Our transaction recording system, sometimes called PSC Spreadsheet, is an easy way for you to record all of your business transactions, and get them across to us on a paperless basis.
It is designed to meet all your legal obligations regarding accounting, and used as intended you shouldn’t need to supplement it with other programs or web systems.
We are happy to support clients who want to use their own spreadsheet template or one of the number of online accounting systems available, eg FreeAgent, Sage, Zero, QUickBooks, but please discuss with us before hand so they can be configured correctly at the outset.
Where this sheet is used, we do not need to see any paper work from you such as invoices, bank statements, receipts or mileage logs, although, of course, these should be retained (for six years under HMRC requirements).
The transaction recording system is intended to work with one spreadsheet for each financial year which is updated throughout the course of the financial year. A new sheet should not therefore be started each quarter. Because of possible changes in vat periods and a first “year” of a business being more than four vat periods the sheet provides for five quarters – most clients will, of course, only use four.
The sheet is written in Excel – it will may in other spreadsheets which read/write to an Excel format, but may give rise to some compatibility issues and therefore use of a genuine excel format is recommended.
The intended usage cycle each quarter is:
- You enter up basic data
- E-mail the sheet to us for checking if you wish
- If sent to us, we check the data and either e-mail you a corrected sheet, or e-mail you to advise all is in order (in which case, to save bandwidth, we don’t e-mail the uncorrected sheet back)
- You submit your vat return (where registered) and start to enter up next quarter
A comprehensive set of instructions and a comprehensive example sheet are also available, so look at these before you start.
Download Spreadsheets and Notes
Download addresses are:
PSCaccountsformat.xlsx – (excel 2010 version, recommend) main sheet (5 quarters) for VAT registered PSCs, using normal vat or flat rate scheme and for non vat registered PSCs.
Excel 2003-2007 version for backward compatibility – please use the excel 2010 version if at all possible
PSC Accounts Format User Guide – guidance notes on using the sheet (but there are notes and examples in the sheet itself)
With HMRC moving to mandatory in year filing via Making Tax Digital, clients will have to migrate to a cloud based accounting system in due course – at present (March 2018) we are waiting to see how HMRCs plans work out and what requirements are. For Companies the change won’t be until April 2019 for VAT and April 2020 for Corporation Tax. As a firm we are consolidating around FreeAgent but will endeavour to be “open platform” and support other systems of your choice.