Clarity of the financial information/data being reported and evaluated by owners and managers is one of accountancy most essential uses.
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Reading and evaluating the information that is in an accounting schedule format will give you greater knowledge and insight as to your company’s financial standing. There are times when a few simple numbers may paint the picture of a company’s financial position, but other times, more detailed information is required and putting this in place now can be very time consuming later when the time for a detailed report arises.
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When referring to accounting, your schedule will usually refer to reports or supporting documents that give all the detailed information explaining the contents of other more simplified documents your schedule when done correctly will evidence where you got your numbers from.
Examples of these schedules are as follows:
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Profit and loss
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This schedule will list the total of all the sales and expenses so you will need a further breakdown if you wish to see each individual transaction that make up the P & L entry.
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Schedule of Creditors
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This schedule is a detailed listing of all the suppliers that your company owes money. The schedule of accounts payable tells you who must be paid and how much money is owed.
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Schedule of Debtors
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Similarly, this schedule shows you how much is owed to your company. Invoices are grouped by customer, so it is easy to tell if certain customers have several outstanding invoices. This report may signal the need for collection calls or for the reduction of extended credit, if a customer is falling behind in payments to you.
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In every instance Tax by Sterling will keep detailed records of every payment to and from the business linking transactions with digital copies of invoices all this is done firstly because that’s how we see it should be done (correctly) and secondly should there be any further analysis or review required by HMRC then everything is there all in one place and good to go reducing the time needed to satisfy HMRC