There is a button on the left menu bar called Reports & Finances.
This allows the user to access a variety of business performance, charts, accounting reports and CIS reports.
The reports all run on the server and so there must be a live connection to the internet for these reports to work.
Business Performance
In the Monthly View, the right-hand shows the following amounts for each month:
- Quoted
- Accepted
- Invoiced
- Paid
- Supplier invoices
- Expenses
- Profit (note that this does not take into account PAYE payroll costs or any other costs not entered into Powered Now)
- Hours booked by users
Against each line, there are three horizontal bars. Clicking these results in the details of that line being displayed on the left-hand side.
The Annual View tab works the same as the Monthly View, except that the data for the year are displayed instead.
Credit notes are subtracted from total Invoiced and Supplier Invoices as appropriate and Refunds are subtracted from Payments. Non-approved and deleted documents are not included in totals. Amounts appear in the period for the date they were entered or the date entered by the user if they overrode the date they were entered.
Charts
When View the last 12 months is clicked, a graph is shown by month of amounts:
- Quoted
- Accepted
- Invoiced
- Paid
- Supplier invoices
- Expenses
- Profit (note that this does not take into account PAYE payroll costs or any other costs not entered into Powered Now)
- Hours booked by users
Each of these can be turned on or off so that certain aspects can be more easily examined in detail.
When Compare last 2 years is clicked, the display is the same except the trailing year and previous year can be compared side by side.
The data going into the charts is the same as the data going into the Business Performance reports.
Accounts Export
The end of accounting year should be set in Settings > Tax and Accounting > Settings > End of tax year. The month and day of the end of the tax year can be entered using a day/month picker.
There is one critical thing to remember here: once items are Locked they cannot be reported on again and they cannot be edited or deleted. So use the Lock capability with great care.
Each of the following can be exported:
- Sales Invoices
- Supplier Invoices
- Expenses
- Sales payments (this will include disbursement payments when disbursements are on)
- Expense / Supplier Invoice Payments (this will include disbursement payments when disbursements are on)
- Cost Disbursements (when disbursements are on)
- Sales Disbursements (when disbursements are on)
By separating these out, they can be posted to the correct places in your accounts.
The Preview (which won’t cause anything to be locked) should normally be used to check that the report will be correct before pressing the Export button.
It would be normal to run the report To end of last month if you are doing monthly reports and To end of last year if doing annual reports. The output of all of the reports is sent to your accountant or book-keeper.
Note on locking
By locking documents after they have been exported, this ensures that your accounts are not made up based on any information that changes after it has been exported. By reporting Up to the last month or year, any documents that are raised since the previous export and with a date in an earlier reporting period will be picked up in the next export. If you wish to change an invoice or payment after it has been locked, raise a credit or refund.
CIS reports
CIS reports are based on payments and payment records of CIS deductions. If payments and deductions are not recorded against CIS invoices, the CIS reports will be wrong.
CIS reports do not include credits, they are ignored (v5.2).
CIS reports will normally be run up to the 5th of the proceeding month.
The three reports enable:
- Contractors to send money to HMRC and complete the monthly online return
- Contractors to send the monthly deduction statement to subcontractors “Vouchers” in old parlance
- Subcontractors to keep track of deductions they have suffered so they can claim the credit back
MTD for VAT
Where Powered Now’s MTD for VAT capability is used:
- Costs, as well as Sales Invoices, must be entered into Powered Now
- Adjustments can be made to the VAT submission to get the correct final result
Powered Now’s MTD for VAT capability works for companies using the Standard Scheme or Cash Accounting. It can also support the flat rate scheme when passing transactions to an accounting system through an interface. Click the link to read our article on Using Powered Now and MTD for VAT!