I'm using sage one and have produced year end accounts.
After paying corporation tax and dividends there is a small £1000 retained profit amount.
Ive done journals to remove the tax liability and dividend liability from the balance sheet etc etc
What do I do with the retained profits? Will this affect the following year's balance sheet? I feel I should be making a journal entry but have no idea which nominal codes
Hello Denise We ask all newbies to introduce themselves, what business sector etc and add their names to the signature bar at the bottom of messages, via edit your profile.
i take it is this your own business?
-- Edited by Cheshire on Wednesday 4th of May 2016 08:44:52 AM
__________________
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
Hi yes, it is my own very small business consultancy, Ltd Company. I have previous bookkeeping experience, so all other is good, just stumped on this one point.
And I will of course edit my profile toute suite.
Retained earnings will stay in that account and will make up the companies equity. Next year when/if you make a profit it will be added to your retained earnings account.
Thank you Matthew
Not sure I still understand. The retained earnings are of course showing at the bottom of my Balance Sheet as total equity, but I have not allocated an equity nominal code for this??
I was thinking I should make a journal entry to an equity account code?? Or am I missing the point.
Thank you and sorry for appearing so dumb!
No - merely updating poster on here that you had 'sorted' it.
This site is for bookeepers and accountants to exchange information and help, NOT for people in business.
I have made comments to try to make you understand that being having done some bookkeeping in the past, does not give you the tools to be an Accountant and understand all that is required to complete a set of Accounts, CT return and personal tax return. Other posters on Aweb have also said the same.
-- Edited by Cheshire on Wednesday 4th of May 2016 09:56:09 PM
__________________
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
Quite aware I'm not a qualified accountant, yet nor are most on these sites, but I would class myself as a bookkeeper as I do just that and have worked in let me think ? 5 bank accounts departments!! Found numerous questions here re Sage from inexperienced people yet you seem intent on persecuting me.
so I would suggest you get a life instead of trolling with the intent of humiliating
I have merely made a suggestion to you, along with several others already on Aweb (some of whom have actually been much less kind than I have), that you might not have your Accounts etc right - that you might not have considered all of the legally required Accounting standards that need to be covered off. This is not a derogatory comment and is indeed purely to suggest you get the appropriate advice. The fact that I have posted on both sites about this fact is irrelevant as is the fact that there are questions from inexperienced people on here.
No, most on here are not qualified Accountants, but nor do them claim to be so. There is a mix of qualifications and PQ. But I have indeed pointed out to quite a few people who wander in to this site, who are not offering bookkeeping/Accountancy services to clients, that this is not a site for them to get free advice to aid them with their business.
I feel I must also point out again that it isnt a bookkeeper I was suggesting you get advice from, but a fully qualified good Accountant.
You accuse me - yet you are the one calling people names.
__________________
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
Quite aware I'm not a qualified accountant, yet nor are most on these sites, but I would class myself as a bookkeeper as I do just that and have worked in let me think ? 5 bank accounts departments!! Found numerous questions here re Sage from inexperienced people yet you seem intent on persecuting me.
so I would suggest you get a life instead of trolling with the intent of humiliating
that is soo sad
Hi Denise,
I feel that you may have got the fallout from other threads by other new posters where Joanne has gone out of her way to spend a long time trying to help some other business people who have ignored her requests for further information.
I didn't respond to this one as I don't do Sage but I feel obligated to join this thread as I'm not having Joanne referred to as a Troll... She's more a big Pixie... Hope that made you smile as this thread needs a bit of homour to calm tempers.
That said, telling one of the sites main net contributors to get a life isn't going to win you any brownie points with any of the hundreds of people that she has helped by offering her valuable time here for free to help those who are often a lot less capable than herself.
I'm sure that given her selfless devotion to offering such assistance you will apreciate that unfortunately when answering threads on occassion the wrong person or the wrong thread gets the fallout from other posts. I think that I know which thread has annoyed Joanne and it wasn't actually this one although it may soon be if insults start flying.
One point to pick you up slightly on would be that I would not make assumptions about most people on BKN and Aweb not being accountants.
Also, sorry, but working in a banks accounts department covers a wide array of positions and skill levels from data entry clerks to Chartered Accountants so in itself that sentence doesn't actually say anything about your skillset.
Regards,
Shaun.
Joanne,
Ok, thats one get out of jail free card used up... You are now down to your last 3608. You've got to start being careful with these things you know.
__________________
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.
that line just reminded me of "You don't need a criminal Lawyer, you need a 'criminal' lawyer" (Jesse Pinkman talking to Walter White about Saul Goodman in Breaking Bad).
As for Joanne, the number of people that she's helped on here if ever she did need backup I would hope that site members would be queueing out the door to give her support.
I tried to be nice in my response last night but must admit that the suggesting that she "get a life instead of trolling with the intent of humiliating" should (and normally would) have got a more robust moderator response to a site newbie saying such things to anyone let alone a contributor such as Joanne.
Today I'm less shell shocked than yesterday (just one of those days where you are weighing up killing a client for acts of gross stupidity against the prison term that such reaction would carry) and have now read the threads both here and on Aweb from end to end.
Financial professionals would not speak to each other in the that tone (For starters it would be in breach of the IFAC code of practice for professional accountants section 150) so on our own turf (this site and Aweb) we should not be expected to accept such from those unaware that we adhere to a code of ethics.
Yellow card to the poster who thought that going straight from discussion to accussing a site contributor of Trolling was acceptable.
Joannes get out of jail free card reinstated in reward for not reacting to the accusation.
__________________
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.
He he. Great show! No I agree, rules are rules. I've said it before, I know of no other community forum, regardless of subject matter, or hobby, which is as friendly, and as helpful as this. I suppose on the balance of probabilities, there will always be one or two unhappy bunnys.
__________________
Johnny - Owner of an overly-active keyboard.
A man who can read, yet doesn't, is in no way wiser than a man who can't.
You've got to start being careful with these things you know. 
