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Post Info TOPIC: Insurance Finance
468Bookkeeping


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Date:
Insurance Finance
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Hi,

 

Looking for some help with the insurance situation at one of my Clients.

 

Year end is 31st March 2015.

 

The insurance payments commenced in October 2014.

 

The total premium is £70,979.75 add projected interest at £5.09 per £100 (APR 15.52%) and a facility fee of £50 = £74642.62.

 

The 1st DD payment in October was £14,968.54 followed by 8 payments of £7,459.26.

 

I would like help on how to set this up in Sage Line 50 on a recurring payments basis and which codes are best suited.

For the sake of the bank reconciliation I have already posted £14,968.54 and £7,459.26 to 8204 (Insurance) so I may need to do a journal to correct the 2 postings.

 

Thanks in advance.

 

Darren



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FoxAccountancyServices


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Posts: 2021
Date:
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I would be inclined to post all 9 bank payments to a prepayment code (set up a separate sub code), and then do 12 monthly journals - assuming its annual, despite being paid over 9 months?






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468Bookkeeping


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Posts: 8
Date:
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Thank you Michelle.

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