Reports

The Report function automates the reporting process for your business. You’ll find a range of reports to choose from - including the most common accounting and business reports you’ll need - in the Report section. 

Report Options

 

  1. Statement of Account: View activity summaries for each of your accounts over a time period that you specify. 
  2. Trial Balance: Lists the balances of your ledger accounts at a specific point in time.
  3. Profit and Loss: Calculates and analyses your Net Profit for a particular date range.
  4. Balance Sheet: Summarises your business assets, liabilities and shareholder equity at a specific point in time. 
  5. Statement of Changes in Equity: Identifies the movements in shareholder equity.
  6. VAT Return: Calculates and reports on your output and input tax,  and prepares your VAT Return. The VAT reports are compatible with Making Tax Digital.
  7. Audit Trail: Chronologically catalogues all your business transactions for a particular period.
  8. Corporation Tax: Calculates your Corporation Tax liability. This is only available in Limited companies and is replaced by Self Assessment Report in sole traders

You can favourite your most often used reports as a quick way of navigating to it. Simply click on the 

icon next to your most-used report on the Report page. Starred reports will appear as items in the Reports > Favorite sidebar menu.

1 Create a Report

To create a report:

  1. Select Reports from the sidebar menu and then select All Reports. If you’ve already selected a report as a favourite, it will show up in the  Reports > Favorite drop-down menu.
  2. Select the report name.
  1. Choose your required criteria for the report.  
  2. Select Show to create the report.

  

1.1 VAT Return reports

The VAT Return report includes two sections: VAT Audit and VAT Return. These reports can be viewed only if your business is registered for VAT and is set up as VAT registered on hAIbooks. If your business is registered for VAT, but then de-registers for VAT, you will still be able to view your VAT reports.

Unlike the other reports, you can’t select a customised period for VAT reporting. The VAT reports are based on the VAT Return periods that you specified in VAT Details.

To create a VAT Return report:

  1. Select Reports from the sidebar menu and then select All Reports. If you’ve already selected the VAT Return as a favourite, it will show up in the  Reports > Favorite drop-down menu.
  2. Select the Return Period you require from the drop-down menu.
  3. Select your company’s VAT Scheme from the drop-down menu.
  4. Select Show

You can also export the VAT Return report in .pdf or .xls format by selecting Export

Please note: if, while you are creating a report, you change the VAT scheme from the existing scheme to a different one, you have three options:

  1. View the report as a what-if scenario i.e. the report shows the results for the different VAT scheme, but does not actually apply the new scheme to your accounts.
  2. View the report with the new scheme applied to your accounts. 
  3. Cancel the report.

Please note that you can only create a VAT Return report if you’ve already completed the VAT Details section.  But don’t worry, as hAIbooks will notify you of this and give you the opportunity to complete the details:

Box 5 of the VAT Return report shows the amount you owe to HMRC (if the value is positive) or what HMRC owes you (if the value is negative).

1.1.1  Mark report as Filed

Selecting Mark as Filed on the VAT Return report marks the current reports as complete and submitted. 

Once your VAT Return report is marked as filed, you won’t be able to edit it or the transactions it contains. However, you can edit the report again by selecting Mark as Unfiled.

Note: If you add a transaction for the period for which the VAT Return has already been marked Mark as Filed, then hAIbooks will document the transaction as a Late Claim which means you can include it in future VAT Returns. Simply select Cover Late Claims when you are creating your next VAT Report.

For filing under MTD you will need to be registered with HMRC and file directly from the software

1.1.2 Audit Trail

The Audit Trail catalogues all your business transactions for a particular period chronologically:

 

Archived documents are shown in the report, too. These are marked with 

Hover your cursor over this icon to see the name of the user who archived this transaction.

1.1.3 Corporation Tax

The Corporation Tax report gives you the opportunity to adjust your Corporation Tax liability. 

You can select a current or previous reporting period: 

 

You can make adjustments relating to disallowable expenses, deductions from profit and capital allowances.

To make adjustments:

  1. Select the type of adjustment you’d like to make by selecting either Add Expense or Add Non-Taxable Income
  2. Select the relevant account from the drop-down list.

To save your adjustments, select Save Adjustments at the foot of the report. If you select Discard Changes, hAIbooks will not save your adjustments and will return to the last saved version of the report.   

 

If you change an account balance, and the new value differs from its value in the report, hAIbooks will offer to recalculate your Corporation Tax using the new balances values.  

1.1.3 Export a Report

You can export reports in  .csv or .pdf format. Simply select Export and choose .csv or .pdf from the drop-down menu. 

 

  

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