Occasionally you may receive a VAT only supplier invoice. In order for this to be recorded in your system and to be accounted for correctly within your VAT return you will need to process this slightly differently to a normal supplier invoice. Enter the amount and select a code along...
Journals & Departments tip
A good tip if you're processing a journal entry and you're using Departments is to isolate the department by using the Distribution tab when processing. For example if you need to transfer costs from the balance sheet stock account or a stock account within your Profit & Loss account to...
Do you need to account for CIS ?
If you deal with invoices from subcontractors they will be part of the Construction Industry Scheme, otherwise known as CIS. Once you have verified their details with HMRC they will tell you how to pay them and give you a verification reference number. Once this has been established you can...
Currency bank transfers made easy
If you transfer funds from one bank account to another account which is in a different currency you need to ensure the correct amounts appear, this is easily achieved in e-conomic using a simple journal. A lot of our customers have more than one bank account and more than one...
Easy administrator bookkeeping
As an administrator when you work with your clients agreements in e-conomic do you know that you can actually "pre"approve your own entries, so the daybook can simply be booked when you have finished entering the entries? Instead of having to approve the entries one by one, you can simply...
Draft invoices or booked invoices?
When you're in the process of creating an invoice it may well happen that you're interrupted to do other more urgent things. If that's your situation from time to time, rest assured that all your hard work is not lost, as the invoice - you have started on earlier -...
Deferred income and how to deal with it
If you invoice your customers in advance of the goods or service you supply then making sure those sales fall into the correct month in your accounts can be tricky. Not with e-conomic! With our Prepayments add-on module you can set your system up to post the amount direct into...
Closing down a month/period
When you've finished reporting on a month and you don't want any data or figures changed then you can lock down this period and in doing so stop any further transactions from being posted. This is also the recommended procedure when you have run your VAT return and reported your...
Creating your new financial year
If your new financial year starts on January 1st you will need to create this in your e-conomic agreement. You don’t have to close your current financial year in order to create a new one, and you can carry on posting to your old financial year, should you need to,...
Closing a month/period
After you have run your monthly reports and reported your figures, or your quarterly VAT return we recommend you close the month/period down. This will prevent other transactions being booked within that month or period and in doing so distort the figures you have already reported on. To do this...
How to work with your clients as an administrator
As an administrator you are equipped with your own administrator agreement no. With this number, your clients can give you access to their agreement, so when you log on to your agreement, you can find a list of all your clients under the "Companies" tab. In order to work with...
How to make a credit note in a flash
In your day to day business, sending out many invoices, you find yourself in need of also making the odd credit note from time to time, and this you can do in two different ways in your agreement. The fastest and easiest way to make a credit note is by...