Quite a few folks have been using MyCake to prepare their books for a tax return this month so we thought we’d do a post on a couple of the functions you’ll need to have set up in the software in order for it to show the right figures in the right places in the self-assessment report. If you have an accountant you could just give them the login details and they can do this for you … however we’re going to assume that as it’s mid Jan you’re doing your own tax return and will therefore need to do this yourself.
If you have set up a clutch of sales types and outgoing types you will need to map these against the self-assessment types. It’s a two minute job. Here’s how you do it:
- go to the reports section and pick ‘self-assessment’ from the general reports section
- if you’ve not mapped the sales types and outgoing types it will look something like this
If it’s showing a clutch of zeros like this but you’ve entered your income and expenditure (and they appear in say the profit and loss report) then click on the ‘code mapping’ button to see whether your data is being included or excluded from this report
- here’s what it looks like if it’s excluded (often the default if you’re adding new codes)
- clicking on each drop down on the right allows you to allocate your headings (left) to the self-assessment types (right)
- once you’ve allocated them it will look something like this
You should now find that the contents of a Profit and Loss report are pretty darn similar to those in the self-assessment report.
If you’ve been using MyCake for more than one year of accounts you might have run a ‘year end process’. Note that if you’ve run this for say 2008-2009 your self-assessment report may appear empty of data. The reason you run a year end is to tidy up the system once you’re done and dusted with a year. So a) don’t run it ’til you’re finished and b) if you need to go back to an older year delete the year end process for that year if you want to run e.g. a P&L or self-assessment report. To access the year end journal entry you will need to:
- go into settings and find ‘advanced setttings’ at the bottom of the page
- enable ‘journal’ and update
- this will give you a new heading called ‘journal’ in the tabs at the top, click on this
- you will then see a list of journal entries, highlight the year end journal entry that you want to delete, then select the delete option!
- You can always redo the year end … you’ll see that it doesn’t actually change the transaction data that you’ve entered elsewhere.