sjd online - sjd accountancy · sjd online instructions manual turnover this is the total income...

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www.sjdaccountancy.comFreephone: 0500 152500 / 01442 275789 | Email: [email protected]

SJD Online Instructions Manual


www.sjdaccountancy.com

SJD Accountancy | KD Tower, Cotterells, Hemel Hempstead, Hertfordshire, HP1 1FW

Dashboard ..................................................................................................... 2

Profit & Loss ............................................................................................. 3

Assets ........................................................................................................... 3

Liabilities ..................................................................................................... 3

Equity............................................................................................................. 4

Director’s/Shareholder’s Account ............................................. 4

Invoices ........................................................................................................... 5

Create a Customer ............................................................................... 5

Create an Invoice .................................................................................. 6

Expenses .........................................................................................................7

Dividends ....................................................................................................... 8

Salaries ........................................................................................................... 9

Bank Accounts.........................................................................................10

Create new transaction ................................................................. 10

Create new transfer .......................................................................... 10

Upload CSV .............................................................................................. 10

Personal Tax ...............................................................................................11

SJD Online Bank Statement Upload ........................................12

Contents

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1. Profit & Loss 2. Assets

3. Liabilities

5. Director’s/Shareholders fund

4. Equity

DASHBOARD

The figures on the dashboard are shown in real-time; they should be updated instantly whenever a new piece of information is added to the system. In order to ensure that these figures are accurate and up to date, it is important to ensure that the portal is updated regularly with any business transactions; we recommend that this is at least once per month.

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TurnoverThis is the total income generated by the company in the period. It will include income from all invoices for which work has been completed during the accounting period. This figure is shown excluding and VAT payable; however, if you use the flat rate scheme it will include the additional income resulting from being on this scheme. You can view a breakdown of this figure by clicking on the ‘Turnover’ header.

ExpensesThis is a summary of company expenses incurred during the reporting period. They will be taken from the information you have provided on expense sheets, expenses that you have entered on the company bank

and salaries processed. You can view a breakdown of expenses by clicking on the ‘Expenses’ heading.

Corporation TaxThis is an estimate of the corporation tax charge which is the tax due on the profits of the current year.

Dividends This figure is the total amount of dividends that have been declared by the company in the reporting period. Dividends are a distribution of retained profits to the shareholders of the company, voted for by the directors of the company.

1. PROFIT & LOSSThis is a report of the company’s trading figures throughout the reporting period resulting in the profit or loss for the period, shown on the bottom line.

2. ASSETSThis is a summary resources controlled by the company, as a result of past events, which give rise to some form of future economic benefit.

Fixed AssetsThis includes any assets purchased by the company in the past which will be used in the future for the purpose of generating future revenues for the business. Typical assets include computer equipment.

Cash at Bank This is the amount of money in the company bank account, based on the transactions that have been entered onto the system. A breakdown of bank accounts can be found under the separate ‘Bank Accounts’ header on the dashboard.

Invoices Awaiting PaymentThis is the total amount owed to the company in respect to invoices issued which have contributed towards the turnover of the company. The figures contained under this header are based on the invoices and bank transactions added to the system.

DASHBOARD

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5. DIRECTOR’S / SHAREHOLDER’S ACCOUNTThis is a breakdown of monies owed by the company to individuals associated with the company. If there is more than one person, you can view a breakdown of amount owed to that individual by clicking on their name. If there is only one individual then the breakdown will be displayed on the face of the dashboard.

4. EQUITYThis is the difference between a company’s assets and a company’s liabilities.

SalaryThis is the total amount of salary owed to the individual, by the company.

ExpensesThis is the total amount of expenses, as entered into the system previously, owed to the individual, by the company.

DividendsThis is the total amount of dividends, as entered into the system previously, owed to the individual, by the company.

LoanThis is the total amount owed to an individual, by the company, in the form of a loan. If this is showing as a negative number then money will be owed to the company by the individual.

Share CapitalThis is the nominal value paid for your shares in the company.

