See how well you're doing sales wise.
To be able to see how well you're doing sales wise every month, you will have to apportion your sale to the correct type of sale column.
There are four types of sales to choose from, sales, loaned, free samples and own use. To be able to select the type of sale, enter the letters S L F or O in the analysis column to the left of the cost amount.
If you enter own use that figure is kept separate from the total sales for the month. This is because HMRC will want to know this as a separate figure. If you select don't use as a sale the value is automatically reduced to the purchase cost of your item.
If you enter an item as free samples, in effect you are purchasing the item at cost price and then giving the item away. It will therefore be recorded as a negative cost, at cost price.
Loaned items are processed at gross cost and shown as a sale included in the total sales income for the month. When the loans items are returned, they should be entered into the customer returns sheet. The figure will then be shown as a negative sale when the items are returned into the system.
The balance is sheet shows a total as a profit and loss balances table, together with a percentage profit column and tax estimate for the month. This will give you an idea of how much money you should be putting away for your tax every year, month by month basis. This is only a general guide though.
Without entering any purchases into the system, your profit and loss will always show 100% profit.
To have an accurate idea of how well you're doing in your business it will be advisable to enter in all of your purchases as you go along.
See the entering purchases walk through for more information.
Once the client has paid, you can make a note of this by placing the letter S into the analysis column in the monthly sheet.
Placing an S into this column adds to the total sales income for the month, which can be seen at the bottom of the sales columns.