Hi all - I am nearly there have been working like crazy to get these all sorted out, made much easier already by your help - just four niggling problems that one of you may just be able to solve in the simplest way as must get these uploaded to Companies House.
1). I have about 900.00 I want to pay from the company into the Directors Loan A/C from my petty cash acount. I have paid it in (Debit) to the loan account but how do I take it from the petty cash account. I know one of you told me last week on this to use a Bank Payment to the loan account and put in a nc number for loan account but when I try to transfer from the petty cash to this nominal ledger 2300 it will not let me.
2) My Sage Bank account is short of £8.50 compared to the Co-Op Statement and no idea where it is
3) I have a PayPal Surplus of £6.73 (actually £38.24 but I need to carry forward £31.51 to bring forward on the 1st Feb 11 - the new year) and I do not know why
4) I have a credit card shortage on the owing figure to carry forward. To explain I only have a -147.63 showing on Sage to carry forward for payment in Feb 11 when I should need to carry forward £165.83 owing.
Is there a simple solution to all this - for example should I just move money around to make it all right so I can upload these figures - if so how do I offset it on the accounts.
When I do a trial balance it shows some (30.00 approx) in suspense which to my reckoning is all these little discrepancies added up - so is this acceptable at the end of year?
So, please if someone is browsing the forum late this evening or early tomorrow could you help me on this.
1) are you trying to make a payment or a bank transfer? You can't make a "payment" from one bank account to another.
2, 3 and 4) are there discrepancies with amounts in any other nominal accounts compared to hard copies of invoices etc? I can't think of anything other than to go through the statements to see if there's a problem with any of the transactions. Have you been reconciling the bank statement as you go?
I'm sure you could work out a way to move money around to make it fit, but honestly, if you were ever auditted it wouldn't look good. How long have you been working on this tonight? Perhaps leaving it for now and looking at it fresh in the morning would help?
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Don Tax: Hi, the penalty is £5,000.00 or up to that amount. BUT I think if I work at it I will get it all done. I have redone the relevent years accounts since I first found this forum and still have run my business which is going crazy at the moment, but I WILL get there.
NikkiJ: Yes, you are right I am probably tired and will re examine everything today/this evening and hunt through the weekend and see what I have done wrong. Regarding the payment of £900 I was trying to make a transfer but the loan account isnt a bank account on my Sage - or is it? It is not under bank accounts but on the Nominal ledger code of 2300. ??
I'm not too hot on sage... Only done the basics needed to pass the exam. From what I learnt a bank account was set up using the set up wizard and then it puts it in the right place. I don't use sage (the whole thing of only being able to run one company at one time isn't good for a bookkeeper) on the everyday, but I'm sure someone else will be able to give you exact instructions.
It doesn't take a lot for the numbers not to match, hopefully it's just a couple of entries that need to be amended.
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As your loan a/c is a 2300 code, it's unlikely to have been set up as a bank account (strongly suggest you set it up as a bank account in the 12XX range for new year, btw - and NikkiJ is correct, there is a "Wizard" on Sage that would take you through that). You can only do "transfers" between bank accounts on Sage. You'll have to do bank payments/receipts to the 2300 code, as you would any other "nominal code"
Specifically in relation to your query, are you saying you took £900 out of petty cash to pay off some of the directors loan, if so - then that would be a "bank payment" from the petty cash account (1230?) to nominal code 2300.
In answer to your other queries, personally, I have to find it down to the penny Not sure what version of Sage you are running, but if it is one of the later ones, that saves the bank reconciliation reports to a history file, I would start by just checking the end balance of each one agrees to the bank statement. You might be able to narrow the error down to the specific bank statement and find it that way. (I also find that quite often this sort of imbalances are interconnected, and so if you find one, it may lead you to quickly finding the others)
In any case, I would have cleared any balance in the suspense account down to zero.
Hi Figurate, yes thanks for that info... I have managed to sort out the payment from petty cash to the loan account for this year I am working on, thanks to NikkiJ, and agree with you that for the next year starting in Feb 2011 that I will change this to Directors Bank Account which makes so much more sense to me.
