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Feefles


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A few questions
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Hey, I was wondering if anyone could help me with a few thiings

firstly a company i work for started in june 2010 is it ok to use that as the financial year in sage?
Also what nominal code should i be posting the likes of book keeping fees to and other self employed people ie draughtsman etc
and lastly mileage, I have been posting this to 7400 - traveling is that ok or should it go to motor expenses or something??

thanks for your help :)
mx

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AngelaWBS


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Hi Fiona,

And welcome to the forum, it's very friendly and with lots of incredibly knowledgable and experienced people.

In my opinion you could go with June as the financial year.

I tend to put bookkeeping fees in the 7600 area with accountants fees.  Or you could create a code for self employed people in the 7000 area.

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adi2402


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hi,

as its a company the year year end would have been decided upon when the company was set up (and potentially changed since then). You need to use the year end that is in place with companies house.

The directors / accountants should know the year end and you can also find these details free from the companies house web site (search for free company information).



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RobH


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Further to Adi's reply, if the company was set up say 15th June then the automatic year end will be 30th June the following year (ie just over a year), unless of course the year end has been changed. So in sage you would have to set up the start date as July in order to get a June year end since Sage doesn't work on anything other than 12 month period. I would enter the early June transaction as 01.07.xx in order for all info to be collected.

Rob

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Feefles


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Thanks for your replies :) would it be ok to pit the bookkeeping etc in the professional fee code? does anyone have any advice on the mileage??

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luther parker


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Hi Feefles,

The company that you work for should also have an accountant, which will tell you the date of trading, but if the company started in june, then you should start it as 1st of June 2010 because end of year will be 31st May 2011. then start off with your opening balance and so on. you may get an invoice dating 25th of June so then you can enter this otherwise if you dated it 1st of July then it wont look good.

I tend to use 7300 for fuel or theres a travel code can't remember code - 7601 Audit and Accountancy fees or change it to Accountancy and Book-keeping fees and then I use 2210 for sub-contracts or self employed but some people use 6002. I use 2210  as I take away sub-contracts taxes and enter it into the same account.

Luther.

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RobH


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Sorry Luther, I think you are mistaken, the year end will more likely be 30th June unless it has been changed by the directors.

Rob

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luther parker


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-- Edited by luther parker on Tuesday 23rd of November 2010 06:38:53 AM

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RobH


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I think you are missing the point though Luther....if you set up a company on the 2nd of June, companies House will expect accounts to the 30th June the following year (not 31st May) unless the year end is changed. This is why I am saying make the year start in Sage as july.

Rob

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luther parker


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Yes sorry my mistake 1st july to 30th june.....had a busy day dealing with about 10 clients per day....sorry Rob and thanks.

Luther.



-- Edited by luther parker on Monday 22nd of November 2010 07:28:01 PM

-- Edited by luther parker on Monday 22nd of November 2010 07:30:11 PM

-- Edited by luther parker on Tuesday 23rd of November 2010 06:42:18 AM

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kjmcculloch


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I agree 100% with Rob.

Kris

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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.
luther parker


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I tend to have clients who refer there business as there company, so are you ltd or are you a sole trader??



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