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Post Info TOPIC: first client at last yippee!!
lor


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first client at last yippee!!
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I thought I would share the news with you that I have my first client who is a farmer, I think I will have some questions soon! no




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Fay


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Congratulations! Thats great news smile

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Mary


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Well done, the first one is always the hardest!

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Terri


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That is fantastic news! Well done, I am sure that it will be the first of many

Terri

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Terri Homyard AICB CB. Cert PM. Dip

A1 Bookkeeping & Payroll Services

www.a1-bookkeeping.co.uk
lor


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I have the following questions?

the customer has 2 bank acs - 1 personal and one business a/c - he has made a asset purchase (farm animal, alpaca) with his personal a/c, how do i post this?

he has then paid back part of the monies from a vat refund, from business ac to his personal a/c to pay back for the animals, how is this posted?

sorry for the questions, its not as straight forward!

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kjmcculloch


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Hi Lor,

As it's cash coming into the business from a personal account I would treat it as a capital injection. So CR capital, DR Asset account.

I would then treat the payback to the personal account as a drawing, which will be totalled at the end of the year and DR Capital for the total.

Obvously this is only if the client is a sole trader.


-- Edited by kjmcculloch on Monday 6th of July 2009 04:45:58 PM

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Kris McCulloch 
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The views expressed in this post are my own personal (HRA protected) views, and are not representative of any organisation I have any involvement with.
lor


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This is for a Ltd Co, it also includes an element of vat so i guess i post the total value less vat to the asset ac, and then post the vat separately. both dr entries.



-- Edited by lor on Monday 6th of July 2009 05:44:07 PM

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kjmcculloch


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Ah right, then I'd suggest my post is nonsense.

-- Edited by kjmcculloch on Monday 6th of July 2009 07:38:21 PM

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Kris McCulloch 
Tel: 01563 370123

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Julie


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Well done Lor - the first of many I am sure.

Julie

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lor


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Thank you everyone for your congratulations, but can anyone tell me am I correct with my method of posting as above. Is it the same method for a ltd company as it is for a sole trader I believe it is. Please correct me if I am wrong!

-- Edited by lor on Tuesday 7th of July 2009 08:37:52 AM

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