What nominal code would be appropriate for a portfolio for a new outlet that my client is opening. The new outlet will be part of their existing business. I am thinking of allocating to Consultancy Fees but feeling a little indecisive.
The way that you've phreased that I'm not too sure what you are actually asking.
If the clienbt is opening up a seperable line of business do you not want to then introduce departments? The move to two income sources would result in three departments. Central including undistributable overheads, dept.1 (the existing one), dept 2 (the new one).
The accounts then bring them all together but for management reporting the three are quite seperable which is what I imagine you are looking to achieve.
If thats the answer that you are looking for then its nothing to do with a nominal code but rather a seperable department... Can tell you all about departments in VT but for Sage I'll leave that to one of the many people here who use it more than me.
Could have answered completely the wrong question in which case others will also be misreading it so could you rephrase it please.
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.
Client currently have 2 sites and is in the process of opening up another site. Client has issued a payment and upon checking it is for "portfolio for a new outlet " I need to post the payment onto Sage but wasn't sure whether to post to Consultancy. All the accounts are posted together as the accountant didn't see the need to show the accounts separately.
So are you saying that its the equivalent of a business plan in which case it would go to professional fee's.
Even if the accountant doesn't want to be able to break down costs and revenue, does the client? What the client wants is to your relationship with the client of only minimal importance and your prime responsibility is always to the clients needs, some of which will feed into the needs of the accountant. If it were me then I would expect my professioanl representation to be able to give me a breakdown by profit centre. Even if the client doesnt think that they want that now, a short while down the road they will and to not break it down from the get go makes that difficult to achieve.
Never suggested that the accounts were not filed as one. The departments all exist within a single company and when accounts are produced it is of a single entity in the same way as though the departments were (for example) contracts. I personally would be running four seperable departments regardless as to what the client thinks that they want or the accountant current requires as you are future proofing your position. Also, each new site is aslo an adjustment to your rate and seperating them makes such easier to quantify.
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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.
Never suggested that the accounts were not filed as one - Apologies I had misread what you had said. I totally agree with running separate departments but it will never happen because my client is very lapse with paperwork. I currently spend half of my time chasing copy invoices from suppliers. So to ask my client to ensure all invoices are billed to the correct site is impossible.
Understand exactly where you are coming from there! There are times when I wonder why we bother with some clients who seem to think that because they have found representation they are somehow absolved of all responsibility to keep adequate paperwork.
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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.
I read that as a business plan. You remember the packs that you used to get with all of the wishful thinking guestimates about how this time next year the business is going to be turning over more than Deutsche Bank.
Calling it a portfolio rather than a business plan just sounds better so that we can charge more which makes it easier for clients to accept the number of digits ahead of the decimal place on the invoice for them
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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.
