Sage One/Bookkeeping Rookie-moving ledger entries? - The Book-keepers Forum (UK)

Emlet · Member

Sage One/Bookkeeping Rookie-moving ledger entries?

Cheshire · Master Book-keeper

Hi ????
can you add your name so that it appears under the signature bar on your posts? Saves me looking it up!! (Edit profile --->signatures)

OH? I presume you mean other half?

What is the legal status of that business? Sole trader or Limited?

Which level of the AAT are you doing and which subjects have you completed?

Is the business VAT registered?

Emlet · Member

Hi, sorry will edit now!

Yes my other half declared he was going self employed last October so I became book keeper over night!!

Sole Trader, we recon we must be getting near but not over VAT threshold (83,000? - is that in a tax year or trading year or in total?) yet but have not had any accounting done yet and no contact form our accountant no formal agreement nothing! so are floundering about a bit!

Only just had my second lesson at Level 2!!! need to fast track it! I'm soaking it all up like a sponge as I needed to know all this a year ago but they didnt run the course locally last September so playing catch up now!

I'm assuming its not a terrible error as its still in a 7000 code? But my OCD side tells me it needs moving and although I could swap ledgers with some other entries it wont let me swap this one over.

Emma

Cheshire · Master Book-keeper

Welcome Emma
VAT registration limit is £85k calculated on a rolling 12m basis or if you go over the threshold in a single 30 day period. You should push that Accountant for a meet up now - if they havent sent you an engagement letter yet then maybe find another Accountant. You need to meet to sort out the issues around VAT but also the issue around what year end date to use (so you reduce or avoid the double taxation trap). Im assuming that you had no advice as to whether the business should be sole trader or limited so that is another area you should maybe have a discussion about with them - so the sooner the better.

Assuming that the vehicle that the car tax relates to is 100% for the business then you can move the whole thing by way of a journal from one account to the other. Debit motor, credit legal. Im assuming it wont move due to it being bank reconciled. If there is private use of the vehicle then that part will need to debited to drawings (somewhere in the 3000/3500 type range).

Good luck with your AAT level 2.

Cheshire · Master Book-keeper

Just a thought - are you claiming 45p per mile rate?

Emlet · Member

Thank You for your reply.

Do journal entries effect anything else further down the line or are they purely a record of a swap?

So worried about creating a mess!

Emlet · Member

fuel wise we have just kept all receipts!

I asked OH how will that works as he's not recording mileage but he said he knows the mileage when he bought the van and its only for work ( we have a car too) so it will all go through?

Honestly we will look back in years and It will all be second nature but this first year has been a very steep learning curve already and one that I seem to be left dealing with! I would of done a lot of foundation work and reading up before going self employed but that's men for you no offence guys!!

Cheshire · Master Book-keeper

Dont worry about a mess, thats what the Accountant will sort anyway. Also journals are used for all sorts of other things, not just correcting errors in postings. A good Accountant will be going through the entries and re-apportioning things as required ebfore they produce your accounts, then further adjustments for the self assessment soits not an issue.

Good on your for keeping ALL receipts - thats the best way to go and is half way there for getting an HMRC inspection right.

Sounds like you have done a lot of reading which is great, but no disrepect, tax advise is not something you can google and get right and there is a LOAD of duff info out there (including on HMRCs own site, especially the pile of pants that is Gov.uk!)

Emlet · Member

Its a nightmare we have no help or advise at all its so daft!

I've told OH to get an appointment with a financial advisor and ring the accountant and kick him into gear..none of which he's done yet!!!

I did the journal just hope I've done it right! Its showing in the right ledger now and a journal entry is showing in the other incorrect one. the original entry is still showing is that right? debit for period on the incorrect ledger shows adjusted but closing balance doesn't? its all still a bit beyond me does that sound right or have I done it wrong? should I of put the original transaction date instead of todays date? its so hard doing it all the first time with no guidance! That's just one thing..now I have to move the OFTEC and Gas Safe entries too I put them in legal but not sure now..basically certain work legally has to be registered so should it be a direct expense 6000 code?

