The methods used will be the same as if you are setting up a plan for a new business. The only real difference is that you must put in the opening balance sheet. Select the menu option Opening Balance Sheet under Capital and Loans or Setup. In this case you will also need to adjust debtors receipts and creditors payments in the early part of the year.
How do I tell the system that there is a Tax Refund
Open your Forecast file in the normal way. Select Capital and Loans and then Opening Balance Sheet. Scroll down to Taxation under Current Assets. Insert the amount of the Tax Refund in the appropriate cell. In this case it will be shown in the debit column.
How do I tell the system that there is a Opening VAT refund
Open your Forecast file in the normal way. Select Capital and Loans and then Opening Balance Sheet. Scroll down to VAT under Current Liabilities. Insert the amount of VAT refund in the VAT line and enter the amount as a minus amount i.e. as it is a debit.
What happens when there is a Vat Refund
Cash Flow Forecaster automatically calculates the VAT Refund and pays it into the bank account in the period when it is due. Make sure that you have set up all the VAT parameters correctly.
