The Practical Guide to Limited Company Tax
If you have chosen to operate your business as a limited com...
By Jonathan London on 26th February 2014
As part of the latest update to our accounting app, weÃ¢€™re opening up our Banking functionality to all users, which we initially launched back in February 2013.
This functionality allows you to add different bank accounts to your Boox Accounting App and perform a reconciliation of your transactions.
This simple process gives you the comfort of knowing that all of your banking transactions have been accounted for and makes it easier for your accountant to complete your regular company health check and submit your quarterly VAT return.
We have two main ways to get your bank information into your portal:
1) If you have a business bank account with one of our banking partners, we will automatically pull in your bank account information via a daily feed, as we have done for the last year.
2) If we donÃ¢€™t have a feed from your bank you can now upload them in CSV format directly into the app, in one of our new enhancements to the Banking function.
For users of this tool, the following enhancements are being made as part of our latest app release:
1) As mentioned above, if we do not have a feed of your bank transactions, you can upload your bank statements in CSV format.
2) WeÃ¢€™ve completely overhauled the reconciliation function to make it a really quick and simple process; even providing the option for the app to automatically link your bank account transactions with the information in your accounting app at the click of a button. You can then review and submit the linked items for reconciliation.
3) You can now set a starting value for your bank balance to ensure that for existing accounts, we can accurately track the correct balance.
4) A running balance is shown against each account to allow you to easily refer back to the balance at an earlier point in time
This is free functionality we offer which is included in our service for no additional fee.
We are constantly reviewing changes made to our app previously, often based on client feedback.Ã‚ Following our enhancements to the invoicing functions back in October, weÃ¢€™ve made another change which will come live with the latest release next week.
WeÃ¢€™ve adapted the invoice creation process again to make it even more flexible, specifically when it comes to VAT.Ã‚ From next week VAT registered clients will be able to set the VAT rate for invoice items at an item level rather than applying to whole invoice. One of the benefits of this approach is the ability to now raise VAT only invoices Ã¢€“ which is pertinent for those interested in registering their company for the Flat Rate VAT scheme.
If there are elements you would like to see changed, or functionality you would like to see added to the Boox app, email us at email@example.com or complete the feedback form within the app.
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If you need a little help to find the right accountancy service, don’t worry.
Thousands of contractors, freelancers and locums turn to Boox for help and advice with their limited company accounting. They love our personal service and app.
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