General Book-keeping & Accounting - The Book-keepers Forum (UK)

Cheshire · Cheshire

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/874772/small-business-grant-fund-and-retail...

rafapak · rafapak

I am trying to understand what we need closing inventory adjustment for but I have troubles with it. I have 1000 pounds debit balance on my finished goods account. This is balance sheet account. I sell part of my finished goods. Cost of goods sold is 700 pounds. Closing balance on my finished goods acc...

rafapak · rafapak

Hi guys I use bpp final accounts preparation book. At the beginning it is stated that sole traders and partnerships are not legally required to produce or file annual accounts but will need to keep records in order to complete tax returns. If sole traders and partnerships are not legally required to p...

haymac · haymac

Hi All, Quick question - I have a client who become SE part way though 2016/17, had been PAYE up until November 2016 then SE thereafter. Will the income support scheme only see the SE element of that years return ? Any pointers gratefully appreciated.

haymac · haymac

ChrisBolton · ChrisBolton

Hi there, Ive had a quick look and couldnt find anything g on this I, along with many others, take a basic wage of £8000 and the rest in dividends - does anyone know where we stand in relation to government help? As far as I can see Im not self employed, I cant be furloughed, yet my income will be decima...

ChrisH · ChrisH

Hi We are a startup company and have contract to develop a new product for a client. They are paying in stages and have recently paid us part of the fee. These payments are in advance of the work to allow us to run the company, buy materials and equipment etc, however we have hit COVID-19 and work has slowe...

haymac · haymac

Hi All, For anyone due to file accounts, Companies House allowing 3 month extension, follow link and apply online. `Businesses will be given an additional 3 months to file accounts with Companies House to help companies avoid penalties as they deal with the impact of COVID-19.` https://www.go...

Cheshire · Cheshire

Natwest have launched. Presume some of the other banks will have too, albeit some are still waiting for accreditation and/or systems checks

Gorge_Walton · Gorge_Walton

Nope... -- Edited by Shamus on Monday 17th of February 2020 06:24:58 PM

Shamus · Shamus

Due in part to Covid-19 but also that the Government had not foreseen the wholesale eradication of UK contractors with all work being moved offshore, the chief treasury secretary, Steve Barclay, announced yesterday that the rollout of the IR35 has been deferred for a year until April 2021. Unfortu...

HarryStottle · HarryStottle

Hi My approach when a loan is received from a separate company is to credit a "loan from xxx Ltd" account and debit the bank account. When part of that loan is repaid then I credit the bank account and debit the "loan from xxx Ltd" account. The reason for my question is that I'm examining someone else Sage p...

rafapak · rafapak

Hi guys I would like to ask you for a favour. I recently wanted to go to aat forums website. When I click on link I get information that this website is unprotected and therefore it is impossible to enter this site. Can you do me a favour and click forums link on aat site and check if this link works ? Link to aa...

rafapak · rafapak

Hi guys My book tells me to record allowance for doubtful debts like this : Allowance for doubtful debts - adjustment Dt Allowance for doubtful debts - Cr In Kaplan book with exercises they used Irrecoverable Debt Expense account to record reduction in allowance for doubtful debts...

Meganp · Meganp

Hi, does anyone know how I reinstate a reconciled transaction in quickbooks desktop. I know what the transaction is, and that I have to enter the invoice and payment again, but how do I re-reconcile? Thank you M

Artois · Artois

Hi all, on my phone so will keep it short, how long do you usually wait after sending professional clearance requests before chasing up if you have received no replies?

rafapak · rafapak

Hi guys I would like to ask you for help. I have troubles to understand how fifo works in the context of work in process. I think I understand fifo in general. 1st May-bought 10 units, 5 pounds each 2nd May-bought 10 units, 6 pounds each 3rd May- sold 12 units Your cost of goods sold is : 10 *5 (from first b...

Artois · Artois

Just got the email to say I had passed my ATT exam for VAT last May, I took the Law exam last week and managed to scrape a pass so was just waiting on this final result, took just over 2 years but all seems worth it now Little break from studies and then on to CTA, might even treat myself to a few drinks to celeb...

Sheena · Sheena

Hi I have been asked to enter the wages on to sage. I have previously entered the net wages payment from the bank to net wages (cr 1200, db 2250) and the same for PAYE & Pension payments (cr 1200 db 2210 & 2260). I was hoping you could let me know if my journal below is correct for the PAYE/NI, Pensi...

TopCat50 · TopCat50

Hi, I've started doing the books for a motor dealer. Was wondering, how should I account for items such as 'road tax', cherished transfers etc. On the sales invoice we charge a line for Road fund licence, cherished transfers etc. These are charged at cost to the customer. Should I include those in my...

