Hi I have a client, it's just a small hobby club so no return needs to be filed etc.
I've taken over almost right at the end of the year end and I don't really understand what the previous bookkeeper has done and as there is a very small amount of paperwork I am going to re-input the year in again as I don't think it will take more than a couple of hours.
I have a balance sheet from the end of the previous year which I am using to put in the opening balances. The top half of the balance sheet is fine and I can put all that in it's bottom half I am having trouble with (I have used VT). I choose to use VT rather than the excel spreadsheets used before because I feel I would waste a lot of time creating spreadsheets that have opening balances and a balance sheet - I haven't done it before.
Firstly for a club should I set this up as a Sole trader? or a company? I started with the 'basic' option BUT I don't think it's quite enough.
So the top half of the balance sheet is all fine the fixed and current assets but it's the bottom half that I am having trouble with - what would be the capital account.
I do remember from studying that there is a place for revaluation account somewhere - but I can't remember where it goes or what I do about it. Also I may be being stupid but does the 'net assets as at 31st August' on the capital account part mean capital account opening balance?
