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

RosNovice · RosNovice

Hello everyone, my client runs a teaching business and the description on the invoice usually says "Tuition". One of my client's customers has now asked if it would be possible to replace "Tuition" with "Consultancy"; I am hesitant to do this. Please, can you advise whether the customer's request...

ca_bookkeeping · ca_bookkeeping

How do I add an opening balance in quickbooks?

Martin S · Martin S

Hi All, I could do with a little help please, I'm doing a practice paper for my upcoming IAB level 3 exam and I've come across this to add as a journal entry and I can't seem to get it right at all and now I'm getting a very foggy head trying to suss it out, it would be great if anyone could show me an example of...

blueeyes · blueeyes

Hi, Is a divorce cash settlement taxable? The ex husband took out a loan to pay the settlement of £48k. Thanks in advance

mailliwtug · mailliwtug

I know this must sound rediculous to just about everyone on this forum, so please excuse my ignorance, but if the definition of balanced accounts is "where your total assets match what you owe" How can that be the case if, for instance, you've got assets worth £10,000 but don't owe anything?

Blonde Accountant · Blonde Accountant

Hello, I am preparing a childminders accounts for her 2017 tax return. She had to give up her business for health reasons at 31.03.17. She has a car in the business, so do I have to dispose of it, i.e transfer it to her. I think that it will be a profit and not a loss on her capital allowances. The b/f is £2815,...

Luseda · Luseda

Hi there, after I suggested to my client to use a mileage method rate for car expenses (45p/mile for the first 10,000 mile), he asked me the question: 'Who's checking my mileage? Did I drive 5000 mile a year or 25000 mile a year?' I ve been confused a bit... What do I need to answer him? He is running two sma...

JRA · JRA

Hello Belated Happy New Year to all, can't believe time goes so quickly I have just taken on a client who is VAT registered, has been for 16 months and hasn't submitted one VAT return. Seems not to be chased by HMRC, which I think is odd. Is it just me, or is that unusual. Am I doing to0 many Self Assessments ...

Leger · Leger

Worth bookmarking this page for those using VT+ for their VAT registered clients. It was mentioned on aweb today and whilst there is no guarantee that this software will be adapted for MTD submissions, it'll be worth checking nearer the time rather than having to look round for alternative softwar...

RosNovice · RosNovice

Hello everyone and happy new year! Quick question: If a customer makes payment by BACS within a few hours after receiving a service (before an invoice could even be raised), would this still classify as quasi "immediate" payment or would an invoice still need to be raised in hindsight? As this regula...

RosNovice · RosNovice

Hello everyone, hope you all had a lovely xmas break. I am a novice bookkeeper and have recently taken on my first client (a small teaching business, trading as a Ltd company). The client's business sells on credit, so I would be raising regular sales invoices at the end of each calendar month. However...

Muzzy2kuk · Muzzy2kuk

Had a verbal agreement at my new job that after 3 months I will have a review and possible wage increase. I have been told today 2 months in that they want me to be a key figure for the accounts department and to think about my salary expectations. I have no idea what to ask for/suggest. Help?

Muzzy2kuk · Muzzy2kuk

Hi guys, Special offer on a payroll management and systems diploma through reed. On offer for Â£24 with certification and cpd points. Are these kind of courses any good or should I stay away? Thanks

Adrian99 · Adrian99

Hello Everyone.Please if someone could help me as I am not sure if it is worth it to keep my Ltd. Company. I work in Construction and I earn around £ 20 k net in a year.It is only me in the company and I do all the work.I have a limited company and I pay myself a monthly salary of £680 a month and the rest I take as d...

louyoung · louyoung

Would anyone please be able to explain to me the reasoning behind why my mock exam has come up with the answer in picture two.... I understand (or think i understand) that Expenses, Assets and Drawings come under debits and Liabilities, Income and Capital comes under credit (?) but if thats the case, I...

Leger · Leger

I was asked by a client last night what was the net worth of her business. She's applying for a loan and that's one of the questions. It's something I should know I'm sure but I was thinking more along the lines of what a business is worth when selling, which I believe includes goodwill, 3 x profit etc. Th...