Mmmm, regarding the other little problems I am normally a perfectionist and would not be happy if there was a 1p discrepancy either, but as time is running against me now I am grasping at straws. Of course once the accounts are uploaded to C. House, I then have to do the Tax office and my old accountant told me I would not be able to do it as far toooooo complicated and need an expensive computer programme to upload it via the system. But, I will cross that bridge next week when I have found these small surplus/deficits.... its a challenge ok.
All much easier in the old days when we had a tin of cash on the shelf ...... if it rattled when you shook it you were in profit, but that shows my age!!
lol, did you know that you can use the HMRC free software, to upload your accounts to Companies House, and your corporation tax and the computations. It is not the slickest software, but it is free. Have you registered for a login? If you haven't, do it asap, as the pin code takes a few days to come in the post.
Well I am with Companies House for I have to re-register (or something similar) each February and it costs me £15.00 to do this on line. I am registered to upload my accounts and have the correct link for this and they are waiting for them ... I did not know I have to do the same with the tax office - oh dear
it's not actually re-registering. It's just the annual fee for companies house services. Bit like a fixed annual companies house tax.
As an aside point the thing that does get reinvented each year is the UK tax system! What we have was just a temporary measure to pay for the Napoleonic wars and it has to be reinstated each year or it expires... Oh that just once the Government missed the renewal deadline... Also, with all the money that they've collected in tax over the years you would think that there would be nothing of France left but dust by now! lol.
Hope that everything is now sorted with your books now although at the threat of an impending £5000 penalty I personally would have been prone to drafting in professional backup to reduce the risk factor. But, sounds as though you're through it now anyway... Maybe if ever you fancied a change of career path you should think about coming across to this side of the fence?
Love the tin of cash on the shelf comment.
All the best,
Shaun.
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Shaun
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(Um, did you actually mean to say "Hi Shirley" ? as opposed to me? (I'm not quite old enough to remember the cash tin days ;) Although, it's not an altogether bad ethos, in the current climate)
Of course we would still end up with clients with a cash tin that they shake for themselves and another one that they shake at the tax man that makes the sound of an old washer, a dead moth and dust! lol
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Shaun
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Of course we would still end up with clients with a cash tin that they shake for themselves and another one that they shake at the tax man that makes the sound of an old washer, a dead moth and dust!lol
Isn't that what the MLR are all about - to avoid this (even thought they'll say it was terrorism related the legislation was brought in).
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lol - yes got me thinking that also if the tax man came and the tin was empty you got a fresh start in another country and also a free holiday on a boat ride tooooooo!
However... OMG! here I am at the end. All printed off an ready to upload the figures that now balance and the new year (Feb 1st 1011) shows me as having a £4725 in the 9998 code!! There was nothing in suspense in my balance sheet so what I have done wrong I just do not know... help!
I think it is something to do with bringing forward to the next year on Sage?
I dimly remember when I had an accountant for two years that at the start of the new financial year he gave me some figures to bring forward and/or pass into suspense which started the new year off... or I may be wrong on that one but remember it happening. (i think)
But aside from that I have managed to upload the accounts to Companies House and everything balanced out and it was accepted by their system without any red highlighted boxes.
Also signed onto the HMC site and will wait now for my activation code.
Just need to sort this suspense figure out now so that I can start the current years accounts and get up to date on those... as well as starting my SAGE course shortly
The 4,725 Credit is the value of stock bought forward and a £25 Credit. The only £25 I dealt with in the previous financial year is the £25 Annual Bank Bonus which would be due again beginning of Feb 11.
-- Edited by Redlady on Monday 24th of October 2011 09:28:17 AM
Pleased to hear that you got things sorted. Hopefully next year you'll be able to draw on your experiences from this year and get it done with less stress.
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Please correct me if I'm wrong... I am only human sucking up knowledge... Sometimes bits leak out!
The 4,725 Credit is the value of stock bought forward and a £25 Credit. The only £25 I dealt with in the previous financial year is the £25 Annual Bank Bonus which would be due again beginning of Feb 11.
-- Edited by Redlady on Monday 24th of October 2011 09:28:17 AM
I think the £4,725 should have been posted to Retained Earnings and similarly the £25 was probably classed as Sundry Income.
Does the Brought Foward - Capital & Reserves section of the balance sheet look correct?
-- Edited by ADAS on Monday 24th of October 2011 02:28:26 PM
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Tony
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... I did not know I have to do the same with the tax office - oh dear 
