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As this is the first year the client has been entered on the system all details regarding the size of company etc. will have to be entered for the current year.
However, in future years you can use the Bring Forward Client Data (Edit | Bring Forward Client Data) option to copy standing data into the following year.
To ensure correct disclosure in the accounts the system provides for the entry of a wide variety of additional data for each client, such as the class of share capital etc. Entries are made on Client data screens.
For this exercise we know which screens we wish to complete and can go directly to them. In normal circumstances you may wish to select the Data screens and use the autopilot buttons (last and next options will take you through the autopilot) . This option will take you through a standard selection of the data screens.
Select Choice of Report - Audit etc.
Enter the type of report as being ‘T’ for Accountants Report and Save the screen.
From the menu, select Signatures on Reports.
Select the Secretary to sign directors’ report field as Mr Rush is to sign the accounts in his role as company secretary.
Enter '1' under directors to sign the balance sheet as only one director is to sign the balance sheet.
Enter Mr Langer’s identifier in the first Director to sign balance sheet field, Click the magnifying glass to list the identifiers if you can not remember them.
When these fields are complete, click Save.
These screens give you the option to enter the date using numeric characters or as text. For this tutorial we will enter numeric characters in the Date fields.
Enter the date 31/07/08 on the screens for the date of director’s approval and auditors signing the full financial statements. As both reports in this case are to be signed on the same day.
When these fields are complete, click Save.
Enter the following details:
The Class of capital is Ordinary
The Nominal value is £1
The Authorised number of shares is 20000
The Authorised value of shares is 20000 (automatic)
The Issued number of shares is 1000
You also need to enter the share capital details for 2007.
Click Last year to change to the data screens for 2007. Enter the details as above, then click Save.
The Company Information is now complete. Click on the '-' next to Share Capital, Dates of Reports and again next to Company Information.
Select Small Companies | Financial Statements
You need to click Next year to change to the screens for 2008.
While the directors wish to take advantage of most of the small companies exemptions, they prefer to disclose a full fixed asset table and depreciation accounting policy. This can be achieved using the following procedure.
Select the Tangible assets and Depreciation accounting policy options.
When the fields are complete, click Save.
Select Report of the Directors.
Select Principal Activity. Enter 'garden furniture manufacturing.' on the screen.
Once this is complete, click Save and close the branches by clicking Close Branches at the bottom of the menu.
Select Notes to Financial Statements | Profit and Loss Items
Select Taxation, then select the Taxation screen.
Enter 20 in the field provided for the rate and save.
The rate of tax must also be entered for the 2007 year end.
Select Balance Sheet Items | Creditors | Secured Debts.
Click Next year to change the year back to 2008.
select the Bank loans options.
In the nature of security section (you may need to scroll down the screen), enter 'The bank loan is secured by a fixed charge over the freehold property of the company within the parentheses.'
Save the changes.
Click on the Exit screens icon to close the client data screens.