PTPAccounts Production - Sole Trader - EPST
This is due to a date conflict. Select Edit | Proprietor. Highlight the proprietor and click View.
Check that you don’t have a date entered that would cause a conflict, for example, if you are printing accounts for the year end 31 March 2004 and you have an end date entered for the trader of 31 March 2003. Remove the date and click Update to save.
You will need to do two things to tell PTPthat you do not wish to have comparatives.
Select Edit | Data Screens | Presentation Options | Current Year Only, leave the field provided blank.
Select Reports | Annual, complete the report output screen with details of where you wish to send the report to.
Enter the mnemonic of the report you wish to generate in the Report/Document field.
PTPcompletes the lower half of the screen automatically with the relevant post file entry numbers.
Remove the post file entry number from the Last field and click OK.
When generating the Fixed asset schedule PTPcompares the brought forward figures in the current year with the carried forward figures in the comparative year, if there is a difference between the two years figures PTPassumes a revaluation has taken place.
To clear this error, ensure that the cost brought forward, plus additions, less disposals in the previous year, agrees to the figure brought forward this year. Also ensure that the depreciation brought forward, plus charge for year, less elimination on disposal in the previous year agrees to the figure brought forward this year.
If you do not have comparatives you will need to follow the steps outlined above “How do I generate a report without comparative?”.
If this is the businesses first year, check that fixed assets have been posted to the Additions accounts and not to the Cost account, similarly check that the depreciation has been posted to the Charge for the year account and not to the Accumulated depreciation account.
In this example we will assume a Motor car costing £10,000 has been disposed.
Credit account 525/3 (Motor vehicles – Disposals) with the original cost, £10,000
Debit account 525/23 (Motor vehicles – Eliminated on disposal) with the depreciation to date, say £3,000
Post the balance of the above to account 392/14 (Motor vehicles – Profit/loss on disposal) £7,000
The actual sale proceeds will also be posted to account 392/14 (Motor vehicles – profit/loss on disposal) say £8,000 (the debit entry being to the bank account for example)
This will arrive at the profit on sale of motor car of £1,000
Go to Edit | Proprietor
Click New, then click the magnifying glass next to the Proprietor box. This will display a list of existing people in the database.
Highlight and select the new partner if they appear in this list, or click New to set up a new person in the PTPdatabase.
In both cases the identifier used, will be the one that is selected in Personal Tax.
If this fails to rectify the problem, check the option on the data screen Proprietor. To find this select Edit | Data Screens | General Information | Proprietor
A Rounding differences can be cleared by either making a journal adjustment to account 280, and the other side of the entry to any other profit and loss account, OR, by changing the nominated rounding account for the client.
This can be changed by going to Posting | Rounding Accounts
The rounding account can also be changed for the whole chart by going into Setup | Accounts Chart | Amend Chart, select the EPST chart, then go to Rounding error accounts.