I have just started using VT and I have 2 companies using the same bank account. Using my past software I could specify a percentage personal use so for example the Motor Vehicle Expenses which were split 50/50, I could enter the full amount in order to get a correct bank reconciliation but the system would allocate only 50% to the P and L for each company.
I was wondering if there was any similar facility in VT that I cannot find or do I just have to use a separate account for disallowed exependiture.
Many thanks
Valerie
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Why are two companies using the same bank account? You could use departments, for example I had two cafes under one Ltd Company and I split them using departments, but I would imagine it's pretty confusing if you have two companies using the same bank account.
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John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
Why are two companies using the same bank account? You could use departments, for example I had two cafes under one Ltd Company and I split them using departments, but I would imagine it's pretty confusing if you have two companies using the same bank account.
Hi
Im presuming this is two businesses rather than two Limited Companies. Ive had two or three trading businesses run via one Limited Company before, despite advice given to the do the contrary, which they later regretted when it came to selling, but thats another issue.
Is there any particular reason why they run this through the one Bank Valerie? Im sure you will have advised them not to do so for various reasons, but it must drive you mad.
Departments is probably the best way to go - good shout John.
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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
Hi. Many thanks for your replies. It's not as complex as it sounds. The two businesses are a small livery yard and holiday cottages on the same site. Neither are ltd and they share the majority of bills, e.g water, electric. The transactions are very minimal so I've been quite happy with the one bank account as there is another larger business involved which is treated entirely separately. The department idea sounds like it would work, I'll take a look at that, thankyou.
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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.
Ah good, I read it as companies meaning Ltd Companies. Departments will be fine for you I think. It won't automatically assign for personal use, but you could, when keying it in, assign 50% to the expense and 50% to drawings.
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John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
That seems to work fine, thank you. I may eventually decide I like this VT
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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.