Topic		Started By	Replies	Views	Last Post
	Business Rates - guidance finally out. (Preview) https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/874772/small-business-grant-fund-and-retail...	Cheshire	5	1311	Mon Mar 30 17:23 2020 by Cheshire
	closing inventory adjustment (Preview) I am trying to understand what we need closing inventory adjustment for but I have troubles with it. I have 1000 pounds debit balance on my finished goods account. This is balance sheet account. I sell part of my finished goods. Cost of goods sold is 700 pounds. Closing balance on my finished goods acc...	rafapak	7	1484	Sun Mar 29 20:46 2020 by Lorry10
	final accounts preparation- aat level 3- sole traders and partnerships (Preview) Hi guys I use bpp final accounts preparation book. At the beginning it is stated that sole traders and partnerships are not legally required to produce or file annual accounts but will need to keep records in order to complete tax returns. If sole traders and partnerships are not legally required to p...	rafapak	9	1606	Sun Mar 29 00:31 2020 by rafapak
	Self Employed - income support scheme (Preview) Hi All, Quick question - I have a client who become SE part way though 2016/17, had been PAYE up until November 2016 then SE thereafter. Will the income support scheme only see the SE element of that years return ? Any pointers gratefully appreciated.	haymac	4	1023	Fri Mar 27 14:06 2020 by haymac
	Watch out for this SCAM (Preview)	haymac	4	1239	Thu Mar 26 16:22 2020 by Cheshire
	Coronavirus/one man ltd company (Preview) Hi there, Ive had a quick look and couldnt find anything g on this I, along with many others, take a basic wage of £8000 and the rest in dividends - does anyone know where we stand in relation to government help? As far as I can see Im not self employed, I cant be furloughed, yet my income will be decima...	ChrisBolton	23	2055	Thu Mar 26 14:23 2020 by Leger
	COVID end of tax year (Preview) Hi We are a startup company and have contract to develop a new product for a client. They are paying in stages and have recently paid us part of the fee. These payments are in advance of the work to allow us to run the company, buy materials and equipment etc, however we have hit COVID-19 and work has slowe...	ChrisH	3	1071	Thu Mar 26 12:14 2020 by Cheshire
	Companies House - 3 month extension period to file accounts during Covid-19 (Preview) Hi All, For anyone due to file accounts, Companies House allowing 3 month extension, follow link and apply online. `Businesses will be given an additional 3 months to file accounts with Companies House to help companies avoid penalties as they deal with the impact of COVID-19.` https://www.go...	haymac	4	1281	Thu Mar 26 10:32 2020 by Cheshire
	CBILS (Preview) Natwest have launched. Presume some of the other banks will have too, albeit some are still waiting for accreditation and/or systems checks	Cheshire	1	954	Tue Mar 24 18:54 2020 by Leger
	Debt recovery and problems (Preview) Nope... -- Edited by Shamus on Monday 17th of February 2020 06:24:58 PM	Gorge_Walton	12	1616	Mon Mar 23 18:43 2020 by Cheshire
	IR35 deferred (Preview) Due in part to Covid-19 but also that the Government had not foreseen the wholesale eradication of UK contractors with all work being moved offshore, the chief treasury secretary, Steve Barclay, announced yesterday that the rollout of the IR35 has been deferred for a year until April 2021. Unfortu...	Shamus	3	1191	Thu Mar 19 09:14 2020 by Cheshire
	Entries for a loan and its repayments loan repayments inter company loans (Preview) Hi My approach when a loan is received from a separate company is to credit a "loan from xxx Ltd" account and debit the bank account. When part of that loan is repaid then I credit the bank account and debit the "loan from xxx Ltd" account. The reason for my question is that I'm examining someone else Sage p...	HarryStottle	4	1371	Thu Mar 12 08:21 2020 by HarryStottle
	aat forums website-problems (Preview) Hi guys I would like to ask you for a favour. I recently wanted to go to aat forums website. When I click on link I get information that this website is unprotected and therefore it is impossible to enter this site. Can you do me a favour and click forums link on aat site and check if this link works ? Link to aa...	rafapak	16	2442	Mon Mar 9 17:13 2020 by johnhemming
	recording allowance for doubtful debts (Preview) Hi guys My book tells me to record allowance for doubtful debts like this : Allowance for doubtful debts - adjustment Dt Allowance for doubtful debts - Cr In Kaplan book with exercises they used Irrecoverable Debt Expense account to record reduction in allowance for doubtful debts...	rafapak	3	1509	Mon Mar 9 09:43 2020 by Cheshire
	Deleted reconciled transaction (Preview) Hi, does anyone know how I reinstate a reconciled transaction in quickbooks desktop. I know what the transaction is, and that I have to enter the invoice and payment again, but how do I re-reconcile? Thank you M	Meganp	12	2368	Fri Mar 6 13:53 2020 by Casu
	Professional Clearance (Preview) Hi all, on my phone so will keep it short, how long do you usually wait after sending professional clearance requests before chasing up if you have received no replies?	Artois	2	895	Wed Mar 4 16:29 2020 by Artois
	fifo- process costing (Preview) Hi guys I would like to ask you for help. I have troubles to understand how fifo works in the context of work in process. I think I understand fifo in general. 1st May-bought 10 units, 5 pounds each 2nd May-bought 10 units, 6 pounds each 3rd May- sold 12 units Your cost of goods sold is : 10 *5 (from first b...	rafapak	4	1463	Mon Mar 2 04:51 2020 by rafapak
	ATT Complete (Preview) Just got the email to say I had passed my ATT exam for VAT last May, I took the Law exam last week and managed to scrape a pass so was just waiting on this final result, took just over 2 years but all seems worth it now Little break from studies and then on to CTA, might even treat myself to a few drinks to celeb...	Artois	25	3922	Fri Feb 28 11:32 2020 by Cheshire
	wages journals (Preview) Hi I have been asked to enter the wages on to sage. I have previously entered the net wages payment from the bank to net wages (cr 1200, db 2250) and the same for PAYE & Pension payments (cr 1200 db 2210 & 2260). I was hoping you could let me know if my journal below is correct for the PAYE/NI, Pensi...	Sheena	5	1435	Thu Feb 27 14:07 2020 by Leger
	Disbursement- motor dealer (Preview) Hi, I've started doing the books for a motor dealer. Was wondering, how should I account for items such as 'road tax', cherished transfers etc. On the sales invoice we charge a line for Road fund licence, cherished transfers etc. These are charged at cost to the customer. Should I include those in my...	TopCat50	5	1361	Thu Feb 27 14:06 2020 by Cheshire
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