial Solution Version 6 User Manual Page 57 of 58 APPENDIX A INSERTING A BUSINESS LOGO The financial solution provides for your business logo to automatically be incorporated and be printed on invoices and client statements To provide for your own logo to be included on invoices and or client statements that are printed or emailed fr
46. ing balance per loan statements 95 716 23 87 237 55 Closing balance for reporting 100 000 00 95 716 23 91 394 00 87 237 55 Interest Paid 716 23 677 77 843 55 No balance entered for Month 5 Month 2 Month 3 Month 4 Month 5 April 09 May 09 June 09 duly 09 HP Agreement 1 Opening balance 100 000 00 95 716 23 91 394 00 Payments made 100 000 00 5 000 00 5 000 00 5 000 00 Closing balance per loan statements 95 716 23 Closing balance for reporting 100 000 00 95 716 23 91 394 00 87 041 00 Interest Paid 716 23 677 77 647 00 FIN X Solutions Financial Solution Version 6 User Manual Page 47 of 58 4 5 Fixed Asset Transactions Most businesses purchase fixed assets such as motor vehicles computer equipment factory equipment etc Because fixed asset purchases are treated differently from an accounting perspective the way in which they are captured in the financial solution is also somewhat different from other transactions The financial solution includes a fixed asset schedule this schedule is accessed by clicking on the Capture Fixed Assets button on the Index screen The fixed asset schedule provides for five key areas m The classification of the types of assets relevant to your business A code and description must be provided pre populated for five of the eight options change these as applicable _Asset classes M Motor Vehicles C Computer Equipment L Land amp Buildings F Office F
47. ion to you whereupon all original disks any back up copies and written materials accompanying the Software shall be returned to FIN X Limited Warranty FIN X warrants that the medium on which the Software is recorded to be free from defective materials and workmanship under normal use for a period of 30 days from the date of purchase delivery and no claims submitted after such period shall be entertained The Software and related documentation are provided as is FIN X disclaims all other warranties either express or implied including but not limited to implied warranties as to merchantability and fitness for a particular purpose with respect to the Software and the accompanying written material FIN X s entire liability and your exclusive remedy shall be the replacement of the Software that does not meet FIN X s limited warranty and which is returned to FIN X with a copy of your receipt proof of payment This limited warranty is void if failure of the Software has resulted from accident abuse or misapplication In no event shall FIN X or its suppliers be liable for any damages whatsoever including without limitation damages or loss of business profits business interruptions loss of business information or other pecuniary loss arising out of use of or inability to use this product even if you have been advised of the possibility of such damages Governing Law This agreement shall be governed and construed in accordance with
48. mns Current 30 days 60 days and 90 days these columns reflect the periods for which amounts are outstanding If an invoice is raised in March and remains unpaid it will reflect as Current in March as 30 days in April as 60 days in May etc The amounts reflected are determined based on invoices you have issued for which payment has not been received These columns serve as an additional quick reference point when you want to follow up on outstanding amounts m YTD Sales this shows the total amount that each client has spent with you in the current financial year m of Total this shows the percentage of each clients spend relative to the total of all the invoices This field serves as a quick reference to determine who the clients are that spend more this helps with focussing your client relationship management and client marketing efforts 3 4 FIN X Solutions Financial Solution Version 6 User Manual Page 16 of 58 Supplier Table The Supplier Table is a simplistic table that allows you to capture limited information about your suppliers The Supplier Table does not have to be used as it does not influence processing in the financial solution in any way but it does assist with data sorting when you are searching for historic expense related information The fields that you complete to create suppliers in the Supplier Table are as follows Field Required What to do Here you
49. n account s The financial solution provides for eight user defined loan accounts P1 P8 All that needs to be entered on the Loan Account Report screen is the number applicable to the loan account that you want to view after entering a number the detail will automatically be pulled through to all the relevant fields Taxation Report The Taxation Report is not a business related report but is a simplistic value adding tool that allows you to estimate the taxation payable by each business partner The calculation is done on a six month and year basis to accommodate the completion of provisional tax returns The financial solution allocates the profit to each partner based on their share in the business as set up in the partner table in the Business Data sheet Various fields are provided where values can be input other income can be added deductions for items such as medical aid and retirement annuity contributions can be accounted The net resulting taxable income that is calculated is used to automatically determine the tax payable based on the current tax tables being stored within the financial solution FIN X Solutions Financial Solution Version 6 User Manual Page 54 of 58 SECTION 6 OPENING BALANCES 6 1 6 2 6 2 1 6 2 2 Introduction This section describes how the opening balances relevant at the beginning of a financial year are entered in the financial solution Tip The op
