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1 supplier invoice needs to be split between 2 companies
(Preview)
Any advice on this would be appreciated. I have a client who runs 2 separate companies, one is VAT registered and the other isn't. He receives a couple of supplier invoices that relate to both companies, i.e. the premises rent invoice needs to be split between the 2 companies, his phone invoice, insu...
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sjl1974
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2
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1434
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Treatment of difference in foreign currency payment bounce back
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We made a foreign currency payment from Silicon Valley Bank for a USD invoice which bounced back a week later however the amount returned to the account is lower than the original payment due to FX difference. I'm unsure on how to treat the two transactions on the bank ledger in Xero as the credit and deb...
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Ace_Huss
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2
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1500
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Podcasts
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Can anyone recommend some decent book keeping podcasts? I've enjoyed listening to them generally lately to drown out the noise of the kids when working from home but figured instead of listening to comedy I could educate myself on work related stuff.
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phil_books
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2
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1529
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ACCA Practicing Certificate
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Hi All, I have been with my current employer for 20 years, and ACCA qualified. I've been wanting to set up on my own for quite some time now. I need to apply for an ACCA practicing certificate before I can go any further. My concern is I don't want to give up my job until I am in a strong position in my new ventur...
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Louise2022
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2
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2003
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What SAGE tax code to use
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Non director has bought fuel for his company vehicle and has lost the receipt. I can't claim VAT as no receipt so what tax code do I use T9 or T0?
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DoreenL1
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2
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1646
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Sage - Sale or Return
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Hi, my first post! Does anyone use sage and have sale or return items? Struggling to get my head around how to process! The Co is VAT registered, but the suppliers of the items on SoR are not. Previously, the company has accounted for VAT on the full sales price of the item, however i'm thinking they shoul...
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AnnAH23
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1
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1451
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Looking for help splitting household costs
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Hello all! I hope its ok to start with a question :) Most likely its a very simple issue, but any help would nevertheless be really welcome. My question involves the following: My flatmates and I would like to share all of our utility costs equally. I pay all of the bills except for internet which is paid b...
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Ziambe
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2
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1254
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Employee loan
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Hello I use VT+ for my business. I want to ask what is the best way to record and manage an employee's interest free loan? The loan will be repaid by monthly instalments from deductions from the salary. So, it would be good to have suggestions to how I can modify the payroll journal to a keep a record of the l...
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Noddy1985
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1
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1304
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Write off of inaccessible bank account
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Hi we have an very old bank account which we can no longer use or have access to. There is a small amount of cash in it. I need to write this off in the balance sheet. Question where does the other side of the entry go to in the P/L. Thanks
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helen19893355
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2
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1457
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Credit note to directors loan does not include tax on directors loan nominal
(Preview)
Hi, director paid for equipment before company started, entering those onto Sage and recording a credit note as invoice paid by director, however the credit note does not include the VAT amount so makes his balance less?? Any suggestions
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Davina
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5
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1673
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book-keeping related books.
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hii...i am new in this book-keeping feild..tell me good book-keeping and accounting related books on internet...by which i can learn new things... thanx and regards,
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onlinebookkeeper
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8
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3124
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Sale of Investment in Ltd Co and realised loss Double Entries
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Hi I wonder if anyone knows the entries for this transaction as I haven't done one of these before: Other Investment B/S (valued at £20,000 in the accounts) Sold for £8,000 to a related party (a valuation was done on the day of sale and it was shown to be now only worth this lower figure, due to the downturn...
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Caspar
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0
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1175
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Issuing an Invoice for future payment
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I'm new to doing the accounts for a Country Rock Band. There are very few accounts, and it should be quite simple. I've just issued an invoice that is due for payment in July 22. As I'm using double entry, I have credited the Trade Debtors account with the invoice amount because they owe the band, and d...
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Keelbolt
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2
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1389
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Limited company putting invoices though books on personal name
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Is this allowed? Say I run a limited company and my rent and lease of the property is in my personal name and I put the invoices though the books as that. Will the accountant who finalizes the books at the end of the year; will the inland revenue as well except this? Thanks
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new start up
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2
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1352
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Xero Batch Supplier Payments & NatWest
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Hi I have a client who banks with the NatWest and they would like to import the suppliers batch payments from Xero to their NatWest Portal for payment. However, I've found that the NatWest requires a .text document for the import and Xero only exports the date either by csv or BACS file, so these are no...
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Elaine105
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0
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1227
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Recharge of parking, is it within the scope of CIS?
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Hi, I have a client who has raised an invoice and put both the mileage and recharge of parking expenses as materials, therefore not had the deduction made. I just want to confirm both are within the scope of CIS before I say something. TIA
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blueeyes
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2
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1435
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Entering CIS deducted for old 2020 receipts
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I'm doing one of those lovely catch-up jobs and there are several receipts which include CIS deductions. I've set the account (xero) up for the new CIS with reverse charge VAT. How do I reconcile these earlier transactions (I have invoice total and CIS deducted figure). Should I create a separat...
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RayRay
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1
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1343
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Which Nominal Code
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Hi all, I manage the books for a car garage. We outsource our mots to a garage up the road and then charge the customer. My question is which nominal code would I use. would it be a direct expense or purchase. much appreciated Helen
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Buzzer1975
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1
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1282
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Entering new sage cloud accounts
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I am in the process of setting up new accounts using sage cloud. The previous accounts were done by another accountant upto 2021. The small business has been paying off a loan. The old accountant used his own software so we now need to setup accounting using the new sage cloud. Can any one tell me how to en...
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nadimgaye12
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1
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1320
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Some light relief. This product does NOT exist, but maybe you wished it did.
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I stumbled across this fun website, it's a non-existent beverage designed specifically for people who work with spreadsheets... Hopefully, it will offer some light relief to your busy day. https://bizmax.energy/excelr8-business-beverage/
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Harry_GWBI
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2
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1989
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