Provisions
This is to be used to record details of the provisions that have been included within the accounts. The tax adjustments for provisions for Bad Debts, Pensions and Remuneration should be reported separately.
This is located at : Trading Income, Trade Name, Provisions.
Enter the Description.
In the first AP Choose the Type from a drop down menu - Specific or General. This will be carried forward to the next AP. The type can be manually changed in subsequent APs.
In the first AP Enter the B/fwd amount. In subsequent APs this will be taken from the C/fwd amount from the prior AP. This amount can be manually overwritten.
Enter the amount Per accounts.
Enter the amount Utilised - An entry here will be reflected in the tax adjustment figure for general provisions.
Enter the Other movement. This is to report details of any other movements in the provision during the AP that will not affect the tax adjustment. Any entry made here will amend the C/fwd amount only.
The amount C/fwd is generated from the other data entries made. It will be shown as the amount B/fwd in the next AP.
The Tax adjustment is automatically calculated. This is shown in the calculation of the adjusted trading profit/loss in the tax computations.
The Tax adjustment is shown as a Balance sheet adjustment in the Trade Summary window.