50. n example business partner P3 uses 20 of an asset for private purposes the asset schedule will be updated as follows Private use Private Use Partner No P3 20 00 Fixed Asset Disposal Transactions Most fixed assets have a limited life span and so businesses invariably dispose of fixed assets over time A good example is where one vehicle is traded in disposed of when a new vehicle is purchased When an asset is disposed you simply enter the required information against the relevant asset item to ensure that m The asset is no longer accounted for in the solution after the disposal date m Depreciation calculations are ceased for the asset after disposal m The profit or loss can be calculated on disposal this is done automatically An example of a disposal entry may look like this Disposal Disposal b Proceeds date value VATE deposited to 17 May 2009 12 000 00 14 B3 Prior Year Fixed Asset Purchases This relates to fixed assets that already exist at the beginning of the year in other words the assets were acquired in a prior financial year but the business is still in possession of and using the fixed assets Although the information is captured in the same way as described above these assets influence the opening balances in the financial solution For this reason the capture of these assets is explained in section 6 6 FIN X Solutions Financial Solution Ver
51. ncial solution is also somewhat different from other transactions For more detail on how to account for fixed asset purchases refer to section 4 4 2 on page 44 4 3 1 9 Hire Purchase Lease Agreement Transactions Fixed assets purchased by a business may be funded by way of bank finance through hire purchase or lease agreements For more detail on how to account for hire purchase or lease agreements transactions refer to section 4 4 3 on page 44 4 3 1 10 Accounts Payable Transactions This pre defined code is basically used in the following way a Where transactions are entered that actually relate to items accounted for in the previous year As an example a business has its year end at the end of February At the end of February an amount is accounted for audit fees as an expense but is not paid The amount is therefore outstanding at the end of February When the amount then gets paid in April it cannot be accounted for as an expense again it must be accounted against the amount that was outstanding at the end of February and then also at the beginning of the current financial year These expenses should be entered in conjunction with the Creditors opening balance figure included in the Business Data sheet also refer 6 2 3 An example of an accounts payable transaction is as follows On 24 March 2009 the business makes a payment in respect of audit fees that were accounted for in the previous financial year on 28 Feb
52. ng tax or not contact your accountant auditor or contact your nearest SARS office and ask FIN X Solutions Financial Solution Version 6 User Manual Page 18 of 58 The fields that you cannot change in the Expense Table are as follows Example Business Expense Codes These pre defined fields are important as they ensure that the financial solution creates the magic that you need when dealing with certain types of financial transactions But again the financial solution has been designed to ensure that you need not worry about the accounting details the debits and the credits you need just enter the data and use the appropriate codes The use of these codes is described in more detail in Section 4 3 FIN X Solutions Financial Solution Version 6 User Manual Page 19 of 58 SECTION A DATA INPUT 4 1 Maintaining Balance within the Solution During the process of capturing data specifically income and expense related data it is possible that you may make errors that influence the balance within the solution These errors will result in erroneous reports To assist you in ensuring the accuracy of your data capture a simplistic control mechanism is included in the financial solution This key control mechanism is simply a field on the screens where income and expense data is captured that reflects possible errors The field is included on three sheets accessed from the Index page m Cli
53. ntity value for example 2 days is entered as 2 5 Do not enter decimals using a comma in the value as this will provide an error This is a free text field You may enter anything you consider relevant here The line length on the invoice allows for a meaningful amount of text in each description field Here you enter the VAT exclusive price applicable to the products services being provided Decimals of price are simply entered by including a point in the unit price for example R275 40 is entered as 275 40 Do not enter decimals using a comma in the value as this will provide an error FIN X Solutions Financial Solution Version 6 User Manual Page 24 of 58 Field Required What to do Here you enter the VAT that is applicable to the invoice line item Where a 14 VAT rate is Wa VAT applicable the VAT amount will be calculated o YES automatically ee This field is formatted for percentages simply enter a 0 or 14 depending on which is applicable Here you enter the division in the business that is YES applicable to the invoice line item These divisions S columns are established in the Business Data screen Division 4 2 2 Print Invoices The printing and emailing of invoices is done through accessing the Print Invoices screen On this screen you will see a note that indicates where you must enter the invoice number of the invoice you want to view print email Simply pl
