Month March

.............................. PAYMENTS (VAT INPUT) SUMMARY (For cheques, cards or direct banking) © P. Hingston

TOTAL VAT Drawings, NI Stock or Employee Premises Costs

Date Paid To Ref (incl VAT) (or Salary) Raw Material Costs Rent/Rates WORKED -
Utilities
2 Auto Repair Co 364 70 10 11 68 “Employee Costs” is for & Guide 1
2 Self (to personal a/c) D/B 1500 00 1500 00 wages, NI (National Insurance) and 2
PAYE, also Directors’ salaries, though
3 Webdesigns S/O 50 00 you may find it convenient to put your own 3

363 salary under “Drawings (or Salary)”. For “Premises Costs”

3 ABCD Company 17 50 2 92 sole traders and partners, record your also includes Cleaning and
4
4 Stationery Supplies D/B 128 26 21 38 wages under “Drawings”. Property Insurance. Use the 5
next blank column
9 The Big Phone Co D/D 289 87 48 31 if necessary.
6

12 Local Council D/D 750 00 750 00 7

14 Auto Repair Co 367 139 99 23 33 This “Utilities”

8

14 Parcels Service 365 158 27 26 38 column is for Premises 9

Costs that relate to any
18 APR Co 366 400 00 66 67 Electric, Gas, Heating 10
Computer Supply Co D/B or Water bills. 11
29 625 00 104 17
31 Self (Card reimbursement) D/B 562 58 93 76 125 00 12

4691 57 398 60 1500 00 125 00 750 00 13

14
The entries above are VAT
listed in the same order (and dates) If there is VAT included in a payment, 15
as they appear in your Bank Statement, record it in the VAT column, then put the net
16
and in the same order as the invoices amount (ie the total less the VAT) in the appropriate
are filed. This makes this page expenses column. Note: The VAT rate used in this 17
easier to complete & check. Worked Example is 20% but the rate may be
changed at any time by the 18
Government.
“Ref” (Reference) 19
This column could show the last 3 figures 1st Column 20
of the cheque number, or “D/B” for a Direct The first column heading
Banking, “D/D” for a Direct Debit, or is blank. You could use it for 21
“S/O” for a Standing Order. a category of expenses that you
have to pay often. Alternatively, 22
you could use it as a second 23
VAT column.
24
25
26
27
28
29
PROCEDURE FOR PERSONAL CARDS PROCEDURE FOR CHEQUES PROCEDURE FOR DIRECT BANKING 30
If you use a personal card for some business For each cheque: record the date (as it appears in This includes online and telephone banking, and
purchases, then reimburse yourself from your business the Bank Statement), the payee, the last 3 figures of the where you are paying your suppliers by Direct Debit or 31
account every month or so, and at that time enter cheque number (as a Reference) and the total paid. You then by Standing Order. Record the date (as it appears in the
write the VAT (if any) in the VAT column. Then “analyse” 32
the details in that month’s PAYMENTS (as Bank Statement), the payee, the reference, and the total paid.
shown on the 31st above). the payment by entering the total (less VAT) in the You then write the VAT (if any) in the VAT column. Then 33
correct expenses column (or columns, “analyse” the payment by entering the total (less VAT)
where relevant). in the correct expenses column (or columns, 34
PROCEDURE FOR BUSINESS CARDS where relevant). 35
For a debit card on your business account, for
each transaction: record the date (as it appears in 36
the Bank Statement), the payee, the word “Card” (as a 37
Reference) and the total paid. You then write the VAT
(if any) in the VAT column. Then “analyse” the payment 38
by entering the total (less VAT) in the correct
expenses column (or columns, 39
where relevant).
40
General Note
All the data in this Worked Example 41
is fictitious.
42
43
44
45
46
At the end of the month, total up 47
each column. The overall Total Payments (£4,691.57
Overflow Pages
in this worked example) is then entered in the MONTH’S 48
If in any month you need more lines,
BANK BALANCE on the previous page.
then please note there are overflow pages 49
after Month 12 in this book.
50
Total Payments for Month 4691 57 398 60 1500 00 125 00 750 00

VAT-P4 (2015).p65 4 04/09/2015, 15:29

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