Hi, I wonder if anyone can offer some advice as to the best way to set up the accounts for a Bar we have recently purchased. We want to be able to see the sales and purchases specific to the Bar although the bar itself has been purchased by the parent company and all of it's sales etc will fall under the parent. Would it be best to set specific nominals for the various sales and purchase elements and then produce reports based on the selection of these nominal ranges? Or, can I use cost codes to facilitate the separate nature of the new venture? All of the revenue generated by the bar and the costs incurred need to be shown on the parent's P&L and the VAT charged/paid needs to be under the parent's VAT returns so it's very much a part of the business but at the same time my director wants to be able to drill down and see specific reports to assess income/spend/profitability etc. Very much appreciate any advice on this :)
If you are using Sage, you could set up sub codes for sales/purchases, and use departments so that you can get your PL. If you don't have the departments feature, you could set up a bespoke PL in the chart of accounts which only brings in those sub codes
-- Edited by FoxAccountancyServices on Thursday 17th of April 2014 06:07:13 PM
