Accounting Software that can handle Global Accounting Scheme

[Yasman]

Hi we run a small electronics firm and we sell online, and to companies.
We buy stock from our normal VAT registered suppliers but also buy a lot of items privately via recycling or offering a trade in service or buying from classified ads on ebay, gumtree etc.
We are using the Global Accounting Scheme for this and are using excel to log purchases and sales to work out our profit after 3 months to put on our VAT return. We are generating purchase invoices for all global accounting items we buy in excel.
We sell on ebay and amazon so I keep a monthly total of all items sold via this scheme. Tricky part is when someone asks for an invoice for an ebay sale as we don't maintain invoice for ebay sale just a total montly amount. SO how do we get around to solving that issue?

Also since we are doing a lot more trade than before, I want to use a software or accounting package ideally for the Global Accounting part of the business as otherwise it takes me a whole day or two do my VAT return each quarter.
Does anybody have any ideas or recommendations?

I called sage and they do not handle Global Accounting.

look forward to your replies.

 

[HorizonIntl]

We use Dynamics NAV as we had same problem as you. It's a good accounts package, and if you hold stock then potentially you could use the other modules (Stock, Purchase Order, CRM, HR). We only use the Financial side.

It can be expensive, but i'm strugglying to find an alternative.

 

[David Griffiths]

Pretty well any accounting system can be set up to cope with the global accounting scheme - with a little manual intervention once a quarter

You need to separate your purchases to identify normal VAT items and margin scheme items separately, usually by means of separate nominal codes but possibly by using departments or tracking codes. Use a zero rate code for the margin purchases to ensure that the figure goes into box 7.

You also separate your normal sales from margin scheme sales, posting margin scheme sales as zero rated.so that the sales go into box 6.

At the end of the quarter, calculate the gross margin from invoices posted to the scheme purchase and sales accounts. Now post an invoice to a dummy customer - perhaps called margin scheme - for the gross amount of the margin, on the basis that it's standard rate and VAT inclusive. Immediately afterwards post a credit note for the same customer for zero rated sales. That will get the VAT into your output VAT account and adjust the net sales.

For example in a quater you've recorded £6000 of margin scheme sales and £3000 of purchases. Invoice the dummy for £2500 plus £500 VAT. Credit it for £3000 no VAT and the entries in the VAT return will be correct.

one transaction a quarter shouldn't be too onerous

 

[faradaykeynes]

also have a look at this , if it if of any help
http://www.tradebox.uk.com/
Software Solutions For Online Retailers

 

[Yasman]

Hi,
thanks for your advise,
if I get stuck will you be able to help with advise regarding your work around. Should I try this in Sage?

regards Yasin