54. o into the boxed area Resize the pasted logo by dragging it and or resizing it until it fits the area in the way you prefer Click on the Index button at the top left of the sheet to return to the Index page Click of the Save button to ensure that your logo changes are saved before exiting the solution When you now access the financial solution your business logo will be incorporated on your invoices and or client statements and will be included on emailed invoices and or client statements 4 2 4 3 4 4 FIN X Solutions Financial Solution Version 6 User Manual Page 58 of 58 APPENDIX B SOFTWARE LICENCE AGREEMENT fin spreadsheet solutions IMPORTANT READ THESE TERMS CAREFULLY Software Licence Agreement This is a legal agreement between you the end user and Simplex Business Product Solutions Pty Ltd FIN X It is a condition of your purchase of the FIN X Solutions software the Software that you will use the Software subject to the terms of this agreement In order to operate the Software you are required to have a lawful copy of Microsoft Excel FIN X may at any time request written proof that you have a licensed copy of the said programme Copyright FIN X is the owner of all copyright in the Software which is protected by the Copyright Act No 98 of 1978 Republic of South Africa and International Copyright Treaty provisions You must treat the Software like any oth
55. om your financial solution follow these steps 1 10 Obtain a file that contains your logo This could be a JPEG file BITMAP file or other form of picture file If you do not have this available inquire from the service provider that created your logo Open this file containing your logo using an application such as Microsoft Picture Manager At the same time open a blank MS WORD document Copy the logo from the picture application such as Microsoft Picture Manager and paste it into the blank MS WORD document This allows for the logo to be created as a picture in the format that it can be used by the financial solution note that you will not be able to copy the logo as a JPEG BITMAP or other picture directly into the financial solution Open the financial solution On the Index choose the Print Invoices option and or the Print Client Statements option At the top of the sheets you will notice some buttons the button on the right has Logo on it Click on this button Click in the area where the comment is included that says Insert logo here This should show you a large boxed area Go to the MS WORD document where you pasted your logo click on the picture of the logo right click on your mouse and choose the copy option In the boxed area on the invoice statement page in the financial solution right click on your mouse and choose the paste option This will paste your log
56. ot all the fields in the expense sheet have been included in the examples in this manual On 12 March 2009 this is the expense date you purchase stationary of R228 00 inclusive of VAT this is the amount value from a supplier where the business has credit facilities The supplier provides you with an invoice but you do not pay for the goods supplied because you have credit facilities The initial entry on 12 March 2009 will look like this 12 Mar 2009 228 00 14 B3 B SP On 25 April 2009 you now pay the supplier for the goods provided in March this is the payment date Payment is made by way of a cheque number 12 from the business bank account set up as B3 Now all that needs to be captured is the payment data refer back to the original entry and add the relevant data The entry will now look like this 12 Mar 2009 25 Apr 2009 12 N Cc 228 00 14 B3 B SP On 18 March 2009 one of the business partners set up as P4 makes a payment of R228 00 inclusive of VAT this is the amount value from personal funds which is a direct debit The expense and payment dates are identical in this case The expense is for stationary bought for the business for printing etc The entry will look like this 18 Mar 2009 18 Mar 2009 D 228 00 14 P4 B SP FIN X Solutions Financial Solution Version 6 User Manual Page 34 of 58 On 22 April 2009 a direct debit of R11 40 is made against one of the business bank
57. r lines that cause imbalance check this column to quickly identify the line s on which detail may be missing Go to the Petty Cash Expenses screen and check where information may be missing Go to the Capture Expenses or Petty Cash Expenses screen and check where an incorrect bank account or business partner code may have been entered Error The balance fields on any of the three screens contain a value The balance fields on any of the three screens contain a DIV 0 The balance fields on any of the three screens contain a VALUE The balance fields on any of the three screens contain a REF The name field on the Invoice Capture screens contain a N A FIN X Solutions Financial Solution Version 6 User Manual Possible reason A fixed asset expense FA has been entered and the fixed asset schedule has not been updated The opening balances have not been captured accurately A fixed asset has been captured on the fixed asset schedule without entering a depreciation rate A petty cash expense has been entered and not all the fields entered An incorrect expense code has been used for an expense An incorrect expense code has been used for a petty cash expense A client code has been used that does not exist on the Client Table Page 21 of 58 What to do Check the fixed asset schedule against the fixed asset purchases included in the Exp