Rachel767 · Rachel767

I have an electrician client who is currently a sole trader with a van used in his business (100% business use). He is forming a Ltd Company with his friend for some big contracts they've won, but he wants to keep his sole tradership status for his own jobs as he is not happy sharing those with his friend. D...

Flier109 · Flier109

I do the books for a Community centre charity who receives some grant funding to be able to run classes and other activities. The community centre is used by many different groups as well for meetings etc. There is also a minubus which is hired out for use by the different groups as well as external gro...

dandiego25 · dandiego25

Hi all, I have just started with a new client who has 1 VAT registered business and 1 that isn't. It seems that when an invoice has a high VAT value they will often ask a supplier to re-issue the invoice to the VAT registered company, even where it has nothing to do with that company. They then pay from the no...

RedMuffin · RedMuffin

Hello! I have over 10k sales transaction per month, I'm tryin to recon previous year's data as the client run both company under one bank and I have to split all transactions into both company having two separate tax number....I wonder if it will not mess up bank feed if I decide to connect it later on......

Topic		Started By	Replies	Views	Last Post
	Invoice Description Question (Preview) Hello everyone, my client runs a teaching business and the description on the invoice usually says "Tuition". One of my client's customers has now asked if it would be possible to replace "Tuition" with "Consultancy"; I am hesitant to do this. Please, can you advise whether the customer's request...	RosNovice	5	1566	Sat Feb 3 11:44 2018 by RosNovice
	how do I add an opening balance in quickbooks quickbooks bookkeeping balance (Preview) How do I add an opening balance in quickbooks?	ca_bookkeeping	15	11631	Sat Feb 3 10:36 2018 by Cheshire
	Help Needed with Journal Entry on Home Study Please. (Preview) Hi All, I could do with a little help please, I'm doing a practice paper for my upcoming IAB level 3 exam and I've come across this to add as a journal entry and I can't seem to get it right at all and now I'm getting a very foggy head trying to suss it out, it would be great if anyone could show me an example of...	Martin S	8	1397	Wed Jan 31 22:37 2018 by Martin S
	Is a divorce cash settlement taxable? (Preview) Hi, Is a divorce cash settlement taxable? The ex husband took out a loan to pay the settlement of £48k. Thanks in advance	blueeyes	12	2440	Wed Jan 31 20:37 2018 by Shamus
	Balanced Accounts definition balanced accounts (Preview) I know this must sound rediculous to just about everyone on this forum, so please excuse my ignorance, but if the definition of balanced accounts is "where your total assets match what you owe" How can that be the case if, for instance, you've got assets worth £10,000 but don't owe anything?	mailliwtug	4	1433	Wed Jan 31 17:56 2018 by mailliwtug
	Child Minder Ceased (Preview) Hello, I am preparing a childminders accounts for her 2017 tax return. She had to give up her business for health reasons at 31.03.17. She has a car in the business, so do I have to dispose of it, i.e transfer it to her. I think that it will be a profit and not a loss on her capital allowances. The b/f is £2815,...	Blonde Accountant	11	1960	Tue Jan 23 19:29 2018 by Blonde Accountant
	Mileage method rate (Preview) Hi there, after I suggested to my client to use a mileage method rate for car expenses (45p/mile for the first 10,000 mile), he asked me the question: 'Who's checking my mileage? Did I drive 5000 mile a year or 25000 mile a year?' I ve been confused a bit... What do I need to answer him? He is running two sma...	Luseda	21	2611	Thu Jan 18 09:36 2018 by Cheshire
	New client HMRC VAT (Preview) Hello Belated Happy New Year to all, can't believe time goes so quickly I have just taken on a client who is VAT registered, has been for 16 months and hasn't submitted one VAT return. Seems not to be chased by HMRC, which I think is odd. Is it just me, or is that unusual. Am I doing to0 many Self Assessments ...	JRA	3	1370	Tue Jan 16 00:48 2018 by Cheshire
	VT + and MTD for VAT (Preview) Worth bookmarking this page for those using VT+ for their VAT registered clients. It was mentioned on aweb today and whilst there is no guarantee that this software will be adapted for MTD submissions, it'll be worth checking nearer the time rather than having to look round for alternative softwar...	Leger	13	3311	Fri Jan 12 12:46 2018 by VinceH
