You will have the written agreement from the accountants detailing their charges which is sufficient evidence much in the same way that a lease document is sufficient evidence of monthly payments rather than there being monthly invoices.
Its the accountant who will be dealing with HMRC so in this instance nothing to worry about on the evidence side. They will also deal with the accounting accrual as even though its already the end of the year and only one payment had been made by the period end the full amount of the accounts payment which you are paying in easy repayment terms is already due for the period ending the 30th Sept.
There is no reason that you couldn't put the accrual in yourself which the accountant would then fix in the final accounts once they have their adjusted figures for the year and then advise you on the neccessary journal entries that would need to be applied.
HTH,
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.
Dunno about the Quickbooks part of your question, but there's a very good chance they will be VAT registered - and if so you'll need an invoice for VAT purposes. Therefore you should chase them up for an invoice.
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Vince M Hudd - Soft Rock Software
(I only came here looking for fellow apiarists...)
I have similar things to record on QB, regular monthly payments to a contacted worker. I record these as an invoice received on the date specified (even though there is no regular paper invoice) in the contract and match payments to these virtual invoices. This seemed to be the simplest solution but I am open to ideas.
Hi Roxy
I usually put the payments through to the supplier account as 'payments on account' then link them to the actual invoice when it arrives. Plus as Shaun indicated key the accrual in prior to the year end being finalised, plus process adjusting entries in the new year....or even just key the resultant invoice direct to the accruals nominal code/account (whatever its called in Quickbooks).
Hi Parmi
Do you ever get any paperwork? Should you be getting them? Or just rely on the contract all the time? Why not just key the payments direct to the cost code? (With accruals if required via journals)
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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
I get the occasional scrap of data that needs sorting. Don't get me started on deadlines etc. To be fair, since I started here I've managed to knock things into a resemblance of order. Too tired to study when I get home though meh!
Regarding cost codes, I'm using QB2012, learnt loads in the last year and the new accountant is very helpful and supportive
-- Edited by Hyperion on Wednesday 12th of October 2016 09:48:02 AM
