Hi guys
In one of my exercises I have item on bank statement that I am supposed to add to sage before I start reconciliation. Let's say it is called' Direct Debit - Coopers Union ' . What kind of expense they refer to here ? What nominal code should I use whenever I see ' union' expense ?
For anyone adding this, this is Level 2 computerised exam practice and not real life, so I am assuming the word Union may relate to a professional body that is allowable as a deduction for tax purposes - please refer to the list on the HMRC website if in doubt in a real old situation.
Hi Rafal
You seen to have all the very oddly, indeed badly, thrown together set of questions ever written for the learning of this subject!!!!
I would suggest that this particular one goes to 'subscriptions' nominal in expenses. If you haven't got that I would create one. Or you could indeed create a new nominal call ' union fees' or drop it to sundry. Best option is probably the first I mentioned.
__________________
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
