Financial Professionals
Last update:Twinfield
Accounting Dimensions
This document provides a guide on setting up nominal coding for financial reporting, specifically the 'Balance sheet' and 'Profit and Loss' dimensions. It outlines steps for creating general ledger codes, naming accounts, and linking cost centres for further analysis. Additionally, it includes visual aids and a link to a video tutorial for further learning on working with dimensions in financial systems.
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Cost Centres ( Dimensions)
This document provides instructions on how to create a cost centre within a financial professionals' software. Cost centres are referred to by various terms, including branches, departments, divisions, and jobs. The steps involve selecting 'Financial Professionals' from the menu bar, navigating to 'Dimensions', clicking on 'First free code', and entering the desired cost centre name before saving the changes. Accompanying images are included to guide users through the interface.
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Working with Budgets
This document discusses the Budgets module in Twinfield Bookkeeping, which enables users to create, manage, and compare financial forecasts. Key features include incorporating non-financial data, easier navigation through a search function, and new APIs for budget manipulation. The module provides various reports such as 'Actual vs Budget' and allows users with adequate permissions (roles 1-4) to interact with budgets. It outlines procedures for preparing budgets, entering values, and options for spreading amounts over periods. Additionally, it covers exporting, importing, and copying budget templates, along with mandatory fields needed for the budget entries.
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Create New Financial Year
This document outlines the process for defining financial periods within a company before processing transactions. It explains the various period options available, including standard periods, period 0 for opening balances, and periods 55 and 56 for year-end adjustments and closing balances, respectively. Instructions are provided for accessing company settings, creating a new financial year, and adjusting settings to allow postings to the opening period. Visual aids support the step-by-step process outlined.
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Transactions - Final or Provisional
The document outlines the processes for posting transactions as either 'Final' or 'Provisional' in a bookkeeping system. It highlights the Provisional Transactions function, allowing users to review all provisional daybook transactions. The document explains that only provisional transactions not included in a VAT Return payment run can be amended before final authorization. Additionally, it provides step-by-step instructions for accessing and reviewing provisional transactions through the system's menu.
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VAT Return Process
This document outlines the VAT Return process, including steps for reviewing, calculating, and submitting the return. Key actions include running the VAT Analysis report, correcting any incorrectly coded transactions, finalizing provisional transactions within the designated period, and ultimately calculating and submitting the VAT return. Links to relevant resources are provided for further guidance.
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VAT Reports (Twinfield)
This document outlines the process for generating VAT return reports, which can be produced on a monthly, bi-monthly, quarterly, or yearly basis. It emphasizes that VAT analysis reports allow users to review and amend provisional transactions before finalizing the VAT return. Instructions include selecting appropriate report types, setting criteria such as the reporting year and transaction statuses, and viewing or editing transactions as needed. Images are provided to assist with the navigation and reporting process.
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Sales Invoicing - Creating Invoices
This document outlines the steps to create and send a sales invoice to clients. Key points include selecting VAT display options, enabling recurring invoices, attaching documents, and using the 'Send' button to email the invoice. It also mentions that saved invoices will appear in the 'To be sent' section for further amendments before finalizing.
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Sales Invoicing - Email Template
This document outlines the customization options available for two email formats when sending invoices: a link embedded in the email body or a PDF attachment. Users can modify the email template's font, alignment, and include variables such as customer details and invoice specifics. Additionally, it explains how to set and verify the sender's email address to ensure proper invoicing communication.
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Sales Invoicing - Manage Timeframes
This document describes a sales invoice functionality that allows users to manage their invoicing number sequences flexibly. Users can set up these sequences in advance of their financial or calendar year, enhancing control over their invoicing processes.
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Postponed VAT
The document outlines the introduction of postponed VAT legislation for UK VAT registered entities, effective January 1, 2021. It explains how businesses can account for import VAT on their VAT returns, detailing the need to simultaneously pay and recover this VAT. Various examples and visual aids illustrate the accounting process, including the creation of new VAT codes and adjustments in accounts. Additionally, alternative methods for managing VAT in cases where the gross amount isn't fully payable to suppliers are provided, demonstrating the impact on financial records.
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Installing Twinfield Analysis
Twinfield Analysis is an Excel add-in that allows users to import and securely link data from Twinfield companies directly into Microsoft Excel. This tool, compatible with Microsoft 365, enables continuous data updates while maintaining spreadsheet layout and calculations. Users can retrieve data from multiple companies simultaneously, consolidating it into a single spreadsheet for analysis and report creation. The installation is done through the Microsoft Office store via the "Get Add-ins" option in Excel, where users can search for and add Twinfield Analysis.
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HMRC MTD Gateways
This document outlines the process for managing HMRC Making Tax Digital (MTD) gateways in the context of VAT return submissions. It details steps for accessing existing gateways, creating new ones, and editing access rights. Users are instructed to properly configure the gateways, ensuring only authorized individuals can view them. The document also highlights the need to set the gateway as the default in the Twinfield company settings after creation. Important notes include ensuring authorization is complete and access rights are appropriately assigned.
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Credit Management - Actions
This document provides a guide for credit managers on how to add actions or follow-up tasks to invoices using the sales interface. It details the steps to access and utilize the 'Invoice actions' feature, including selecting action codes and their properties. Key functionalities include setting due dates, linking reminders to invoices, managing electronic billing, and customer blockade statuses. It emphasizes the importance of flagging electronic billing to ensure invoices are sent via email. Visual aids are included to assist users in navigating the system.
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Credit Management - Call List
This document provides instructions for managing outstanding invoices in a financial system, specifically Twinfield. It outlines steps to match payments with customer invoices and set criteria for credit management, such as assigning a credit manager and filtering based on date, overdue days, and minimum outstanding amounts. Users are guided on accessing the invoice call list and applying relevant filters, as well as displaying customer invoices, adding comments, browsing specific invoices, and applying action codes. Visual aids in the form of icons help facilitate this process.
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Credit Management - Accounts Receivable
The document details the configuration process for using the reminder function to generate letters for customers with outstanding balances. Key steps include setting up the Accounts Receivable module, creating reminder scenarios, and uploading a Word template. It emphasizes entering customer details, configuring credit management settings for reminders via email or PDF, and adjusting payment conditions. Proper setup is necessary to ensure effective communication with customers about their outstanding payments.
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Creating and Submitting a VAT Return
This document outlines the process for creating and submitting a VAT return to HMRC through Making Tax Digital (MTD). It highlights the importance of reviewing provisional transactions, selecting the correct VAT period, and the available action buttons for drafting, recalculating, and submitting the return. It emphasizes that provisional transactions, once included, cannot be edited or deleted. Following submission, it advises checking the receipt ID and timestamp to confirm successful submission to HMRC.
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Cost Centres (Financial Professionals)
This document discusses cost centres, also referred to as departments, divisions, or jobs, highlighting their benefits in business operations. Key advantages include improved efficiency monitoring and loss prevention through enhanced processes that reduce expenses over time. The document also provides step-by-step instructions for managing cost centres, including navigating a menu, inputting names, and saving changes.
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Bad Debt Relief Adjustment
This document provides guidance on correcting VAT Return boxes affected by bad debt relief transactions through CCH Practice Management in Twinfield. It references HMRC guidelines, detailing how to claim bad debt relief and the steps required to adjust VAT return figures. Key processes include creating additional VAT codes, posting adjusting journals for write-offs, and handling customer payments on previously written-off invoices. The document emphasizes proper coding and tracking of these transactions to comply with VAT reporting requirements.