It is a small arts and crafts shop, the owner has been registered self-employed for a number of years (as an artist) and starting trading in the shop and the end of March(her first customer purchased then)
She of course started purchasing goods and paying rent on the premises before she opened so I have Jan/Feb receipts for items purchased then. Plus a loan her parents gave her as starting capital
Do I start the financial year on sage as 1st April 2015 to tie in with her self-employed status or start the year at when she started purchasing? or when the first loan payment was given to her? to start purchasing
I have entered transactions from 1st April but haven't added any OB as yet I wanted to make sure I had the dates correct. I have also put 1st April as start of financial year, but as I haven't entered before then I can always change the date on the program to before then.
Any pointers on the above would be great, thank you
-- Edited by jaybag on Saturday 14th of November 2015 04:41:53 PM
It sounds like you want to set up Sage as 01.04.14-31.03.15 and just post what's happened during Jan-Mar15 - that will give you a profit and loss figure for the 05.04.15 tax return? You can then add journals and do the year end and then carry on with opening balances in tact
Sounds like a good idea, the only issue now is I have added a bucket load of transactions for 2015/2016.... will Sage let me change the year end and keep 2015/2016 transactions intact?
Thank you
Thank you, sounds like a good plan. Better let client know it may take a bit longer than planned! I have just had to add over 200 sales products, And paperwork isn't the best!
They use an Izettle machine which records card and cash payments, unfortunately I have to print off each individual transaction from the on line account and enter onto relevant nom code as she wants to see exactly what is selling (and rightly so!)
I have added an Izettle "bank account" for the card payments, then need to pay out the charges, a % of each transaction, then transfer the balance into the bank account as per both statements.
The cash transactions are going through a till account, and again transfer to bank account when cash is banked. Lots to do!
Once all up to date it should be a simple task every month or so
I asked the question how she would like it to show and she wanted to see what was selling individually. I am in the process of entering an extremely busy month and will go back to her tomorrow to let her know how long it will take for the year-she may change her mind once she knows how long it has taken for 1 month.
Izettle only lists the items in one lump sum, it only gives the itemised listings on the receipt.
I would be getting her to do the printing, if she wants to keep costs lower - don't forget its not just your time, but your paper, ink and electricity too! I usually charge clients a flat fee at the year end if there is much printing to do at my end.
Since our thread, I have spoken with the client and she has agreed that there will be one nom code for Sales as izettle reports show individual numbers of items sold. Will keep the supplier nom codes as izettle doesn't record this. She wasn't aware that there were reports in izettle that can give her this!!!
Thank you for your help, I would have been here forever if you hadn't given me the light bulb moment.
I asked the question how she would like it to show and she wanted to see what was selling individually. I am in the process of entering an extremely busy month and will go back to her tomorrow to let her know how long it will take for the year-she may change her mind once she knows how long it has taken for 1 month. Izettle only lists the items in one lump sum, it only gives the itemised listings on the receipt.
Hi
I understand that you can get reports that you can drill down to the finer detail from iZettle instead of having to rely on the receipt. Would be worth an email to them as I do find that sometimes if you leave clients to get reports for you they deny they are there - I have an issue with one who doesnt want to give me the admin code for paypal yet manages to produce a different report every month, rarely the one I need the first time of asking!
__________________
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
Thank you Joanne
I have gone through Izettle and found the reports that would be more than adequate to see sales figures, daily, weekly or monthly. I now need to educate my client on how to get them as if she wants all the information on sage it will a huge duplication and a very costly exercise for her!
Ideally, I would like to add the sales from Izettle monthly in one transaction as this would save a lot of time, however, the fee's from each transaction go on separately and from what I see on the reports sometimes fall into the following month which would make reconciliation of the Izettle account a nightmare.
It appears that there is more involved that what the client thought (for a change!!) always the way!
Is it possible to see the report (after you have removed the clients name)? I could take a look and see if there is any suggestion I can give as to how it could be imported?
Hi Jay
Can see Michelle now has your email, but just for future - if you click on a members profile name it will take you through to more information about them and if they have enabled the Private Message (PM) option, then you can click on this link and send them an email that way. Just means that folk dont need to publish their email addresses to everyone.
__________________
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