	Cash Sales or Credit Sales? (Preview) Hello everyone and happy new year! Quick question: If a customer makes payment by BACS within a few hours after receiving a service (before an invoice could even be raised), would this still classify as quasi "immediate" payment or would an invoice still need to be raised in hindsight? As this regula...	RosNovice	2	1099	Wed Jan 10 13:24 2018 by RosNovice
	Credits Sales w/o Invoicing? (Preview) Hello everyone, hope you all had a lovely xmas break. I am a novice bookkeeper and have recently taken on my first client (a small teaching business, trading as a Ltd company). The client's business sells on credit, so I would be raising regular sales invoices at the end of each calendar month. However...	RosNovice	6	1649	Wed Jan 10 13:05 2018 by Cheshire
	Work Prospects (Preview) Had a verbal agreement at my new job that after 3 months I will have a review and possible wage increase. I have been told today 2 months in that they want me to be a key figure for the accounts department and to think about my salary expectations. I have no idea what to ask for/suggest. Help?	Muzzy2kuk	1	1273	Tue Jan 9 12:02 2018 by Leger
	Payroll management course (Preview) Hi guys, Special offer on a payroll management and systems diploma through reed. On offer for Â£24 with certification and cpd points. Are these kind of courses any good or should I stay away? Thanks	Muzzy2kuk	6	1326	Sat Jan 6 11:30 2018 by Muzzy2kuk
	Ltd or Self employed ? (Preview) Hello Everyone.Please if someone could help me as I am not sure if it is worth it to keep my Ltd. Company. I work in Construction and I earn around £ 20 k net in a year.It is only me in the company and I do all the work.I have a limited company and I pay myself a monthly salary of £680 a month and the rest I take as d...	Adrian99	4	1438	Sun Dec 24 14:58 2017 by Adrian99
	Double Entry Advice needed for home study! (Preview) Would anyone please be able to explain to me the reasoning behind why my mock exam has come up with the answer in picture two.... I understand (or think i understand) that Expenses, Assets and Drawings come under debits and Liabilities, Income and Capital comes under credit (?) but if thats the case, I...	louyoung	13	2602	Tue Dec 19 08:05 2017 by Cheshire
	Net worth (Preview) I was asked by a client last night what was the net worth of her business. She's applying for a loan and that's one of the questions. It's something I should know I'm sure but I was thinking more along the lines of what a business is worth when selling, which I believe includes goodwill, 3 x profit etc. Th...	Leger	2	1608	Sat Dec 16 13:35 2017 by Leger
	Van for sole trader and company use? (Preview) I have an electrician client who is currently a sole trader with a van used in his business (100% business use). He is forming a Ltd Company with his friend for some big contracts they've won, but he wants to keep his sole tradership status for his own jobs as he is not happy sharing those with his friend. D...	Rachel767	5	1745	Thu Dec 14 10:43 2017 by Rachel767
	Please help - Charity - treatment of use of facilities etc (Preview) I do the books for a Community centre charity who receives some grant funding to be able to run classes and other activities. The community centre is used by many different groups as well for meetings etc. There is also a minubus which is hired out for use by the different groups as well as external gro...	Flier109	11	1793	Wed Dec 13 09:33 2017 by Cheshire
	Is this tax evasion or tax avoidance? (VAT) (Preview) Hi all, I have just started with a new client who has 1 VAT registered business and 1 that isn't. It seems that when an invoice has a high VAT value they will often ask a supplier to re-issue the invoice to the VAT registered company, even where it has nothing to do with that company. They then pay from the no...	dandiego25	4	1470	Sun Dec 10 15:04 2017 by Amanda
	I Have a Question ^About setting up Accounts (Preview) Hello! I have over 10k sales transaction per month, I'm tryin to recon previous year's data as the client run both company under one bank and I have to split all transactions into both company having two separate tax number....I wonder if it will not mess up bank feed if I decide to connect it later on......	RedMuffin	9	1378	Sun Dec 10 12:47 2017 by Cheshire
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