If id had help setting all my codes up last year I wouldn't have had to wait until I understood it all a bit this year to do it myself and be on the back foot!

Artois · Guru

Hi Emma

Welcome to the forum

What made you choose Sage one to do the bookkeeping with? from reading your posts your other half is a Sole Trader heating engineer would it not have been easier to maybe use a more user friendly software like VT+ if you are just starting out, 90% of my clients are sole traders in the building trade and I find VT+ is more than adequate

I would definitely do as Joanne says and contact an accountant ASAP for the year ends and also for the VAT as this is on a rolling basis it is not just for the last 12 months but carries forwards as well monthly

Cheers

Cheshire · Master Book-keeper

You could get yourself an experienced/qualified bookkeeper for the day to day stuff.

Tell him his tax bill will be high if he doesnt sort the Accountant out or just book the Accountant to call round when he is around. Not planning BEFORE you do something can cost you dearly.

Meant to say earlier - journals are preferable to deletions. Get into your head that you should never really delete, even if a system lets you, as that way you cannot mess use prior periods/reconciliations and VAT returns (when registered). Journal dates - depends what they are for. In your case use the same date as the original error (given you havent got to your year end yet, nor handed off the data file to the Accountant! Suggestion very different then!)

Given this is for a heating engineer - are the costs just for membership of the organisations? If yes - then no just a subscription.

Cheshire · Master Book-keeper

Artois wrote:
Hi Emma
Welcome to the forum
What made you choose Sage one to do the bookkeeping with? from reading your posts your other half is a Sole Trader heating engineer would it not have been easier to maybe use a more user friendly software like VT+ if you are just starting out, 90% of my clients are sole traders in the building trade and I find VT+ is more than adequate
I would definitely do as Joanne says and contact an accountant ASAP for the year ends and also for the VAT as this is on a rolling basis it is not just for the last 12 months but carries forwards as well monthly
Cheers

Hi Doug

Its also sageOne - cloudy stuff. Ideal for one man businesses with low volume paperwork (did you ever think I would use that 'Ideal' word for cloudy, albeit I still have objections to the cost, naff user interface, naff naff processing issues, cold harbour, you are f**ked if your internet goes off, etc etc etc)

-- Edited by Cheshire on Wednesday 20th of September 2017 02:20:56 PM

pictures · Senior Member

We don't use Sage for day top day accounts (my boss is a master of spreadsheets) but I assume you mean the individual appliance registrations (every time a gas safe engineer installs an appliance they have to register it with Gas Safe and pay a fee) rather than his annual registration fee. Its a convoluted non business friendly process (online with a credit card & hope they send the corresponding receipt through)

Emlet · Member

Hi yes the Gas Safe is for registering individual works on a job by job basis that's why I assume it goes in direct expenses somewhere?

We use Gas engineer software and sage one..dont ask!

They STILL haven't integrated the two so I'm doing a hell of a lot of duplicate work!!!

Cheshire · Master Book-keeper

Emlet wrote:
Hi yes the Gas Safe is for registering individual works on a job by job basis that's why I assume it goes in direct expenses somewhere?

Sure does.

Emlet · Member

Brilliant thank you! I've nearly finished my ledger blitz ( you'll be pleased to hear!)
I have equipment hire at 7700 but that's an overhead I think would it not be direct cost too as without it he cant do the job? its only things hired from say GEM for the odd day.
I have small tools hammers and the like which would be a 6000 code? a direct expense or just purchases? anything over about £150.00 is in plant 0020 as an asset..where the frig does henry hoover sit!?
I have training costs as 8203 but again its the categories I'm still unsure of (literally just starting to cover ledgers on the course but I need it all yesterday!)
I think that might be everything in the right place then which is a good start! Ten just need to get it all bang up to date, get the accountant into gear and breath a little nervous sigh of relief while I wait for him to do his magic!
Everyone has t start somewhere I guess I just wish id got the level 2 under my belt BEFORE having to do our first years books!!

