Our service is different to the way many traditional accountancy firms operate, so when switching you need to be aware that things might work slightly differently.
Using the Crunch app allows you to get real time tax updates that put you in control of the company finances, and allows us to provide you with tailored advice. For this information to be correct, for us to manage and produce your accounts, and for us to provide the best support, you must keep the information in your Crunch account up to date. This means entering all invoices, expenses, payments, reconciling your bank account and backdating them to the start of your accounting year with us.
Once you know your way around the Crunch app you can begin the process of backdating your current tax year information into Crunch.
Previous accounting year - Debtors, Creditors and Opening balances
If you have any clients owing you money, or suppliers you haven't yet paid from your previous accounting year, you will need to bring these into your Crunch account by entering any sales invoices and expenses still outstanding.
These can then be settled as normal when they are paid. They must, however, be entered as the original invoice dates, as entering them using a date within the current accounting period will treat them as sales or expenses in the current year, and you will potentially pay tax, or obtain relief on them, twice.
Once these entries have been made, you can press the "Finished Backdating" button. Our accountants will then be enabled to input your opening balances provided that we have your most recent accounts.
It's vital that you do this to ensure that the figures in your Crunch account are a true reflection of your company's bank accounts.
Current accounting year - Transactions, VAT & Payroll
To guarantee your figures are accurate we need all transactions entered into the system to be dated from your new accounting year with Crunch. To make this simple we've created a few features to assist you.
There are two quick options to backdate your information for your current accounting year. Either record all transactions directly from an uploaded bank statement, or set up a series of recurring expenses which will populate into your account overnight.
Before you can carry out this process you will need to update your account with a list of suppliers, clients and other business bank accounts.
To save time we recommend you use your judgement to create a generic supplier for certain miscellaneous expenses. For example, you may frequent a number of food vendors for your business lunch, but we'd suggest you group them under one default category such as 'Subsistence'.
You can use the same method for "Travel" for public transport modes; buses, trains, cabs etc. However, please keep "Business Mileage" separate from "Travel and Subsistence".
Once you have these basic suppliers recorded in Crunch, you can begin to create your transactions directly from the bank statement uploaded into your Crunch account. By transferring directly from your statements your transactions are guaranteed to be accurate.
A convenient way to populate and backdate numerous expenses quickly is to use the recurring expenses tool. You must first create the original expenses and then set up a recurring schedule. This can be daily, weekly or monthly.
Once the schedule is saved your account will populate all expenses from any initial start date of your choosing. You could potentially backdate an entire year's worth of Direct Debit expenses with a few simple clicks.
Entering historical VAT return details
During the initial conversation with your Client Manager we established the date on which Crunch takes over the filing of your quarterly VAT return.
If you have paid for VAT returns that were not submitted by Crunch these payments must be recorded as 'New Tax Payments' via the 'Tax' Tab.
All future VAT Returns submitted through Crunch should have the payment recorded against the VAT Return itself, rather than as a separate tax payment.
Entering historical Payroll details
Real Time Information (RTI) allows clients to update salary information with HMRC frequently. We again want to make this as painless as possible so you can send us your P11/Salary Working Sheet and we'll enter this for you. Contact us at email@example.com.
Once we have this, we will backdate the previous month's salary entries but please remember that due to the nature of RTI we are unable to submit the Full Payment Submissions on your behalf for previous payroll runs. These should have been recorded by your previous accountant.