Retained ProfitThis is the value of the retained profits earned by the company in the current year, this should be exactly the same as the amount retained (after dividends) on the P&L section of the Dashboard.

Retained Profit Brought Forward This is the value of retained earnings from any previous accounting periods.

Director’s AccountThis is the total amount owed to employees, director and shareholders of the company. This is further broken down on the dashboard in the Director’s/Shareholders Account section.

Corporation TaxThis is the amount of Corporation tax owed by the company to HMRC. This is then further broken down by clicking on the ‘Corporation Tax’ heading under liabilities where you can see the outstanding balance for each Corporation tax period.

DASHBOARD

3. LIABILITIESThis is a summary of amounts owed by the company to a third party – this is sub categorised into payments of tax and payments to employees, directors and shareholders.

VATThis is the amount of VAT owed by the company to HMRC. This is further broken down into the periods that the VAT liability became due by clicking on the ‘VAT’ heading.

PAYEThis is the amount of PAYE, National Insurance and Student Loans owed by the company to HMRC.

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INVOICES

CREATE A CUSTOMERIn order to create an invoice, you will first need to enter standing data to the application relating to your customer/agency. This information will then be used to populate any invoices that you create for that customer.

The following details should be entered into this screen:

• Customer name.

• Address (if known).

• VAT – Assuming you are billing for taxable services to a UK company, you should select Standard for the VAT status; if your work differs to this or you are unsure then please ask for further guidance.

• Payment terms – the number of days that your customer has to make payment for your services, this should have been agreed with your customer/agency.

• IR35 status – The IR35 status should be selected based on the result of your contract review.

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INVOICES

CREATE AN INVOICESJD Online can be used to create invoices to be sent on to your customers, or, if you use a self-billing scheme; to record sales for accounting purposes. In order to do this, please follow the below steps:

1. Go to the ‘Invoices’ tab and select ‘Create new invoice’. A template should then appear containing the standing data assigned to the customer.

2. Enter the date and reference number for the invoice on the top right of the template.

3. For each invoice line, enter the quantity, rate and a brief description of the services provided. The total for each line will calculate automatically based on what has been entered.

4. In order to add another line press the ‘+’ icon, and to remove a line press the ‘-‘ icon. This can be useful when creating a monthly invoice in order to break up the weeks.

5. If you are VAT registered then VAT will be applied to the invoice in accordance with the VAT status of the contract, set at the customer level.

Once you have finished your invoice, you either have the option to ‘save draft’ or ‘save final’. By saving as draft, you can return to the invoice to make changes and saving it will not affect your dashboard. By saving as final, the invoice will update the dashboard figures and you can access a PDF version to be sent to your customer.

If your company is registered on the Flat Rate Scheme, when you create an invoice the turnover derived from that invoice will be adjusted to include the extra income gained as a result of being on this scheme.

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EXPENSES

The expense sheets function in the software should be used to record details of any business expenses which have been incurred by you personally; any mileage that you wish to claim should also be recorded on these sheets. The sheet should be finalised at the point that you are ready to reimburse yourself for these expenses so that a single transfer corresponding to the amount owed can be made to your personal account – generally we recommend doing this monthly. For any expenses that have been paid from the company bank account, these should simply be allocated to the relevant expense account when the bank transaction is entered and should not appear in this section.

Please refer to the following steps when creating an expense sheet:

1. Go to the ‘Expenses’ tab and select ‘Create new expense’.

2. Select the date for the expense sheet and a name for the sheet (we suggest the month). You should also select who incurred the expenses (and thus who should be reimbursed) from the ‘directors’ menu.

3. You should then add the expenses you have incurred during the month on a line by line basis, or by entering a summary for the period based on the expense type (if a separate record has been kept elsewhere).

4. In order to add another line press the ‘+’ icon, and to remove a line press the ‘-‘ icon.

5. For each expense you should select a category, enter the date description and amount. If you wish to upload a receipt against an expense line then you can use the ‘receipt’ button.

