If you were a builder, would you teach me step by step how to build a brick shed? I so want one, and I'd really appreciate the input. Would you be so kind to give me your time? I know if I try to do it myself I'd make one hell of a mess.
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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.
sorry, I don't use Sage (and to be honest not a great fan of nominal codes) but sure that someone will be along imminently who is an expert with that software.
My appologies that I didn't pick this thread up earlier,
kindest regards,
Shaun.
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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.
If you were a builder, would you teach me step by step how to build a brick shed? I so want one, and I'd really appreciate the input. Would you be so kind to give me your time? I know if I try to do it myself I'd make one hell of a mess.
Johnny,
play nice or its sitting on the naughty chair for you.
Marios is not a business person looking for freebies he's a trainee accountant (ACCA) looking for some help at the nuts and bolts level.
As with many of us here his issues are not with concepts but rather with getting the software that has been enforced upon him to do what ne needs it to.
As its a Sage question I'm not the best person to answer this one which is why I haven't but I wouldn't say things likely to put an accountancy student off using this site.
No biggy just a gentle reminder to read peoples earlier posts before jumping on them.
kind regards,
Shaun.
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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.
Hi Marios Can I just say - nooooo, dont do it. Not got time to answer now, but no please dont do it that way. I will try to get to this tomorrow night, although I have a boozy sesh so you might get a very drunk answer. Or a sober one by Thursday!
So instead....
hey Johnny - a challenge, should you choose to accept (or whatever the saying is!).....how about you give this one a shot, with your new found silky Sage skills?
Oh Marios - just to check. Is its Mario or Marios? wasnt sure is the 'S' was for a surname. Anyway I digress - what VAT scheme in the company you are working for on? Also - do you have a full invoice/schedule showing interest split out for the full term for the item on HP? Is it definately HP (sorry have to ask as often discover that people get these things mixed up).
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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
Shamus wrote:Marios is not a business person looking for freebies he's a trainee accountant (ACCA) looking for some help at the nuts and bolts level.
Hi Shaun
Could we not include this sort of info as a part of the sign up requirements? I know there are only 8 posts but you would have to go back to the first post to know Marios is a trainee accountant.
If you had a tick box or drop down button that indicated folks experience /level of expertise (make sure there is one that says business owner though lol) I'm sure it would help us all
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John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
To be precise I have a VAT invoice of the selling value plus a fuel and protection fee.
Then the breakdown after deposits is shown in the Hire Purchase agreement and that includes the total interest charge for the whole term (60 months and then monthly)
Shamus wrote:Marios is not a business person looking for freebies he's a trainee accountant (ACCA) looking for some help at the nuts and bolts level.
Hi Shaun
Could we not include this sort of info as a part of the sign up requirements? I know there are only 8 posts but you would have to go back to the first post to know Marios is a trainee accountant.
If you had a tick box or drop down button that indicated folks experience /level of expertise (make sure there is one that says business owner though lol) I'm sure it would help us all
I always have a look back to see, if I cant quite recall, although some of the names stick. I always have a look to see if they have said thank you - its three none thank and in my banning book, lol. Its a good idea John, especially if you have a little box that pops up that just say 'tight wad' against the business owner ones, lol.
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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
Hello Marios
Thanks for the name confirmation - didnt want to be upsetting anyone by getting it wrong. Sorry for the delay, another bombed week!
The thing with your use of 0052 for the HP suspense is that 0052 is in the fixed assets range.
There are a couple of ways round this in sage, as usual. Well three.
Just journals, each time for all of the entries.
Set up the HP facility as a loan 'Bank account'
or set up the 'HP' as a supplier. Think the latter seems to be favoured from what Ive seen, so will go with that one for now. As ever, backup, and again, check it and trail it before keying anything else (or try it in your practice data - simples!)
So:-
Set up the HP provider as a supplier, using nominal code 0050 (vehicles), T1 defaults.
Key your HP agreement to this - TOTAL, including all your bits, re fuel and licence etc, but when you key it you will have to override the nominal and tax codes for some, eg
- vehicle cost stripped out - key as is (that claims the VAT back)
- fuel - to motor expenses T0
- protection thingy - to new code in the eg 73xx region T2
Key the invoice as say three lines as above, but all with the same reference - will show in each of nominal codes separately, but as one invoice on the supplier account.
Then key a credit note to the HP provider 'supplier' account but code this to 2310 (HP creditor).
Link the invoice and credit note in the HP provider 'supplier' account so they dont show as o/s in any creditor reports.
The credit note will have created the balance on the HP nominal 2310!
THEN
Pay the deposit via the Bank - key this as a Bank payment, direct to the HP nominal 2310 - you will see this leaves the balance where it should be for the HP.
Monthly payments
Key as Bank payments - splitting the total to interest (HP interest nominal in P&L) and principal - to HP creditor 2310. (again key them with the same reference and only one entry comes up on the Bank which aids Bank rec.
HTH
(I do have this strange feeling Ive missed something, so test it out and hopefully I havent!)
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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
Tell you what - set a challenge for you - give it a try via practice data and see if it the VAT shows and it comes up in the right places on the VAT return.
As I said - you can also set it up as a Bank account.
There is always more than one way in sage
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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
