How to maintain Earnings Tracker spreadsheet details

Note: You must be logged in to be able to view, edit, or delete spreadsheet details.

To view spreadsheet details:

  1. Click View/Edit Spreadsheet from the menu bar.
  2. Select a financial year and the spreadsheet columns you want to display.
  3. Select or deselect check boxes to determine the columns to be displayed in the spreadsheet. If, for example, your company is not registered for VAT you may want to hide all the VAT-related columns because they are not relevant to you.
  4. Click the View/Edit Spreadsheet button.
  5. Use the scroll bars to move around the spreadsheet.

Month

These are the months that you have entered using the Add Month form.

Amount Invoiced

This is the total amount of money your company has invoiced for a particular month. It is the sum of all the invoice amounts entered using either the Add Month or Edit Month forms.

VAT Charged

This is the amount of VAT charged on the invoices raised. Values in this column are calculated by the software.

Gross Receivable

This the amount invoiced plus VAT. Values in this column are calculated by the software.

VAT Payable

This is calculated by multiplying the gross receivable by the VAT flat rate percentage. For a particular month, this is the amount of VAT you will have to pay if you are using the VAT Flat Rate Scheme. If you are not using the VAT Flat Rate Scheme, ignore this column. Values in this column are calculated by the software.

Depending on whether the bank interest and other revenue check boxes are selected or deselected when adding or editing a month, the VAT Payable is calculated using one of the following:

a) If both check boxes are selected:
VAT Payable = VAT flat rate percentage x (net invoice amount + VAT + bank interest + other revenue)

b) If only the bank interest check box is selected:
VAT Payable = VAT flat rate percentage x (net invoice amount + VAT + bank interest)

c) If only the other revenue check box is selected:
VAT Payable = VAT flat rate percentage x (net invoice amount + VAT + other revenue)

d) If neither check box is selected:
VAT Payable = VAT flat rate percentage x (net invoice amount + VAT)

VAT Surplus

This is calculated by subtracting the VAT payable from the VAT charged. Your company gets to keep this amount, which you could typically take as part of a dividend. Note though that this amount is included in the corporation tax calculation (see below).

This column is only applicable if you are using the VAT Flat Rate Scheme. If you are not using the VAT Flat Rate Scheme, ignore this column. Values in this column are calculated by the software.

Gross Monthly Salary

This is the gross monthly salary bill for your company. You entered this value when you either added or edited the month.

Income Tax

This is your company's monthly income tax bill. You entered this value when you either added or edited the month.

Employees NI

This is your company's monthly employees national insurance (NI) bill. You entered this value when you either added or edited the month.

Employers NI

This is your company's monthly employers national insurance (NI) bill. You entered this value when you either added or edited the month.

Net Salary

This is what is left after income tax and employees NI have been taken off your gross monthly salary(ies). Values in this column are calculated by the software.

Bank Interest

This is the amount of bank interest paid into your company bank account. You entered this value when you either added or edited the month.

Other Revenue

This is any other revenue that has been paid into your company bank account. You entered this value when you either added or edited the month.

Expenses Taken

These are expenses, for example, travel expenses that have been taken out of the company bank account, which do not form part of your salary of dividend. You entered this value when you either added or edited the month.

Rent

This is the monthly desk/office rent. You entered this value when you either added or edited the month.

Bank Charges

You entered bank charges when you either added or edited the month.

Accountancy Fee

You entered your company's accountancy fee when you either added or edited the month.

Pension Contributions

These are pension contribtions that have been paid by the company. You entered this value when you either added or edited the month.

Other Deductions

These are additional deductions that have been taken out of the company bank account, for example, insurance contributions. You entered this value when you either added or edited the month.

Corporation Tax Due

This is the amount of corporation tax due for the month. It is calculated as follows:

corporation tax rate x ((invoice amount + bank interest + other revenue + VAT surplus) -
(accountancy fee + gross salary + employers NI + other deductions + expenses + bank charges + rent + pension contributions))

Maximum Dividend that can be taken

This is the maximum dividend that can be taken this month. It is calculated as follows:

(invoice amount + bank interest + other revenue + VAT surplus) -
(accountancy fee + gross salary + employers NI + other deductions + expenses + bank charges + rent + pension contributions + corporation tax due)

Expected Total Pickup

This is the total amount that you can expect to pick up (extract from the company bank account) for each month. It is calculated as follows:

expected dividend + net salary + expenses

Actual Dividend Received

This is the actual dividend you have taken out of the company bank account. You entered this value when you either added or edited the month.

Difference

This is the difference between the maximum dividend that can be taken and the actual dividend you took.

Expected Retention

This is the expected retention for the month. It is calculated as follows:

100 x (expected total pickup / invoice amount)

Note: this amount does not take into account any additional PAYE (Pay As You Earn) income tax you may owe if you are a higher rate tax payer. If you do pay a higher rate of tax on some of your personal income, the retention rate will be lower than that indicated here.

Comments

Any comments you enter using the Add Month form, or by editing the month, are shown here

Year Totals

This row shows the sum of the various columns described above, for the currently-displayed year.

Grand Totals

This row shows the sum of the various columns described above, for all the years entered into the application.



Edit a month

To edit spreadsheet details:

  1. Click View/Edit Spreadsheet from the menu bar.
  2. Select a financial year and click the View/Edit Spreadsheet button.
  3. Click the name of the month you want to edit.
  4. Edit the details for the month and click Update Values.

For an explanation of the fields, click here.



Delete a month

To delete one or more months from the spreadsheet:

  1. Click View/Edit Spreadsheet from the menu bar.
  2. Select a financial year and click the View/Edit Spreadsheet button.
  3. Select the check box(es) for the month(s) you want to delete.
  4. Click the Delete Selected Month(s) from Database button.
  5. Click the OK button.

Additional help and information relating to Earnings Tracker is available at: http://www.dixondevelopment.co.uk/earningstracker.htm