Solar Accounts- help

[Nell01]

Hi
Just gone for the 60 days trial - so far great
but one question my liabilities are sitting at a minus (for income tax & ni) is this correct?:)
helen

[elainec100@cheapaccounting]

yes - liabilities are a credit

[markmclaren]

Hi Helen,

If the 'Income Tax and NI Liability' account is negative it means the tax man owes YOU money. If this isn't correct go to the Account Activity screen and type in the account name - you will see what transactions affect your tax liability. If you're still having trouble please email us your data file to this email address (http://www.solaraccounts.co.uk/contact.php) and I'll have a look at the figures.

Cheers,

Mark

[Nell01]

hi mark
thanks for info, i have been emailing you direct already with questions which you have assisted me with. the software is great for us and i will be purchasing
its just i don't understand the accountant speak - so to speak
only been doing this since Sept 08, have an accountant since start but think its worthwhile trying to grasp all information re- all areas of business.
- the minus showing on the accounts must be wrong then as i have paid the money direct to HMRC
will have a look as to where i have gone wrong.:) if i need help i will email you direct.
helen

[JulieFAB]

Hi Nell,

I have never used the package you refer to but usually there are 2 entries on the Income Tax and NI account. When you prepare your wages calculations, they will show the tax and NI due, this is entered into your accounts package as a liability (CR) .

Then when you pay HMRC you enter this as a payment to the same account - the balance on the account will then be nil.

By the sounds of it you have not done the 1st step but just entered the payment. That is why it looks like HMRC owe you.

:|

[Nell01]

Sat down today and figured out where i went wrong, thanks for all your help:)
what i have discovered is I have paid too much to the taxman, double payments last month.:eek:
but i have reconciled both the bank accounts and they are ok -hope I've entered everything in the right columns though!
helen