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Accruals and Prepayments HELP!
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Hi all! I am currently studying for my AAT Level 4 and have 2 years experience in accounting. I have just started a new job and I have been looking over their accounts. At the time of writing (March) we are in our 10th month of the year. I see that in the accruals and prepayments there are balances which we...
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Brownme02
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4
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1473
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GST Tax codes
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Hi Guys, I have come across a few GST Tax codes that I'm not very familiar with and I need to enter them in to MYOB, CAF - Capital Asset GST Free - 0% NTD - Non-tax Deductable - 0% NIF - Negative income GST Free - 0% I need to know the tax type, and linked accounts that go with each can anyone help me PLEASE!!! I hav...
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chrissi
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2
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6508
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entries for dealing with income tax refund
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Could someone please tell me the entries needed to deal with an income tax refund. I have just started doing bookkeeping for a recently self employed artist - no tax was paid out last year - doesn't earn enough. Have received income tax refund straight into bank a/c. What are the entries on the led...
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treskim
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8
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4404
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Transfer of shares in family limited company
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Hi Does anyone here have any advice? Since 2010 I have been looking after the financial affairs and admin for a road freight company, which has grown considerably since then. The managing director has always been the sole shareholder, but she is now thinking of transferring 49 of the 100 shares to h...
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Mark99
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0
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1246
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Ecommerce Clients- difficulties?
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We mostly go after ecommerce clients but software is rich but never bookkeeper/accountant focused. We have been using Link My Books for some of our ecommerce clients. Its good when it automatically posts the monthly sales but when we want to create a VAT report or prior year accounts it can be a real st...
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ecomledger
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4
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2306
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Motoring Expenses
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Hi All, New to the forum and looking for some advice. I'm run my own HR Ltd company and claim the £0.45 pence per mile fuel claim. What I need to know is are things like motor insurance and MOTs claimable? Thanks in advance for any feedback. C.
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CJH
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3
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2620
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Artwork commissioned for music releases - marketing expense or CoGS?
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Hi again everyone, I have another question sort of similar to another I posted a short while ago, but I *think* this one may be sufficiently different to warrant its own thread. My client releases music on his record label and pays a freelance artist (usually the same artist) to create artwork to go wit...
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maiasnow
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1
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1257
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Client paying for flights to bring international performers over for events - CoGS or travel expense?
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Hi everyone, I'm hoping this question will be quick and easy to answer. My client puts on events in the UK and occasionally has performers fly in from abroad. In those cases, he books and pays for their flights himself. Should this be recorded as Cost of Goods Sold, since it's an expense incurred specif...
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maiasnow
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1
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1167
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Clearing out historic accruals
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Hi, in my new position, the Sage accounts have a total balance of £9k being carried forward year on year, which are historic loan and audit accruals which were not reversed out bank in 2019/20. How can I correct this? If I do a journal in the current financial year, it will incorrectly impact on this ye...
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Carolann
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4
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1445
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Sage 50 Cloud accounts Essentials
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At the moment the company i work for do separate invoices I want to set them up so they are using sage 50 for there invoicing but cant seem to find how to edit the invoice layout can any one help
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Diddley
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2
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1837
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Gifting from stock items
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Hi I have a small hobby business dealing in vintage and antique items from a local antiques centre. I keep simple ledgers on Excel (sales, expenses, income) so I can report my (albeit lowly figures!) via self-assessment. I am planning on gifting one of my stock items (a little art deco necklace!) t...
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Mrs B
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0
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1200
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Wine for clients, nominal code/tax code?
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Hi, My boss bought quite some wine (from the company creditcard) to give to clients for Christmas. I work with Sage 50 Accounts and was wondering which nominal code you would use and which tax code? There are some contradictory answers on the net. Hope you can help me out. Thanks, Laurine
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Laurine
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7
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11171
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Self Assesment Refund
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Hi, I need to post a self assessment refund on sage. Can someone tell me what nominal code i need to post this to please? Thanks.
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Marnie
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1
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1350
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Help with excel
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Hi. Can anyone help with setting up excel please? Need to work out overcharges on invoices for client and they want to see what was charged each month v what should have been charged. Problem for my frazzled brain is they have a set price for twelve months and then reduced price for next 36 months, but ea...
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NewBookkeeper2022
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0
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1332
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Xero - Customer made payments directly to Supplier
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Hi there, we operate a taxi company. Our account receivables have 2 methods of paying. One which customer paid the sales inv to us, this one is straightforward so no issue. Another is customer will pay directly to the supplier (drivers) when they board the vehicles. How should I clear the sales inv pa...
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Angelpep
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0
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1098
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Owner's funds introduced
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Good morning, A client of mine is providing management for a third party. To do this, the client raises an invoice for the operational funding due from the third party and the funds are then used to cover expenses as and when they fall due. The funds do belong to the third party, not my client, so my quest...
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HCJC
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0
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1054
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Private loan to company
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If I have transferred my own funds into the company (in the early days) and want to mark this as a loan to the company, how do I do this in my accounting tool? E.g. Transfered 100 GBP from Myself to Company Limited 13 times.= 1.300 GBP. Notes:Sole shareholder.
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rasi1283
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9
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1438
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Nominal Code for bookings
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Hi, would anybody help me to find the right N/C please, we have dental clinic and using one of the websites where people use to book their appointments online and that company has invoiced us but I am not sure which N/C would be appropriate to allocate the invoice to? would it go to subscription code? Th...
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Kashkhan88
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2
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1339
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How to present reconciling item in year end accounts
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Hi, Hoping someone can help me, I'm getting myself confused! I'm preparing year end accounts and the year end is 31st July. Income of £156 was paid on the 31st July but the bank is showing the income as received on the 4th August. How do I present this in the accounts? Thanks, Kate
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Kate1
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5
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1553
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Multi currency assests
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Good morning all, I have recently started doing the bookkeeping for a company that has two assets in particular that are causing me problems. One asset is in EUR, the other is USD. Both assets share a common supplier who will only invoice in EUR or GBP. All payments are subsequently made in EUR or GBP. Wh...
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HCJC
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1
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1447
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