You can create a trade:
When one or two accounting periods (APs) are present in the period of account (POA).
When three accounting periods are present, of which only two can be trading APs.
Create a trade - 1 or 2 accounting periods
On the client details page click Tax Returns and then click the Period of Account you want to create a trade for.
On the Data Navigator on the left, click Trading Income.
In the Trading Income table, enter the relevant data.
The Trade and Type entries are mandatory.
In the Trade column, enter a unique name.
Enter the date the trade activity commenced in the Trade Commencement column. This is necessary where there are 3 APs in the POA and only 2 can be trading APs, or where there is a new trade.
Enter the date the trade activity ceased in Trade Cessation column. This is necessary where there are 3 APs in the POA and only 2 can be trading APs, or where the trade has ceased.
Where a trade commencement or cessation date is entered which does not match an existing start or end date for an AP on the system, the Edit Accounting Periods window will be displayed on screen. This will suggest start and end dates for APs based on the information entered on the system.
The AP end dates can be changed by either typing a date in the box or selecting the arrow to access the calendar. There must be an AP date which agrees with a trade (or all trades) starting or ceasing for the OK button to be available.
- Select OK to accept the accounting period dates as shown on the Edit Accounting Periods window. The Tax Return will close and reopen automatically, which will allow the AP changes to be made.
- Select Cancel to not accept the changes. The window will close and the date(s) entered in the Trading income window will be deleted and revert back to the previous state (i.e. if a date was previously entered then this will show, otherwise the field will go blank).
Multiple trades: the Edit Accounting Periods window will only be displayed when all dates in a column have been completed.
- In the Type column, set the trade type using the options from the drop-down list.
The Type field will default to "UK trade" but a number of different Trade / business types are supported by the software.
The trade can be created with only the Trade ad Type details completed because the remaining fields are optional. However, these fields can also be completed.
The system automatically generates and displays Profit/(Loss) before tax per accounts based on the Tax Return data entered.
Either complete (see section below) or tab through the remaining optional fields to save the row and go to the next row. Alternatively, click the Trade name cell on the next row.
You can then continue to create more trades or navigate away from the window to start entering Tax Return data.
In the Primary trade? column, select or clear the check box as required:
- Select the check box to ensure the relevant trade is the default trade for all Per accounts adjustments.
- If the check box is clear, you will need to manually allocate any Per accounts adjustments between any trades present and non-trade activity from within the relevant data entry windows.