I have had a value in the cash account that is for a christmas party. It has been sat there a while waiting for the accountant to advise where it should go but the accountant services are no longer required, (due to a HUUUUGE bill for telephone conversations that basically equated to her telling us she can't advise us on anything, long story to do with her being the accountant of the old company blah blah, big bill thanks for coming etc), so for the sake of neat and tidiness I need to transfer this amount to the correct account but for the life of me I cannot decide where to put it.
My eye keeps getting drawn to UK Entertainment (7403 in sage) but without advice I can't make a decision.
What do you think? Oh and whilst I'm at it anyone know of a decent accountant in the lancashire area?
But for your posting query, I have always created a staff christmas party account within the same area that you mention, in one client I have open at the moment I have it as 7407. By having a separate account for this type of expenditure you can keep an eye on the costs to see if they go above the tax free per person limit.
Awesome cheers Mark, I'll do that next time i'm in. Fortunately the cost of said party comes just under the allowance (7 x staff plus partners = £2100 and it came to less than £2000), which is lucky as they had no idea of this allowance when they did it.
I created a new code in Sage to put Christmas parties to as Mark says you can keep an eye on the amount per person rather than sorting through 7403 looking for it.
It doesn't really make much difference as long as its in the 7400s. We have a lot of entertainment and subsistence so its easier for us to create a different code and use that, certainly for P11D purposes its easier.
