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Sales Ledger Management
Purchase Ledger Management
Nominal Ledger/ Cash Book Management
Monthly Profit & Loss and Balance Sheet Statements
Breakeven Sales analysis
Year Ended Accounts (excluding limited companies)
P11D processing for taxable benefits
Processing employees joining and leaving forms (P45 and P46)
SSP, SMP, SPP, Student Loans and Attachment of earnings
Year End P35 and P14/60 work
Self Employed (Sole traders, LTD, Directors and Partnerships)
Income from land and property
Capital Gains Tax
Accounting/Bookkeeping Terms Made Easy
Accounts & Tax Return Solutions
Most accounting terms that we use can be rather daunting and difficult to understand. We have compiled a list of frequently used terms and definitions below.
We hope that the following list of definitions is useful to you. It is by no means a definitive list and will probably grow during the history of our site.
Most of the terms require far longer statements to explain them fully but we have tried to make them as simple as possible.
Accounts Definition List
Bank Reconciliation - To compare the bank balance as recorded by the business with that bank statement and explain or correct any differences.
Capital Allowance - Effectively depreciation but rules provided by HMRC on how this should be calculated for the purpose of tax returns.
Credit Note - Issued by the supplier in the instance of some or all of the goods either failing to be delivered or returned due to being faulty.
Creditors - Parties owed money by a business.
Debtors - Parties who owe money to the business.
Depreciation - Shows a reduction in the value of a fixed asset. Shown as an expense to the business and various methods are used.
Double Entry - Method of bookkeeping believed to have been introduced in the 15th Century,
Every transaction affects two account balances and involves two entries (a debit and a credit).
Liquid Ratio indicates the company's ability to pay its short term debts, by measuring the relationship between current and the short-term debt value.
A stern measure of a company's ability to pay its short term debts, in that stock is excluded from asset value.
The movement of cash in and out of a business from day-to-day direct trading and other non-trading or indirect effects, such as capital expenditure, tax and dividend payments.
A dividend is a payment made per share, to a company's shareholders by a company, based on the profits of the year.
Sales less cost of goods or services sold. Also referred to as gross profit margin, or gross profit, and often abbreviated to simply 'margin'. See also 'net profit'.