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Post Info TOPIC: Which Nominal Code To Use?


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Which Nominal Code To Use?
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I was just wondering if anyone could tell me which nominal code to use for the following please.

A clients cheques bounced when paying rent so the owner has charged the client an £80 fee in total because of this. Where should I post this fee to?

Many thanks in advance 

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Hi

I'd post this to the rent paid account making it clear that the extra £80 was a fee for a bounced cheque.

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I used to deal with a lot of bounced chequescry in my last job.  I had a seperate account so they didnt get muddled up.  Its not strictly rent paid is it so I would seperate it out. Why dont folk just pay up - it would make our lives so much easier wouldnt itwink

Alexis



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You could Create new nominal Account for Rent Charges or something similar it it not striclty
speaking part of the Rent Account and it would not give a true reflection of the rent account to
include it as rent.

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David


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Hi - using Sage there's the following nominal code that might fit the bill...
4400 Credit Charges (late payments)

Hope this helps
Raven

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Libby


www.lm-bs.com


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Hi Raven

I think you may find that a Sage code of 4000 to 4999 is an income code, so would not be suitable to use to post an expense to.

Regards
Mark



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Thanks for your help everyone. I've put it to code 6900 Misc Expenses at the moment although whether that is right I don't know. If I created a rent charges code would that be in the 7000's?

Also the client is a furniture maker and has bought a digital camera to take photos of his items to place onto his website. Where do you think I should place the camera?

Many Thanks

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Hi Suffolker

It would depend on the value, if it cost over £150 you could capitalise it or if it was lass you could post it to 75** which is stationery/computer consumables or I have seen similar things posted to 78** repairs and renewals

Regards
Mark

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Accountancy Services Plymouth, Bookkeeping Payroll Sage Training

 



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Thanks Mark, you've been a great help :)

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One last thing. A fee for filing on Companies House, would that be a misc expense or would it go to audit/accountancy fees?

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Hi Suffolker

I try not to use misc expenses as that can some times be used as an account just to dump things in without any thinking (that is not what I am suggesting you do, just saying), I would think audit/accountancy should be ok or any of the codes in that area 76**.

Regards
Mark

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Accountancy Services Plymouth, Bookkeeping Payroll Sage Training

 



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Sorry - I must have read the original entry incorrectly - I thought the client had charged the £80 fee for the bounced cheque which I took to be income..!

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Libby


www.lm-bs.com


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Bank charges for a bounced cheque are exactly that.. Bank charges, and should be posted to that account.
Companies House filing is not a fee charged  by Accountants or others of the same ilk. Agree with Marky65 that Admin/office Misc Expenses a/c should be used minimally,this is an item thats valid to post there



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Newbie

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You can use the account Credit charges (Late pmts) or Finance Charges. For that, the actual code to be used in SAGE is 7900-7999


-- Edited by Bookkeeping Services on Monday 2nd of August 2010 04:48:57 PM

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Bookkeeping Services


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Hello
I have just started posting financial charges that take a percentage of each credit transaction, card machine rental, Sage Gateway for on-line payments and a web hosting fee. Whew all that just to earn a buck.

I presume the financial charges and on-line payments fee should go to 7905 and card machine rental to 7700 but I don't know which code for the web hosting.

Could anyone advise please.

Sassy2

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Create an income accounts called "Customer Penalties and Charges" that feeds to your sales line.

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