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

Jude · Jude

Good morning everyone (nearly the weekend now!) One of my clients has applied for and successfully received a grant towards his website costs. The amount received was £500. How do I account for this money in the books? Do I put the amount to other income, or some other account? Not sure what I need to do....

DenS · DenS

Hi Can anyone explain how I reconcile cheque payments which haven't cleared, but were drawn and accounted for in the previous financial year, in the next financial year? I know I need to do something next year, but I don't want to duplicate the payment which has already been accounted for. Just ca...

Kim1960 · Kim1960

A client I prepare the books for has recieved a cheque from their insurance company for a stolen in car GPS. How do i treat this in the books. What do I need to debit and credit? Any help would be appreciated! Thanks Kim

Terry · Terry

Hi Everyone Im new to this but was wondering, could someone please tell me how to carry out a Balance Sheet Rec? Thanks! Terry

Kim1960 · Kim1960

Good afternoon everyone! I've just obtained a new client and they've just given me their records for the month. First time I've come across this and I'm stumped, so if poss I need some help! My client uses a personal credit card for his business (he's a gardener). Obviously I can put through the books a...

MattL · MattL

When accounting for depreciation monthly, would it be reasonable to average the depreciation over the 12 months, or not? So, in the case of: Van Cost - £20000 Depreciation Rate - 25% (Reducing Balance method) Would it be acceptable to depreciate in 12 equal monthly amounts of £416.67 (£5000 / 12)...

Gomez · Gomez

I need to calulate a month end exchange difference on supplys purchased from Italy. I need historic rates for euro to sterling, yet I can't find a resource on the web for them. Can anyone point me in the right direction? Cheers! -- Edited by Gomez at 12:33, 2007-04-11

Wendy · Wendy

Hi there I'm just in the process of reconciling my clients bank a/c and I've got a difference of exactly £108? The actual bank balance per the bank statement is £27,563. O/s lodgments and payments are net £5,536. I've no idea how to find the difference. There are no regular payments for this amount e...

MattL · MattL

Hi all. I'm a newbie on here, but so glad I found this forum. I've recently received confirmation that I've passed my IAB level 3 exams, and now there is nothing preventing me from starting my Bookkeeping business. However, I am really panicked over the possibility of clients not providing all sourc...

beencounter · beencounter

Hi to everyone on the forum! My client has an invoice for the purchase & installation of a fire alarm system. Should this go to plant and machinery or furniture and fixtures? Or would it go to repairs and maintenance? Thanks in advance for assistance, Ted

charleyboy · charleyboy

Hi everyone, I'm in a bit of a pickle. I'm just putting the books together for my accountant for the year end accounts. She has asked for my closing stock value at the year end. Due to the nature of my business, it's virtually impossible to accurately calculate an exact figure but I believe the cost of the...

Lillian · Lillian

Hi Can anyone advise what is the most appropriate depreciation rate/method for depreciating a new sat nav system purchased by my client for his fleet of vans? Thanks Lillian

Athena · Athena

Many of the items I use for my work I also use for my personal life. For instance, I write all my articles on my computer. However, I also use my computer to email my friends and family and play games. When it comes to taxes, how should I treat equipment that is used for both purposes? I know the best thing wou...

Athena · Athena

Hi everyone, As I mentioned in my introduction, bookkeeping is not one of my strongest skills, yet it's one I need to develop in order to make my freelance writing business work. Does anyone have any suggestions for a simple bookkeeping method that would help me keep track of money received, money owe...

Athena · Athena

Hi! It's a little ironic that I'm signed up for this forum since bookkeeping is not my strongest skill, but I'm working very hard to build a freelance writing business, and I have got to get my bookkeeping skills up to snuff. I know I lose money through not sending timely bills and not keepi...

TomR · TomR

Book-keeping question here! I’m getting confused when it comes to %s and ratios. Can anyone please explain what the terms ‘mark-up’ and ‘gross profit percentage’ are? Thanks, Tom

dave123 · dave123

My wife and I bought a post office and newsagents using personal money of £85K. How do we show this in the books, and how would we get it back? Many thanks, Dave

Sundance · Sundance

Help! I'm trying to calculate the VAT Scale Charges on vehicles. Where can I get a copy of the current rates and rules for how to apply the rates?

LondonSon · LondonSon

Every year my business is audited by a firm of Chartered Accountants. I’m getting itchy feet and would like to move accountants. Does anyone know who owns the audit work papers, me or the audit firm?

Sundance · Sundance

I'm doing the books for a café that also sells takeaway food. He doesn't have stock because he buys as needed each day. How do I record his purchases of food and other food related items? I've been recording them as cost of sales. Is this correct?

