Margin scheme - stock book and XERO

[Jimbo 11]

Planning for next year and possibly going vat registered. 

I have just about got my head around the margin scheme but also read you need to keep your accounts plus a stock book 

can this stock book be a simple xcel spreadsheet or does it literally have to be a book? Currently ive set up a spreadsheet but is this enough info....

date bought / price paid / make model / reg number

date sold / sell price / profit

 

and then all your expenses and prep work goes on your normal accounting spreadsheet right??

 

lastly, is Xero a good software to use that also helps keep vat and margin vat easy to note and keep on top of?? 

[Alfie walker 0]

Our accountant  has got us using a app called kashflow, I think they tweeked a few things for us so there's a section to put in reg number etc I find it pretty straight forward and I'm no accountant

[justina3 518]

Doesnt have to be a book, spreadsheets are what ever you want them to be so just copy the book headers and boom your away, if someone says you should have a book say i have one just one from this decade.

 

 

[Jimbo 11]

Thanks. are the fields i put above for my stock book spreadsheet or do i need more info

[justina3 518]

The more info the better what you remember today will be a nightmare to try and work out come end of the year , I also have on my data sold to, IE Mr Alien and receipt number so if ever needed to find the transaction i can quickly trace it