58. relevant data will automatically be pulled through to the pre formatted client statement To print or email the client statement click on the Print button The client statement will be displayed on the screen Click on the print button again The print pop up box will appear as follows Print wac Printer Name g5 Canon LBP 2900 Properties Status Type Find Printer Where S HP officejet 6200 series Comment g Microsoft Office Document Image Writer Microsoft XPS Document Writer Print to file Print range Copies All Number of copies 1 HH Page s From To a i Prnt what S g g 7 collate Selection Entire workbook Active sheet s List Les To print the client statement choose a printer that is connected to your computer and click on the OK button To email the client statement choose the CutePDF Writer as the printer and click on the OK button This allows you to save the client statement as a PDF file which you can then email to your client using your email software such as Outlook Save As e ee e Save in Desktop e e cf Ey Name Size Type Date modified EN A Public j A Computer d File name Financial Solution Mk7 Seve astype POF Festp Canca Move up to CutePDF Pro and get advanced control over your PDF documents Easily merge amp split PDFs add security digital signature stamps
59. ruary 2009 The payment amounts to R2280 00 inclusive of VAT and is made by way of a cheque payment from the business bank account set up as B4 The entry will look like this 29 Feb 2009 24 Mar 2009 iw N CG 2280 00 0 B4 B AP FIN X Solutions Financial Solution Version 6 User Manual Page 41 of 58 4 3 1 11 Dividend Payment Transactions This pre defined code is applicable to CC s and companies but not sole traders partnerships It simply allows for the capture of transactions where a dividend is declared from business profits The reason why a pre defined code is used is because these payments need to be reflected in a specific place in the business Income Statement shown after profit and not as part of the normal expenses An example of a Dividend payment transaction is as follows At the end of a financial year the business declares a dividend for the shareholders members The dividend totalling R20000 00 is paid from the business bank account B3 on 25 February 2010 The entry will look like this 25 Feb 2010 25 Feb 2010 20 000 00 0 B3 B DIV 4 3 1 12 Share Capital Member Interest Transactions This pre defined code is applicable to CC s and companies but not sole traders partnerships It simply allows for the capture of transactions where amounts are received for share capital or members interest contributions to the business The reason why a pre defined code is used is becaus
60. simply enter a code of your choice that you can associate with each supplier The codes you decide on can have letters or numbers or a Code NO combination of letters and numbers you decide It is important to remember that you cannot duplicate a code i e you cannot have two suppliers that both have the same supplier code Name NO Enter the supplier s name here The Supplier Table includes a column reflecting the amount due to each of the listed suppliers i e suppliers that you owe money to The amount reflected is determined based on expenses you have captured but not accounted as paid by having entered a payment date This column serves as a quick reference point when you want to follow up amounts that are due to your suppliers 3 5 FIN X Solutions Financial Solution Version 6 User Manual Page 17 of 58 Expense Table The Expense Table allows you to classify the types of income and expenses that you have in your business The Expense Table forms the basis for the accurate allocation of expenses the proportional calculation of amounts where only a portion can be claimed and the accurate calculation of taxation payable The Expense Table contains two types of entries m Fields where input is required or can be made are light blue in colour m Pre defined fields they are dark blue in colour and cannot be altered The Expense Table has been pre populated with a number of standard expense classifications t
61. sion 6 User Manual Page 50 of 58 SECTION 5 FINANCIAL SOLUTION REPORTS 5 1 5 2 5 3 5 4 5 5 This section describes briefly the automated reports that are contained within the financial solution Performance Overview This report provides a brief summary of income expenses taxation provided the automated tax calculation functionality has been used and the net profit A graphical overview with key trend lines is also provided that reflects increases and decreases in the key figures simplistically No user input is required on this report Balance Sheet This provides the assets liabilities and capital employed by the owners in a format that meets the requirements of the accounting profession No user input is required on this report Income Statement The Income Statement provides a detailed view of income and expenditure accounted on a monthly six monthly and yearly basis No user input is required on this report Divisional Income Statement The Divisional Income Statement provides a detailed view of income and expenditure accounted on a monthly six monthly and yearly basis for the division chosen Simply provide the division code to access the management information relevant to the division Cash Flow Report The Cash Flow report provides an overview of the cash inflow and outflow in the business bank account s This report also serves as a basis for reconciling agreeing to the bank statement bal
62. ss banking details has also been pre populated with example information Simply enter the information relevant to your business over the pre populated information Banking detail for invoices Example Business ABSA Bank Randburg Branch 505 705 Account number 4054 123 456 You also need to distinguish between the type of business sole trader close corporation company This is because the way in which the solution deals with certain financial transactions differs depending on the type of business But fortunately the financial side is dealt with for you you just need to determine the type of business by providing a Y for Yes in the appropriate block note that only one block must be marked Y the other two must be N N Sole Trader Partnership Y Close Corporation N Company 3 2 2 FIN X Solutions Financial Solution Version 6 User Manual Page 11 of 58 If your business is registered for VAT you then need to distinguish between whether your VAT returns are done for two monthly periods that are odd or even This classification is needed so that the appropriate months are accounted for in the automated VAT report in the solution The difference between odd and even periods is simple m If your VAT periods are such that they overlap at the end of a financial year then your VAT period is odd As an example your business year end is end February
