I've recently started with a small company who's previous bookkeeper left under a bit of a cloud..
All the personel files are missing and there are no accounts or recipts for 08/09 anywhare to be found..!
I spoke with the accountant and have now set about creating a new set of accounts on a simple spreadsheet using the bank statements and cheque book stubs.. All seems to be going ok so far.
Just wondered which header to put the PAYE payments to HMRC to - do they go under Labour or Sundries...? Also, would you put the finance payments for a company vehicle to Capital Expendiure??
I'm sure more questions will crop up as I go through the statements..!
I would allocate payments of PAYE under labour/salaries. If the finance payment relates to a hire purchase agreeement the payments should go under 'HP/Finance Payments'. If the agreement is a lease agreement then the payments should go under 'Motor vehicle leasing' or something similar.
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"People who are exceptionally good in business arent so because of what they know but because of their insatiable need to know more"
I find it easier to allocate all HP repayments to the HP control and then post a journal for the HP interest. Apportioning the HP interest and repayment element at source would obviously give you the same answer though.
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"People who are exceptionally good in business arent so because of what they know but because of their insatiable need to know more"