Trying to configure tryton for UK accounts


#21

Speaking for me personally, I am utilising the micro accounts discussed here for a services company, so I like the last option you mention ->

That said, I don’t fully know the differences between full accounts and micro/small.so its hard to comment more than that.

I am guessing after seeing previous company corp accounts its the level of detail required and the need to be audited.

I am not aware (but may be wrong) of differences between service lines, as isn’t it about the overall profit and loss + balance sheet, which might have different revenue/income lines but they are all still income.

I would be fine with one account that can have items removed if it is a micro or small business, but I’d really appreciate knowing that these type of options are available, so I don’t get swamped with detail of a full company account that I do not need to know at that point.

For non limited companies I guess it is again down to the differences, but I understood it is differences in tax bands and the classes of national insurance that are applicable. As well as different reporting requirements but they are not financial.


(David Harper) #22

Thanks for the feedback.

There is no official chart of accounts defined, so it is possible to create a chart of accounts that does not have duplicated codes.

From what I can see, the differences in the balance sheet and income statement for Small Companies and Groups, and Large and Medium-sized Companies are only in the arabic numbered items, and furthermore general rule 4 states that these numbered items should be adapted where the nature of the business requires it. Also, it looks like small companies could use the the formats defined for large and medium-sized companies - See 3. (3). So I see no obstacle for having a single module here.

However, for Banking Companies, and Insurance Companies, the allowed formats for the balance sheet and income statement are quite different.

If there was a single module then it is possible to deactivate items that you are not interested in. Accounts and account types can be updated to have an end date sometime in the past, this would then mean you would not see them. Then if in the future you needed them, you could re-activate them.

I would be great to get an idea of what kinds of revenue/income lines you would be expecting to see for a service company, so I can compare it with what I have found out so far.


(Cédric Krier) #23

To summarize there are 4 types: small, large and medium, banking and insurance companies.
So I seems that 4 charts of account are required (but banking and insurance could probably be skipped for now). And as small can use the large and medium, I think the best is to implement the last one.


(David Harper) #24

There are also sole traders and partnerships, but these do not have to file accounts with a public body, only maintain proper accounting records. They could also use the same chart of accounts and format of balance sheet and income statement.

So, I agree its probably best to base the module on the Large and Medium-sized company formats.


#25

Sure, but it may be some time.

Those service lines would depend on the service being offered wouldn’t they. Perhaps Service 1,2, 3 etc

There would also be the addition of partial payments as its unlikely you would be paid for all of the service in advance and you would want payment on milestones to ease your cashflow for example.