Just a quick question, my client has recently applied to Camelot for Lottery and was asked to pay a security bond for the terminal, how is this entered into sage accounts? Do, I have to set up a new supplier and would this be an asset or not as this is owned by Camelot?
Anita - Yes - set it up as a new supplier, but the cost code will be dependant on your answer to Johnny's Q. ( I may be a bit delayed in responding as Im having a mare with client meetings again this week, but will come back on at some point, although Johnny's response on the double entry might give you the info you need once we have your answer!)
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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 very much for answering my question. In regards to your question, according to the letter it states that Camelot will hold this security bond for the duration of which you are a National Lottery retailer.
Key via Bank module, using Bank payments icon, to new nominal code set up in the asset section and name it eg Camelot Lottery Terminal deposit bond (including something extra in the name so the Accountants know that this is a long term bond is helpful for them).
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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
Handy hint - can you see an icon for the Chart of Accounts? If you have a look at this it breaks everything down into sub categories for both the P&L and Balance Sheet.
I would be tempted to code somewhere in the 11xx section.
Care - before you set up a new one - backup, set it up, check your chart of accounts for any errors - you shouldnt get any, but they are a mare to sort out if you do make a mistake - hence why I say do a backup first (its always easier to unravel it then!) Always test your backup of course)
HTH
__________________
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
