1) I have a £25.00 annual bonus from the Bank - where do I put this on Sage.?
2) All my sales are showing in the Credit side of Sage - is this correct when I do not owe it?
3) If I take a lump sum out of the bank account to repay some of what the business owes me, (for a few months) how do I account for it on Sage into the Loan account (directors loan) and when I put it back a few months later what is the best way to reverse the process.
With No. 3, I decided to take it out and put it into my private savings account to get a bit of interest for a few months..
I am sure one of you is shaking your head at me
Thanks, Redlady (who still has a clear Suspense & Mispostings account - a miracle)
1) Other Income or set up a new income code. (If you do the former, just remember that's where you put it for when you come to do your final accounts, if you do the latter, make sure your chart of accounts is still valid). 2) Sales will show on the credit side of your Profit & Loss account (and the trial balance report). (If you make an overall profit which would be a credit on your P&L a/c, then this "transfers" on your balance sheet as a debit - or asset. If you make a loss, then the opposite applies) 3) Repaying part of the loan - this depends on whether you have used a "normal" nominal code for your directors loan account, or set up the directors loan as a bank account (in the 12** range) Either do a "bank payment" from the Sage bank account and put the nominal code (N/C) for your directors loan account. Or, if you've set the directors loan up as a bank account, then do a bank transfer from your normal bank account to the director's loan account. When you loan money back into the company, you do the reverse: either do a bank receipt into the Sage bank account and put the nominal code (N/C) for your directors loan account. Or do a bank transfer from the DLA code to the bank code, if you've set up the DLA as a bank account.
A nice first post with a nice, simple, aide memoire (along with clear suspense accounts, i like simple )
Bill
PS FYI, I clicked on your url in your profile (I am nosey too ), and got a trust certificate warning, advising me not to follow the link. No problems if I type the url directly into browser address bar. Just thought you may want to know that, if you have the link elsewhere, as it may stop anyone following the link
Thank you Rob that is brilliant. All the aide memoire's are written on pieces of paper and stuck to the shelf edge in front of me. All is making a little sense now, and as soon as these accounts are sorted I shall put them all in a book ready for when I start my Sage course and of course start on this year's accounts.
I cannot express adequately the relief in finding you all, and my gratitude to all you book-keepers for helping to lift the weight off my shoulders on this major crisis in my business life.
No doubt I shall be back with another query before the day's out or tomorrow etc.
Oh thank you for that Figurate.. all is currently just in the loan account with a nominal code but to open another bank account on Sage makes more sense to me... so may just do that for next year's accounts as I think it may complicate things for me at the moment to do so now.
Thanks again - am still on an clear suspense so really pleased about that.
Good Morning...
- a miracle)
)
