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

mcelec · mcelec

I'm after a bit of advice please, I'm trying to get an understanding of how WIP works. We are a small construction company, our accounts manager records WIP in a way I'm not convinced is correct....but I may be wrong. Basically whenever we receive an order the accounts manager records it in WIP and the...

Lorry10 · Lorry10

Can anyone tell me if payments on account in SAGE only affect the balance sheet ? I am trying to understand whether by posting a payment on account, and then some time later posting the related invoice, I am only affecting the P/L when the invoice is posted.

Fiona46 · Fiona46

Hello all I am preparing accountstax return for my sister and want to ensure that I am claiming all that I can. The work she undertakes is not home based but she is often home at lunch time and evening calling her clients to arrange the next medical visit. She stores and cleans her medical equipment at hom...

Strand84 · Strand84

I have no idea how to account for this at all! My husband has set up a business where he does after dinner speaking and runs workshops in schools about Rockets and Rocketry as a hobby. In order to create business he builds and launches rockets which are not for resale and would be an asset to the business. A...

Boris · Boris

Hi everyone, I have a question for you! I'd like to know how should I manage the stock value on the P&L and Balance Sheet report. Thank you very much. Boris

Borboleta · Borboleta

I just renewed something for my website and forgot that I hadn't changed my address on there, so the invoice/receipt has my Spanish address on it, rather than my UK one. Can I still count it as an expense? I'm self-employed in the UK. Thanks as always :)

darlby · darlby

In our last years accounts a customer overpaid us and this was put into the suspense account. They have now asked for a refund which is fine but how do I enter this through sage?

Plusside Ltd · Plusside Ltd

Morning, Need to pick some brains? I recently spent a day out of the office on a client visit 130 miles away, I'm in the process of invoicing him so I have included the time spent in his office 5 hrs and the mileage. However, my Husband says that I should charging for a day out of the office where loss of incom...

Borboleta · Borboleta

Hi everyone, I'm hoping you can help me with a couple of questions I have about my tax return. I've been registered as self-employed here in the UK since Jan 2015. Before that I was living, working (also self-employed) and a tax resident in Spain. It's very low anyway, but do I declare interest on bank ac...

Leger · Leger

I have a vehicle purchased for £8500 with interest of £2500 on a finance agreement How do I record this in VT+ to include FA. I'm getting stuck on where to put the £2500 interest. An example I found was: CR HP Loan DR FA DR deferred interest, but I can't find deferred interest on VT.

NA_AA · NA_AA

Hi Does anyone know if there are any special rules which apply to a taxi drivers self assessment tax return? And is Â£200 for a taxi drivers self assessment return reasonable? Regards Nadia

FoxAccountancyServices · FoxAccountancyServices

Morning All! I have a CIC client who claims mileage. She appears to have had an accident while on a business trip, and has been re-imbursed £300 by the CIC - which may be the repair costs or the insurance excess. I mentioned that this should be a personal costs, but both directors insist that the expens...

jillemily · jillemily

Hello How do I deal with the disposal of a fixed asset when a settlement claim was received? My client wrote his van off and received a settlement claim and I am unsure how to put it through the books. Any help appreciated

Cheshire · Cheshire

Hi folks I have gone a complete blank as I havent done this for AGES!! To set up as agent status for a clients VAT and PAYE online can you advise what I need to ask for? Is it just their HMRC User ID (12 digit reference)? Being a numpty brain! Thanks

Cruncher · Cruncher

Hi All, Can someone please confirm my understanding: The company pays for a director (who is also an employees) personal insurance, this being treated as a BIK. The double entry in the accounts would be: Dr Debtor or Payroll expense for this employee? (I'm assuming it goes to payroll expense sinc...