Topic		Started By	Replies	Views	Last Post
	How do I deal with a grant receipt? (Preview) Good morning everyone (nearly the weekend now!) One of my clients has applied for and successfully received a grant towards his website costs. The amount received was £500. How do I account for this money in the books? Do I put the amount to other income, or some other account? Not sure what I need to do....	Jude	4	3817	Fri Aug 10 15:12 2007 by Jude
	Unreconciled Items (Preview) Hi Can anyone explain how I reconcile cheque payments which haven't cleared, but were drawn and accounted for in the previous financial year, in the next financial year? I know I need to do something next year, but I don't want to duplicate the payment which has already been accounted for. Just ca...	DenS	1	3658	Wed Jul 25 20:25 2007 by Sundance
	How do I treat insurance receipt (Preview) A client I prepare the books for has recieved a cheque from their insurance company for a stolen in car GPS. How do i treat this in the books. What do I need to debit and credit? Any help would be appreciated! Thanks Kim	Kim1960	2	4657	Wed Jul 11 16:03 2007 by Kim1960
	Balance Sheet Recs (Preview) Hi Everyone Im new to this but was wondering, could someone please tell me how to carry out a Balance Sheet Rec? Thanks! Terry	Terry	1	8698	Thu Jun 28 12:07 2007 by Man66
	Can I include clients credit card interest (Preview) Good afternoon everyone! I've just obtained a new client and they've just given me their records for the month. First time I've come across this and I'm stumped, so if poss I need some help! My client uses a personal credit card for his business (he's a gardener). Obviously I can put through the books a...	Kim1960	2	2561	Wed May 30 17:32 2007 by Kim1960
	Reducing Balance Depreciation (Preview) When accounting for depreciation monthly, would it be reasonable to average the depreciation over the 12 months, or not? So, in the case of: Van Cost - £20000 Depreciation Rate - 25% (Reducing Balance method) Would it be acceptable to depreciate in 12 equal monthly amounts of £416.67 (£5000 / 12)...	MattL	4	9797	Thu May 24 10:56 2007 by MattL
	Where can I find historic exchange rates? (Preview) I need to calulate a month end exchange difference on supplys purchased from Italy. I need historic rates for euro to sterling, yet I can't find a resource on the web for them. Can anyone point me in the right direction? Cheers! -- Edited by Gomez at 12:33, 2007-04-11	Gomez	2	6549	Thu May 17 16:32 2007 by TomR
	Difference on bank reconciliation (Preview) Hi there I'm just in the process of reconciling my clients bank a/c and I've got a difference of exactly £108? The actual bank balance per the bank statement is £27,563. O/s lodgments and payments are net £5,536. I've no idea how to find the difference. There are no regular payments for this amount e...	Wendy	3	3683	Fri May 11 16:35 2007 by Wendy
	Dealing with missing Source Documents (Preview) Hi all. I'm a newbie on here, but so glad I found this forum. I've recently received confirmation that I've passed my IAB level 3 exams, and now there is nothing preventing me from starting my Bookkeeping business. However, I am really panicked over the possibility of clients not providing all sourc...	MattL	2	4323	Mon May 7 18:24 2007 by MattL
	Purchase invoice question (Preview) Hi to everyone on the forum! My client has an invoice for the purchase & installation of a fire alarm system. Should this go to plant and machinery or furniture and fixtures? Or would it go to repairs and maintenance? Thanks in advance for assistance, Ted	beencounter	2	3719	Tue May 1 16:48 2007 by beencounter
	How do I value closing stock? (Preview) Hi everyone, I'm in a bit of a pickle. I'm just putting the books together for my accountant for the year end accounts. She has asked for my closing stock value at the year end. Due to the nature of my business, it's virtually impossible to accurately calculate an exact figure but I believe the cost of the...	charleyboy	2	5987	Mon Apr 23 19:23 2007 by charleyboy
	Which depreciation rate/method should I use? (Preview) Hi Can anyone advise what is the most appropriate depreciation rate/method for depreciating a new sat nav system purchased by my client for his fleet of vans? Thanks Lillian	Lillian	1	2910	Fri Apr 20 16:08 2007 by Sundance
	Business/Personal Use (Preview) Many of the items I use for my work I also use for my personal life. For instance, I write all my articles on my computer. However, I also use my computer to email my friends and family and play games. When it comes to taxes, how should I treat equipment that is used for both purposes? I know the best thing wou...	Athena	1	6532	Wed Apr 4 19:13 2007 by Man66
	Keeping Track of Business (Preview) Hi everyone, As I mentioned in my introduction, bookkeeping is not one of my strongest skills, yet it's one I need to develop in order to make my freelance writing business work. Does anyone have any suggestions for a simple bookkeeping method that would help me keep track of money received, money owe...	Athena	4	3556	Fri Mar 30 18:44 2007 by Athena
	Hi, Everyone - Needing Help & Advice (Preview) Hi! It's a little ironic that I'm signed up for this forum since bookkeeping is not my strongest skill, but I'm working very hard to build a freelance writing business, and I have got to get my bookkeeping skills up to snuff. I know I lose money through not sending timely bills and not keepi...	Athena	2	13373	Fri Mar 30 18:27 2007 by startingout
	Whats the difference between Mark-up and GP Margin? (Preview) Book-keeping question here! I’m getting confused when it comes to %s and ratios. Can anyone please explain what the terms ‘mark-up’ and ‘gross profit percentage’ are? Thanks, Tom	TomR	2	9664	Tue Mar 13 15:42 2007 by TomR
	Business purchase (Preview) My wife and I bought a post office and newsagents using personal money of £85K. How do we show this in the books, and how would we get it back? Many thanks, Dave	dave123	2	3879	Mon Mar 12 12:29 2007 by dave123
	Where can I get the current rates for VAT Scale Charges? (Preview) Help! I'm trying to calculate the VAT Scale Charges on vehicles. Where can I get a copy of the current rates and rules for how to apply the rates?	Sundance	1	8925	Fri Mar 9 13:02 2007 by Man66
	Who owns the audit work papers? (Preview) Every year my business is audited by a firm of Chartered Accountants. I’m getting itchy feet and would like to move accountants. Does anyone know who owns the audit work papers, me or the audit firm?	LondonSon	1	9041	Fri Mar 9 12:45 2007 by Accountsguy
	Cost of sales (Preview) I'm doing the books for a café that also sells takeaway food. He doesn't have stock because he buys as needed each day. How do I record his purchases of food and other food related items? I've been recording them as cost of sales. Is this correct?	Sundance	1	3403	Fri Mar 9 12:43 2007 by Accountsguy
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