Note: You must be logged in to be able to perform this task.
Default values are values that, in general, do not change from month to month, for example, your salary, the rate of VAT, and the corporation tax rate. Entering them on the Set Default Values form means that they will be automatically inserted into the appropriate fields when you add a month. 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 (not simultaneously). The application can recognise when the current user is different from the previous user, 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:
Enter the combined monthly salary for all the employees in your company.
Enter the VAT Rate percentage, for example, 15 or 15.00. Do not enter the percentage sign, that is to say, do not enter 15% or 15.00%.
If you are not registered for VAT, you can effectively enter any value here (although you may as well enter the correct VAT rate) and then hide all the VAT-related columns when you view a spreadsheet.
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, you can enter any value here and then just hide the VAT Payable and VAT Surplus columns when you view a spreadsheet.
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%.
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.
If you pay rent for the use of your desk or office, enter the monthly value 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.
Any bank interest received (on the company bank account) needs to be included in the VAT Flat Rate Scheme calculation. For this reason, this check box is selected by default.
The reason you have the option to de-select (uncheck) this check box is so that if the law changes in the future, and bank interest does not need to be included in the VAT Flat Rate Scheme calculation, you can deselect it here, which means that it will be automatically deselected when you add a new month.
Select the default financial year to be used when, for example, you add a month or generate a report.
Additional help and information relating to Earnings Tracker is available at: http://www.dixondevelopment.co.uk/earningstracker.htm