NA_AA · NA_AA

Hi Does anyone have a copy of a subcontractor agreement which hey are willing to share please? Many thanks Nadia

KickingK · KickingK

Hi I am helping a friend with his self assessment tax return. He is a sole trader and works as a magician and children's entertainer. We are having difficulty understanding how to calculate the capital allowance figure he should be entering on his return. In previous years he has used a book-keeper wh...

nicd1981 · nicd1981

Hi All, I've been asked for a quote by a new client for carrying out his bookkeeping which includes Derivatives. I have only ever covered derivatives in my CIMA studies, and have read the new tax rules which make them sound a lot more straight forward than they originally where. My question is, has anyo...

Cheshire · Cheshire

Hi Folks Just want to check Im not going more barmy than usual...... Year end 31 July. Invoices issued 1 August for work completed on July, so entries will be:- 1) Dr accrued income (bal sheet) and Credit sales at 31 July then 2) Either - key invoice to accrued income nominal code on 1 August (or key...

Cheshire · Cheshire

Hi I bought a new PC which I will be capitalising. I also bought 2 monitors (and a keyboard) separately via a different supplier - I am thinking of including these items in the cost of the 'PC' and capitalising them too. Just wondered if I was on the right lines I'm sure saw a great post on here the other d...

Topic		Started By	Replies	Views	Last Post
	Construction company WIP (Preview) I'm after a bit of advice please, I'm trying to get an understanding of how WIP works. We are a small construction company, our accounts manager records WIP in a way I'm not convinced is correct....but I may be wrong. Basically whenever we receive an order the accounts manager records it in WIP and the...	mcelec	17	3990	Thu Nov 19 10:10 2015 by FoxAccountancyServices
	Payments on Account (Preview) Can anyone tell me if payments on account in SAGE only affect the balance sheet ? I am trying to understand whether by posting a payment on account, and then some time later posting the related invoice, I am only affecting the P/L when the invoice is posted.	Lorry10	5	1962	Fri Nov 13 07:12 2015 by Lorry10
	Self employed allowable expenses (Preview) Hello all I am preparing accountstax return for my sister and want to ensure that I am claiming all that I can. The work she undertakes is not home based but she is often home at lunch time and evening calling her clients to arrange the next medical visit. She stores and cleans her medical equipment at hom...	Fiona46	5	4434	Wed Nov 11 22:00 2015 by Cheshire
	Help - manufactured assets (Preview) I have no idea how to account for this at all! My husband has set up a business where he does after dinner speaking and runs workshops in schools about Rockets and Rocketry as a hobby. In order to create business he builds and launches rockets which are not for resale and would be an asset to the business. A...	Strand84	4	1267	Sat Nov 7 12:19 2015 by Strand84
	Profit and Loss Stock (Preview) Hi everyone, I have a question for you! I'd like to know how should I manage the stock value on the P&L and Balance Sheet report. Thank you very much. Boris	Boris	2	1749	Fri Nov 6 12:33 2015 by NickCraggs
	Old address on invoice - can I still count it as expenses? (Preview) I just renewed something for my website and forgot that I hadn't changed my address on there, so the invoice/receipt has my Spanish address on it, rather than my UK one. Can I still count it as an expense? I'm self-employed in the UK. Thanks as always :)	Borboleta	2	2027	Thu Nov 5 15:41 2015 by Borboleta
	customer refund from suspense account (Preview) In our last years accounts a customer overpaid us and this was put into the suspense account. They have now asked for a refund which is fine but how do I enter this through sage?	darlby	10	2773	Wed Nov 4 22:03 2015 by Cheshire
	Charging a client for a day visit? (Preview) Morning, Need to pick some brains? I recently spent a day out of the office on a client visit 130 miles away, I'm in the process of invoicing him so I have included the time spent in his office 5 hrs and the mileage. However, my Husband says that I should charging for a day out of the office where loss of incom...	Plusside Ltd	10	2155	Wed Nov 4 21:44 2015 by FoxAccountancyServices
