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Cheshire


Master Book-keeper

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Water rates bill - how to post
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Hi

I have no invoice, just a Statement from the Water board.  This shows ''This years charges are £715.90, which includes estimated charges of £713.75 and a balance from a previous invoice of £7.15 (not got!!), less the D/D discount of £5.

The Statement also advises that they are taking direct debit payments of £8 per month, in fact overall across the year they will take £91.

Not sure why they arent taking more if they estimate such a high bill, but on the other hand reckon they will not ever use that high amount.

Just wondering what to post/how to post it. At the moment I just have the actual D/D payments as payments on account - should I wait for the next Water bill?

 

 



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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
rachel_mclean


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I don't know if this is the right answer but it's what I do. I enter the dd payments as payments on account and then enter the bill when it comes in

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Rachel
Cheshire


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Think that might be the easiest, thank you.

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
bro0010


Senior Member

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Hi Cheshire,

That'll take care of the Purchase Ledger side of things, but don't forget the P&L accrual/prepayment aspect which should charge the P&L with a reasonable estimate of what will be used across the year.  It might be worthwhile investigating a bit further why there's such a big difference between the £91 and the £713 - it might inform the reasonable estimate that you'll want to be "accruing" into the P&L on a monthly basis so that the accounts don't experience a big month on month variance in P&L water charges in the month when the invoice is posted. Can you obtain any meter readings that might help you? 

HTH



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Ian

Ian Brown FCA
Onion Reporting Software Ltd

www.onionrs.co.uk

Sage accounts in Excel to go. No set-up necessary.
Cheshire


Master Book-keeper

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Posts: 8646
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Hi Ian
Sorry for the delay in responding - I read your response and then got completely side-tracked!! You are of course absolutely right about accruing something. Im not sure if they have a meter but will find out on my next visit and may even persuade the owener to ring the Ware board but I will definately put something in. Thank you

__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
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