I have just received a revised bill for business rates for 1st Apr 2015 to 31st March 2016. Accounts haven't yet been closed off for y/e 31st March 2017. I don't want to date 1st April 2016 and I want the bill to reflect 2015 accounts. How can I account for this in Sage.
Hi
Perhaps more on an Accounting query than Sage to start at least.
Sole trader or Limited?
You say you want it in to 2015 accounts but doesnt the bill represent the period up covered by the March 2016 accounts, so if either of these two it would be in the latter.
Was an accrual built in for the (expected?) increase by the Accountant to March 2016?
If not - are you wanting to re-state the Accounts? Where does it come under the concept of materiality?
__________________
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
It is for a Ltd company. It is for cover up to 31st 2016. It is a revised bill that the council have just issued for Business rates for an additional amount.
It is for a Ltd company. It is for cover up to 31st 2016. It is a revised bill that the council have just issued for Business rates for an additional amount.
Is that March?
Can you answer the other Qs? The bill may have just been issued, but was there reason enough to know that it was on its way and therefore has the cost been accrued already in the year end 2016? (Im unclear if you have done the year end or an Accountant)
Of not - is it enough to re-state the accounts/CT from a materiality perspective? (How much is the extra bill? What is their T/o?)
What is your thought process for it to go in the 2016 given that has been finalised? (Im not saying it shouldnt, just would like to understand why)
-- Edited by Cheshire on Tuesday 12th of September 2017 04:25:54 PM
__________________
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
Right - so £400 in the scheme of things is a wee bit of a pittance. So I would suggest that it isnt worth re-doing the whole accounts and corporation tax return and cuasing a whole pile of grief over it.
What I would suggest though is that you should double check with the Accountant if he/she has built in a nominal amount into the accruals for the 2016 year end, because we may have anticipated the increase given all the shennanigans with the revised rating thing that has been going on and all the bad press about the mahoosive increases businesses have been getting.
If he has built it into the accruals - you just need to know what that figure is so that you can reverse it out. Unless you leave that for him to do at the year end??
If he has not built it in then you just need to key the invoice as at 1 April 2016, so that it is picked up in the 2016 year end, but maybe highlight it to him if you dont make the above call to him!
All of this does assume that the Accountant has not already got the sage and is working on the year end already, in which case key nothing and ring him so he builds it in to the year end and he can ket you have the necessary sage adjustments idc.
HTH
__________________
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
Right - so £400 in the scheme of things is a wee bit of a pittance. So I would suggest that it isnt worth re-doing the whole accounts and corporation tax return and cuasing a whole pile of grief over it. What I would suggest though is that you should double check with the Accountant if he/she has built in a nominal amount into the accruals for the 2016 year end, because we may have anticipated the increase given all the shennanigans with the revised rating thing that has been going on and all the bad press about the mahoosive increases businesses have been getting. If he has built it into the accruals - you just need to know what that figure is so that you can reverse it out. Unless you leave that for him to do at the year end?? If he has not built it in then you just need to key the invoice as at 1 April 2016, so that it is picked up in the 2016 year end, but maybe highlight it to him if you dont make the above call to him! All of this does assume that the Accountant has not already got the sage and is working on the year end already, in which case key nothing and ring him so he builds it in to the year end and he can ket you have the necessary sage adjustments idc.
Hi Joanne,
The accounts have yet to be sent over to the accountant so I can key in as 1st April which I originally planned to do but then started thinking.............. I will double check that it hasn't been accounted for but I really cant see that it would have been.
