Our service is different from the way many traditional accountancy firms operate, so when switching you need to be aware that things might work slightly differently.
Using Crunch 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.
Previous accounting year - Debtors, Creditors and Opening balances:
We need to know about your previous accounting period so that we can ensure your Crunch account is fully set up for your new accounting period with us.
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.
Ideally, we’d need to receive a Statement of Financial Position from either yourself or your previous accountant. A “trial balance” document - usually obtained from your previous accountant - helps us to ensure that your new accounting period is accurate. These will be used to set specific balances within your account to make sure the previous accounting period aligns with your new accounting period with Crunch.
If you have your previous year-end accounts already, that’s great! We’ll need these in order to fully complete your account setup with Crunch.
Current accounting year - Transactions, VAT & Payroll:
To guarantee your Crunch account figures are accurate, we need all transactions entered into the system to be dated from your new accounting year with Crunch.
To save time, we recommend that you 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 expense category’ such as 'Subsistence'.
You can use the same method for ‘Travel’ for public transport modes: buses, trains, cabs, etc. However, please keep ‘Mileage Allowance’ separate from ‘Travel’ and ‘Subsistence’.
Once you have these basic suppliers recorded, you can begin to create your transactions directly from the .csv bank statement uploaded into your Crunch account. By creating the data directly from your bank statements your transactions are guaranteed to be accurate.
A convenient way to settle and backdate numerous expenses quickly is to use the recurring expenses tool in your software. You must first create the original expenses and then set up a recurring schedule. This can be selected to be daily, weekly or monthly.
Entering historical VAT return details:
During the initial conversation with your client manager, we’ll need to establish the date on which Crunch takes over the filing of your quarterly VAT returns.
If you’ve paid for VAT returns that were not submitted by Crunch, these payments must be recorded as 'New Tax Payments' via the 'Company 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) is HMRC’s new way of reporting salaries paid through PAYE schemes. We want to make this as painless as possible, so we’ll need you to send us any previous earnings through your limited company via a P11/Deductions Working Sheet - this is usually obtained from your previous accountant.
In order to ensure you’re making the most tax-efficient salary through your limited company, please send this to us at firstname.lastname@example.org at your earliest convenience.
Once we have your P11/Deductions Working Sheet, we’ll log the previous month's salary entries, but please remember that due to the nature of Real-Time Information (RTI) we are unable to submit the “Full Payment Submissions” on your behalf for any previous payroll runs. These should have been submitted to HMRC by your previous accountant.