Creating a Trade - 1 or 2 Accounting Periods
You can create a trade:
When one or two accounting periods (APs) are present in the period of account (POA).
When three accounting periods are present, of which only two can be trading APs.
Once the limited company client has been set up and a relevant period of account created and opened, it is necessary to add a trade(s) / business(es) if there is any trading activity in the company.
Create a trade - 1 or 2 accounting periods
On the client details page click Tax Returns and then click the Period of Account you want to create a trade for.
On the Data Navigator on the left, click Trading Income.
In the Trade column, enter a unique name.
If the trade commenced within the period, enter the date the trade activity commenced in the Trade Commencement column.
If the trade ceased within the period, enter the date the trade activity ceased in Trade Cessation column.
In the Primary trade? column, select or clear the check box as required:
- Select the check box to ensure the relevant trade is the default trade for all Per accounts adjustments.
- If the check box is clear, you will need to manually allocate any Per accounts adjustments between any trades present and non-trade activity from within the relevant data entry windows.
The Type field will default to "UK trade" with a drop down to select other Trade / business types