Setting Up MyBookkeepingManager Default Data

Default values (or data) are values that, in general, do not change from one month to the next. Examples are, the rate of VAT, the corporation tax rate, the amount of rent you pay, rates, and so on.

Entering them on the Set Default Values form means that they will be automatically inserted into the appropriate fields when you are using the MyBookkeepingManager bookkeeping software application, for example when you add a month or generate a financial report. You can then change them if you need to.

Sometimes, after you have logged in, you are prompted to confirm these values. This happens when the application is used by more than one user on the same machine. The application can recognise when the current user is different from the previous one, and prompts for confirmation of the values. Also, having created a new account and logged in, you are prompted to set up the default values before doing anything else.

To set default values:

  1. Click Set Default Values from the menu bar.
  2. Enter the default values
  3. Click Update/Confirm Values.
Gross Monthly Salary(ies)

Enter the combined monthly salary for all the employees in your company.

VAT Rate (Percentage)

Enter the VAT Rate percentage, for example, 20. Do not enter the percentage sign, that is to say, do not enter 20%.

If you are not registered for VAT, enter the correct rate of VAT here, but hide all the VAT-related columns when you view a spreadsheet.

VAT Flat Rate (Percentage)

If you are using the VAT Flat Rate Scheme, enter the VAT Flat Rate percentage, for example, 13 or 13.00. Do not enter the percentage sign, that is to say, do not enter 13% or 13.00%.

If you are not using the VAT Flat Rate Scheme, enter the same percentage value here as you enter for the standard VAT Rate (above). You need to do this to ensure that corporation tax and dividend amounts are calculated correctly by the software. You should also hide the VAT Payable, VAT Surplus and Expected Retention columns when you view a spreadsheet because they will probably contain meaningless or erroneous values.

Corporation Tax Rate (Percentage)

Enter the current rate of corporation tax, for example, 21 or 21.00. Do not enter the percentage sign, that is to say, do not enter 21% or 21.00%.

Monthly Rent

If you pay rent for the use of your premises, enter the monthly amount here. If you are working from home, it may be that you charge your company a small monthly rent for the use of a desk in your home.

Monthly Rates

If you pay rates for the use of your premises, enter the monthly amount here.

Monthly Lease Payment

If you have to make a lease payment for your premises, enter the monthly amount here.

Monthly Accountancy Fee

If you pay your accountancy fees monthly, enter the monthly fee here.

If you pay your accountancy fees annually, leave this field set to zero. When you add the month when you pay your accountancy fees, you can enter the full annual amount for that month.

Vehicle Monthly HP Loan Payment

If you have a vehicle loan, enter the monthly repayment amount here.

Loan Monthly Payment

If you have taken out a loan, enter the monthly repayment amount here (net of interest).

Loan Monthly Interest

If you have taken out a loan, enter the monthly interest amount here.

Loan Monthly Insurance

If you have taken out a loan, enter the monthly insurance payment here.

Monthly Pension Contribution

If your company pays monthly contributions into a pension scheme, enter the amount here.

Monthly Internet Fees

Enter your monthly Internet fees (for example, your ISP fees) here.

Include bank interest in the VAT Flat Rate Scheme Calculation

If you are using the VAT Flat Rate Scheme (FRS)

In general, interest that you receive from funds in your business bank account do not need to be included in the VAT FRS, so you can deselect this check box. Check with your accountant if you're not sure whether you should include or exclude bank interest.

If you are not using the VAT Flat Rate Scheme (FRS)

Do not select this check box.

Financial Year

Select the default financial year to be used when, for example, you add a month or generate a report.

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