63. t balances the financial solution will calculate the interest based on the interest rate for the loan that was captured in the Business Data screen The agreement balances are entered by clicking on the Hire Purchases button on the Index screen Balances on loan agreements can be obtained by referring to the loan statements that are sent to you by the finance provider Alternatively you can contact the finance provider to obtain the balances may be necessary at least at the end of each year to ensure the accuracy of your financial reports It is not mandatory that you enter the balances on a monthly basis as long as you have captured the interest rate the financial solution will automatically calculate the balance It is preferable to capture the loan account balances at the end of each financial year as the business accounting officer auditor would want the financial reports to be in line with the loan balances that the finance providers reflect in their records FIN X Solutions Financial Solution Version 6 User Manual Page 46 of 58 An example of the difference between the automated calculation of interest based on having entered the loan balance vs not having entered a loan balance is as follows Balance entered for Month 5 Month 2 Month 3 Month 4 Month 5 April 09 May 09 June 09 July 09 HP Agreement 1 Opening balance 100 000 00 95 716 23 91 394 00 Payments made 100 000 00 5 000 00 5 000 00 5 000 00 Clos
64. t displays client statements and allows for the printing and emailing of client statements Capture Invoices This screen allows you to capture the content for your invoices that are issued to clients The invoice provides for five individual lines of data i e you can enter five items on each invoice Tip Where you have more than five items consider combining items and providing the detail of the individual items in the description fields This may be better than issuing multiple invoices to a client The fields that you complete to capture an invoice are as follows Field Invoice number Date Client Required YES YES YES What to do This column has been pre populated with sequential numbers starting at 1 These can be changed to suit your current numbering system note that SARS favour a sequential invoice numbering system as it allows for easy tracking Here you simply enter the date on which you are issuing the invoice this date must fall in the current financial year to be accounted correctly The date field can be entered as 1 Mar 09 10 Jul 09 etc you do not have to type out the full month or year Here you enter the client code applicable to the client for whom the invoice is being created The client code is the code that you established in the client table The client name will be pulled through to the next column to allow you to check that you have entered the corr
65. ter accessing the financial solution an Index page is displayed The three key areas are clearly identifiable on this screen At the top of the screen there are four buttons that allow you to Exit the financial solution Save the file at any stage whilst in the financial solution Move to the Next page in the solution this is an alternative to using the orange button options Access information About the solution product version To access a particular option for data processing simply click on the orange box which indicates the item you want to go to 69 File Edit View Insert Format Tools Data Window Help Ea 2a Sy All ya Reply with Changes End Review BZ C3 Go to Office Live Open Save financial spreadsheet solutions 2 2 2 3 2 4 FIN X Solutions Financial Solution Version 6 User Manual Page 9 of 58 Entering Data All the fields in the solution where input is required or can be made are light blue in colour Some master data is pre defined in the tables included in the solution these pre defined fields are dark blue in colour and cannot be altered Most of the areas where data is captured contain headings in dark green These headings provide you with an indication of the type of data that is captured in each area column Many of these fields contain notes that assist you in entering information the fields that contain assistance notes are e
66. the laws of the Republic of South Africa
67. to the fact that you normally need to distinguish between the portions of HP lease payments that constitute capital and the portions that constitute interest payment And interest as a percentage of the payment fluctuates at the beginning of the agreement more of the payment is interest and less is capital toward the end of the agreement it s the other way around The financial solution incorporates functionality that simplifies these accounting entries By capturing simple key pieces of information the financial solution automatically creates the split between capital redemption and interest paid and updates the relevant reports seamlessly The following sections explain how to capture data relevant to the hire purchase and lease agreements in your business 4 4 1 Current Agreements from Previous Years This relates to hire purchase and lease agreements that are already in place at the beginning of the year in other words the agreement was made in a prior financial year but the business is still paying the monthly instalments on the hire purchase and lease agreements All that is required is to enter the opening balances at the beginning of the year This is explained in section 6 5 4 4 2 New Agreements in the Current Year Where a hire purchase or lease agreement is entered into in the current year the initial loan is processed simply by entering the following m The capital loan amount excluding interest in the Exp