	Self-Assessment questions (Preview) Hi everyone, I'm hoping you can help me with a couple of questions I have about my tax return. I've been registered as self-employed here in the UK since Jan 2015. Before that I was living, working (also self-employed) and a tax resident in Spain. It's very low anyway, but do I declare interest on bank ac...	Borboleta	3	1994	Wed Nov 4 15:30 2015 by Borboleta
	Recording Fixed Asset bought on HP VT+ (Preview) I have a vehicle purchased for £8500 with interest of £2500 on a finance agreement How do I record this in VT+ to include FA. I'm getting stuck on where to put the £2500 interest. An example I found was: CR HP Loan DR FA DR deferred interest, but I can't find deferred interest on VT.	Leger	4	1448	Wed Nov 4 14:33 2015 by Leger
	Taxi driver self assessment (Preview) Hi Does anyone know if there are any special rules which apply to a taxi drivers self assessment tax return? And is Â£200 for a taxi drivers self assessment return reasonable? Regards Nadia	NA_AA	26	6633	Tue Nov 3 20:30 2015 by Peaman
	Opinions please? (Preview) Morning All! I have a CIC client who claims mileage. She appears to have had an accident while on a business trip, and has been re-imbursed £300 by the CIC - which may be the repair costs or the insurance excess. I mentioned that this should be a personal costs, but both directors insist that the expens...	FoxAccountancyServices	5	1647	Mon Nov 2 20:10 2015 by Cheshire
	Disposal of Fixed asset (Preview) Hello How do I deal with the disposal of a fixed asset when a settlement claim was received? My client wrote his van off and received a settlement claim and I am unsure how to put it through the books. Any help appreciated	jillemily	11	9740	Mon Nov 2 13:51 2015 by Leger
	Quick question on agent info required from client (Preview) Hi folks I have gone a complete blank as I havent done this for AGES!! To set up as agent status for a clients VAT and PAYE online can you advise what I need to ask for? Is it just their HMRC User ID (12 digit reference)? Being a numpty brain! Thanks	Cheshire	6	1561	Thu Oct 29 18:09 2015 by Cheshire
	Double Entry Benefits in Kind (BIK) (Preview) Hi All, Can someone please confirm my understanding: The company pays for a director (who is also an employees) personal insurance, this being treated as a BIK. The double entry in the accounts would be: Dr Debtor or Payroll expense for this employee? (I'm assuming it goes to payroll expense sinc...	Cruncher	0	6212	Wed Oct 28 16:22 2015 by Cruncher
	Subcontractor agreement (Preview) Hi Does anyone have a copy of a subcontractor agreement which hey are willing to share please? Many thanks Nadia	NA_AA	0	994	Wed Oct 28 10:09 2015 by NA_AA
	Capital allowance (Preview) Hi I am helping a friend with his self assessment tax return. He is a sole trader and works as a magician and children's entertainer. We are having difficulty understanding how to calculate the capital allowance figure he should be entering on his return. In previous years he has used a book-keeper wh...	KickingK	46	7817	Tue Oct 27 23:00 2015 by FoxAccountancyServices
	Accounting for Derivatives (Preview) Hi All, I've been asked for a quote by a new client for carrying out his bookkeeping which includes Derivatives. I have only ever covered derivatives in my CIMA studies, and have read the new tax rules which make them sound a lot more straight forward than they originally where. My question is, has anyo...	nicd1981	2	869	Tue Oct 27 22:25 2015 by nicd1981
	Accrued income entries (Preview) Hi Folks Just want to check Im not going more barmy than usual...... Year end 31 July. Invoices issued 1 August for work completed on July, so entries will be:- 1) Dr accrued income (bal sheet) and Credit sales at 31 July then 2) Either - key invoice to accrued income nominal code on 1 August (or key...	Cheshire	1	1027	Tue Oct 27 16:21 2015 by FoxAccountancyServices
	PC - to capitalise (Preview) Hi I bought a new PC which I will be capitalising. I also bought 2 monitors (and a keyboard) separately via a different supplier - I am thinking of including these items in the cost of the 'PC' and capitalising them too. Just wondered if I was on the right lines I'm sure saw a great post on here the other d...	Cheshire	11	1435	Tue Oct 27 11:28 2015 by FoxAccountancyServices
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