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Post Info TOPIC: New Business accounts entries
Bri


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New Business accounts entries
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Hi,

I'm new to this forum and am hoping that someone out there can help me.  I qualified as an AICB a couple of years ago and have been asked by a relation to keep the books for his new business.  His accountant has become his tax agent and registered his business from 1/9/11.  However, I am sifting through all the initial paperwork and a great deal of expenditure, on equipment, was made in August.

My problem now is that SAGE obviously will not accept August Invoice dates as I've set the financial year to start on 1st Sept.  I believe the VAT can still be claimed in this situation but I'm not sure how to deal with these August invoices in SAGE.  If anyone has any ideas I'd be pleased to hear from you as I have not come across this problem before.

Regards to all.



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kjmcculloch83


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Pre trading expenses should be treated as if they happened on the first day of trading. Therefore you should put these through as 1/9/11.

Kris

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BKN Most Innovative Accountancy Firm 2012

Director and Co-Founder of The Bookkeepers Alliance

 
Bri


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Thanks for the advice Kris, I was just concerned that this would be picked up as an anomoly by an auditor at year end......or am I just looking for problems?
Regards
Bri

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kjmcculloch83


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This is the proper way to deal with pre trading costs, so I can't see how anyone can question it.

Kris

__________________

BKN Most Innovative Accountancy Firm 2012

Director and Co-Founder of The Bookkeepers Alliance

 
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