Hi. I can’t seem to find a way to add previous years’ Tax Credits. When I try, it keeps asking me to add new Tax Details and only allows that to be for 2016. Help…?

Hi. I can’t seem to find a way to add previous years’ Tax Credits. When I try, it keeps asking me to add new Tax Details and only allows that to be for 2016. Help…?

1 answer

Peter Connor Staff June 25, 2016

Why are you looking to add last years tax?

  1. ronhealy June 25, 2016
    Mostly because I like the application so much I want to transfer my old Excel stuff into it
  2. ronhealy June 25, 2016
    If I try to enter a Payment to an Employee for 2015 (for example) it asks me to update the Tax record for that date as there are no Credits to calculate taxes etc. I can't seem to do that.
  3. Peter Connor June 25, 2016
    If you've already paid last years tax I'd just keep the accounts from your last year end.
  4. Peter Connor June 25, 2016
    The best thing to do is a bank rec from that period.
    If your adding employees use the import P2C file. Try to avoid manually creating employees.
  5. ronhealy June 25, 2016
    So, how come it allows me to make a payment to an employee for last year, and ask me to enter last year's Tax Credits, but then there's no way to actually do that - other than basically starting again.
  6. Peter Connor June 25, 2016
    Well it's not that you can't do that its just good practice to start again especially if you've come from Excel.
    You can keep the excel for historical information but Bullet automatically generated all your mid year tax returns and management reports so it's best to start clean.
  7. Peter Connor June 25, 2016
    We generally give people converting over the following advice:
    Run a Trial Balance on your existing accounting software.
    1) Enter all your currently outstanding invoices and bills into bullet (only the ones with payment due - not the paid ones).
    2) Take a look at the Trial Balance on Bullet.
    3) Figure out the difference between the original trial balance you got from your old software and the trial balance in Bullet.
    4) Enter these differences as a big manual journal entry.
    After the above, your trial balance on Bullet should be the same as on your old software, and you're all ready to go.
  8. ronhealy June 25, 2016
    OK, so just to clarify, I started using Buillet for my 2016 stuff. I hadn't done ANY entries for 2015. Now, I'd like to basically copy my old records into it. Is this feasible..?
  9. ronhealy June 25, 2016
    In other words, I'm not looking to do any mid-year stuff, or any trial balances...
  10. ronhealy June 25, 2016
    For example, I'd love to be able to copy old Pay & payroll tax into it, just so that it's stored there and I never have to go back to the old records afterwards
  11. ronhealy June 25, 2016
    So, if I import a P2C file from 2015, 2014 or 2015, will Bullet automatically store that data and, when I create a historical payment, then calculate what a Payslip WOULD have been..?
  12. Peter Connor June 25, 2016
    Ha. Well that's excel. Everyone says 'Mister your softwares wrong'...
    I'm not sure it will accept the old P2C file. Bullet might thing your making a mistake and stop you. That's the idea of the software it has all the accounting rule built into it.
    I'll find out for you. But it will be tomorrow if that's cool.
  13. ronhealy June 25, 2016
    Yeah, that's cool. I'm not planning on doing multiple years' worth of historical data tonight, that's for sure! A couple of other things for you, in terms of product feedback if I may
  14. ronhealy June 25, 2016
    1. It would be useful to be able to enter a P30 or VAT payment that was different than the current amount outstanding for a period. I've suggested this before in another Chat.
  15. ronhealy June 25, 2016
    2. It would be useful to be able to tell the system to 'disregard' a Tax or VAT payment. There may be times when a payment is not made, and is not going to be made. It was suggested that a MJE be made for these odd situations, or that a payment period be marked as Paid and the payment date entered. Neither of these would associate a partial payment to a period.
  16. ronhealy June 25, 2016
    Just FYI... Goodnight
  17. Peter Connor June 25, 2016
    Good points. You can bypass the workflows by using the manual journal entries.
    The workflows are designed so you don't have to think. Rather then thinker. Boom!
  18. ronhealy June 25, 2016
    In a technology Business Analyst, for about the last 15+ years... I can't help but think
  19. Peter Connor June 25, 2016
    Hi Ron,
    You can enter any previous year's P2C file, and bullet will record the tax details for your employees. You'll also be able to record wages for previous years. Since tax details reset at the beginning of each calendar year, your previous year's wages won't cause any current wages to be recalculated.
    Note that these wages will appear on cumulative managements reports like the Balance Sheet etc. so you'll need to mark them as paid in a way that reflects how you actually paid them.
  20. ronhealy June 25, 2016
    That's great & thanks for following up.

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