68. ugh to the screen where the payments are captured as these payments will be in the current year Inventories Opening Balances This opening balance relates to the value of stock that is on hand at the beginning of the current year It is important to remember that this code is affected by allocations using the ST code refer section 4 3 1 5 FIN X Solutions Financial Solution Version 6 User Manual Page 55 of 58 6 2 3 Creditors Opening Balances 6 2 4 6 3 6 4 This opening balance relates to amounts that are due by the business to suppliers where the expenditure relates to the previous year but the payments will be made in the current year It is important to remember that these payments must be allocated using the AP code refer section 4 3 1 10 VAT Opening Balances This reflects the amount due to SARS for VAT at the beginning of the current year Where your business has odd VAT accounting periods it is important that the blue fields in the Opening balance column on the VAT Report are also updated to ensure the accuracy of the report refer section 5 6 Bank Account Opening Balances This section simply provides for the opening balances on each of the business bank accounts Bank Accounts Bank Account Details Opening balance B1 B2 B3 B4 B5 b B6 S B7 B8 R B9 R B10 P Loan Account Opening Balances This section simply provides for the opening
69. ured in a specific period month and VAT Expense YES accounted for Until the Date paid field see below date is entered the entry will also be accounted for as an amount due i e a creditor The date field can be entered as 1 Mar 09 10 Jul 09 etc you do not have to type out the full month or year Here you can enter a voucher number that refers to your paper based filing system This will allow for Voucher NO easier reference to a source document when you number need it in the future This field is optional and can be left blank Here you can enter any additional information that F you feel is appropriate to identify with the entry and Additional NO possibly facilitate future search functionality This is a information free formatted field This field is optional and can be left blank Field Date paid Cheque number Through bank account Payment method Description Amount VAT Required YES YES YES YES NO YES YES FIN X Solutions Financial Solution Version 6 User Manual Page 31 of 58 What to do Here you enter the date on which payment is made for the line entry this date must fall in the current financial year to be accounted correctly The date field can be entered as 1 Mar 09 10 Jul 09 etc you do not have to type out the full month or year Here you enter the cheque number in cases where you have paid for an expense with a
70. urniture E Office Equipment m Basic data relevant to the individual asset items Purchase SE pee Goes Description Voucher EE gie de ei GE Division Additional data these can be left blank that provides for a portion of the asset to be accounted against a business partner where private use of the asset is relevant Private use Private Use Partner No Data relevant to the disposal of individual fixed assets Disposal date Disposal value Proceeds SH deposited to Summaries of the individual assets and the assets on a category level providing information on the cost prices depreciation and book values these FIN X Solutions Financial Solution Version 6 User Manual Page 48 of 58 4 5 1 Current Fixed Asset Purchases A pre defined code FA has been created to account for fixed asset purchases This code is used when entering a fixed asset purchase in the Capture Expense or Petty Cash Expenses sheet An example of a fixed asset purchase transaction is as follows On 24 August 2009 the business purchases a motor vehicle for R117350 00 including 14 VAT Payment is made by way of a cheque from the business bank account set up as B1 The entries will look like this 24 Aug 2009 24 Aug 2009 34 N Cc 117 350 00 14 B1 B FA Once entered the balance fields on any of the three data capture screens will contain a value the v
71. urns The report has been structured in line with the SARS return each code on the SARS return is reflected on the VAT Report It s simple take the values on the report against each code and enter them against the same codes on the SARS return The financial solution provides for differentiation between odd and even VAT periods refer section 3 2 1 Based on this and you entering the period you want a VAT Report for by filling in the appropriate number 1 to 6 on the VAT Report screen the detail will automatically be pulled through to all the relevant fields The amounts reflecting in the Total column at the far right can then be used to populate the SARS VAT return Where your business has odd VAT accounting periods it is important that the blue fields in the Opening balance column codes 1 2 4 14 15 17 and payments made are updated these values form the first month in period 1 if excluded the period 1 values will be incorrect when you draw a report for that period Petty Cash Report The Petty Cash Report provides a detailed view of the petty cash transactions accounted on a monthly six monthly and yearly basis No user input is required on this report 5 8 5 9 FIN X Solutions Financial Solution Version 6 User Manual Page 53 of 58 Loan Account Report The Loan Account Report provides an overview of the transactions processed against the business partner s loa

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