Could anybody help me with this. I have taken over the bookkeeping for a Pub and am using VT.
I have opening balances which have all gone in, now I am reconciling the bank. The first few transactions are banking from sales last year - I can't work out how I can put the banking figures in - I assume I need to make a journal into the bank but what is the other side of the journal??
It is cash banked and card machine payments going through. So the actual sales have been included in last years figures and are in the opening balances - I just don't know how to put them into the bank account.
Your opening balances will have included accruals for work done but money not yet received.
You are now banking against those accruals.
Dr Bank
Cr Creditors: Accruals
kind regards,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Thanks Shaun for your help again, it's all stuff I should know - but I haven't done it in such a long time I forget everything (mostly been doing simple self-assessments with the bookkeeping on excel)
don't worry about it... No, I mean it, really don't worry.
I think that the issue that your having is new software syndrome where you are worried that you are doing something incorrectly.
Its not that you don't know what you're doing, I know that you do.
You are simply worrying that if you make a mistake you could end up buggered (technical term).
Fear not, it's not Sage. If you mess something up you can just go back in and fix it (only slightly more complex backing out is where you've already created a VAT return but even thats pretty simple).
Once you are on top of this software you will never want to use anything else, just don't let it phase you in the early days and know that we're pretty much always here to help out where we can.
All the best,
Shaun.
p.s. now try getting that sort of love from Sage or Quickbooks support, lol.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Thanks Shaun - another new software I have to use now Xero, everyone wants their accounts on different software so a lot of learning!
Another quick question related to the above - this is a completely different client now. I have no opening balances from the accountant yet - there is a cheque that has cleared this year for rent (but would have been logged last year) how do I put this in? would it be CR: Bank DR: Accruals??
yes. Just enter the cheque as normal against the accrual that doesn't yet exist.
Once you have the opening balances available from the accounts / trial balance then you simply back fill the data input which should include a double entry of CR:Acrual, DR Rent expense.
Afraid that I've had no exposure to Xero so not going to be able to help you wit that one.
kind regards,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