Once you have finished your expense sheet, you either have the option to ‘save draft’ or ‘save final’. By saving as draft, you can return to the sheet to make changes and saving it will not affect your dashboard. By saving as final, the expenses will update the dashboard figures.

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DIVIDENDS

The dividends tab is used to record dividends in SJD Online – tax vouchers and board minutes for each declared dividend will also be saved here. The maximum amount that can be declared as a dividend is the amount of retained profit in the company (shown in the Company Overview on the right of the screen), though cash-flow should also be considered if retained earnings have been used to finance fixed asset purchases, or there are unpaid sales invoices. If your contracts are caught by IR35 then advice should be sought prior to declaring any dividends.

When declaring a dividend, please refer to the following steps:

1. Go to the ‘Dividends’ tab and select ‘Create new’.

2. Enter the date of the dividend and the total amount to be paid by the company and press ‘save’.

3. You can now transfer these funds to the personal bank accounts of each shareholder, in line with their respective shareholding.

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SALARIES

We will run payroll for the company between 20th and 28th of each month and enter the details onto SJD Online for you. Once the payroll has been prepared, you will be able to obtain a payslip through SJD Online and the amount owed to you will be displayed on the dashboard under the Director’s Account.

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BANK ACCOUNTS

Create new transaction This allows you to manually add a bank transaction details (date, description, amount) to the system, from here you will have the option to go directly to allocate the transaction.

Create new transfer This allows you to record a movement of money between two separate accounts associated with the company.

Upload CSVThis allows you to upload a CSV file to the portal; this means that several transactions can be uploaded at the click of a button. Each transaction must be explained (or allocated) after upload.

It is necessary for your bank transactions to be reflected in SJD Online in order to present an accurate dashboard. This can be done manually on a transactional basis, or a formatted CSV can be uploaded directly to SJD Online.

Once a bank transaction has been entered (or a group of transactions uploaded), each must then be explained (allocated) by one of the following:

Invoices Select this account when you receive payment for a sales invoice. You will then be able to allocate the transaction to the relevant invoice.

Expenses Select this account for any expenses paid directly from the company bank account. You should then allocate the transaction to the relevant expense category

Fixed assets Select this account if you have purchased an asset directly through the company bank account.

Director’s account Select this account for any money being paid to or from the director/shareholder. This includes expenses paid personally (entered on an expense sheet), salaries, dividends and loans to or from the company. Once you have selected the director’s account, you will be able to allocate the transaction to the relevant category.

Share capital Select this account when allocating the payment for your shares in the company.

Taxes Select this account to allocate any payments that you have made to HMRC from the company – you will be required to sub-categorise this in accordance with the type of tax that was paid. I will notify you in advance regarding any liabilities due, however you can also refer to your important dates on SJD Online.

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PERSONAL TAX

The Personal Tax area provides an estimate of the personal tax due on your dividends, based on the level of income that you have received to date. In order to ensure that the estimate includes all income for the year, please confirm in writing any additional income that you have received or expect to receive from outside this company in the tax year.

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SJD ONLINE BANK STATEMENT UPLOADFirst, you will need to either download or input your bank transactions in to a CSV spreadsheet and ensure that there are no blank rows or columns at the top or left i.e. the content of the statement starts on row 1 and in column A. When you then upload a bank statement, you’ll be presented with the screen below.

If you have headings in your statement at the top of each column then it’s important that you tick the box at the top of the screenshot below which says: ‘Skip First Line’. If you do not have headings at the top of each column then do not tick this box. You can then change the column headings using the dropdown selections along the top and then when you click ‘import transactions’ in the bottom right corner then will all of the transactions will be imported with the full description showing.

N.B. When you try to upload a statement that has irrelevant information then just select the heading from the drop down that says ‘None (Skip)’ – some statements will have more irrelevant information than others.

Please note, any transfers between accounts will need to be entered manually using the ‘create new transfer’ option.

Please ensure that you follow this guide and if you have any issues then please contact your dedicated accountant at SJD Accountancy.

sjd online - sjd accountancy · sjd online instructions manual turnover this is the total income...

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