Cheshire · Master Book-keeper

You need to discuss your capitalisation and depreciation policies with your accountant re your assets. £150 may be a good figure to dump to assets for your business, but it depends on what those assets are for and their expected life span.

Small tools 7800 range.

Training is probably not an allowable expense, but it depends what it is for and another question for your Accountant.

Level 3 covers depreciation, capital expenditure v revenue etc, level four disallowables etc.

Emlet · Member

so small tools an overhead because they are essential to running the business but not to one individual job? depreciation and on what is left to accountant to figure out I guess.
The machinery assets are all higher value big power tools and oil pump equipment from about 200.00 to 650.00
I sent the invisible accountant an email and was told to put the training down ( its my aat! and as ive been invoicing for a year for bookkeeping already its apparently ok as cpd) they said put it through so on their head be it! But not what category to put it in so haven't added it yet!

Artois · Guru

Hi Emma If you have been invoicing your partner for the past year then the AAT course (if allowable as CPD) will be surely be an expense for your business and not your partners and should be shown in your accounts

Artois · Guru

On my phone so sorry about the layout and grammar

Cheshire · Master Book-keeper

A thank you to Julie and Doug wouldnt go amiss.

Artois · Guru

Cheshire wrote:
A thank you to Julie and Doug wouldnt go amiss.

Hi Joanne

it seems that these days some people just cant be arsed to actually thank someone for their help not just on this forum but in life in general, don't suppose you got a thank you for your replies yesterday?

Maybe we should start a name em and shame em at the end of every month and put their names up on the Wall of Shame!

(I really hope I have thanked everyone who has helped me in the past otherwise I am gonna sound a right fool)

Cheshire · Master Book-keeper

Artois wrote:
Cheshire wrote:
A thank you to Julie and Doug wouldnt go amiss.
Hi Joanne
it seems that these days some people just cant be arsed to actually thank someone for their help not just on this forum but in life in general, don't suppose you got a thank you for your replies yesterday?
Maybe we should start a name em and shame em at the end of every month and put their names up on the Wall of Shame!
(I really hope I have thanked everyone who has helped me in the past otherwise I am gonna sound a right fool)

Ha Doug, not sure if I get a thanks, will have to go back and check.

I have an idea as well of or instead of the Wall of Shame - how about we who do the answering just post ' pass' or 'pass - TCBASTY' on their future posts!

TCBASTY = They couldnt be arsed saying thank you.

Did you ever see my 'Thank you campaign' posts? That only worked for those who read all posts, whereas a lot of folk come on here and only read their own once they have an answer, some (strangely) only read the first answer and then dont read the rest!

Accountingweb had a run of just putting £8064 on a pile of posts but that was for the business owners dumb question time ones. wink

Leger · Master Book-keeper

In my opinion this is more an oversight than being deliberately ignorant. I've just looked back upthread and Emma has said thanks on a couple of occasions.

But yes, it isn't nice when you've gone to the effort of helping out a poster and they don't bother to say thank you.

Artois · Guru

Leger wrote:
In my opinion this is more an oversight than being deliberately ignorant. I've just looked back upthread and Emma has said thanks on a couple of occasions.
But yes, it isn't nice when you've gone to the effort of helping out a poster and they don't bother to say thank you.

Hi John

I don't think anyone deliberately means to not say thanks it just seems that once they have the information they was after they just seem to forget that someone actually took the time to try and help them

Hi Joanne

I like the TCBASTY, glad you put what it stands for otherwise I would have been here all day trying to work it out

Leger · Master Book-keeper

Hi Doug

For sure, I agree.

Cheshire · Master Book-keeper

Leger wrote:
In my opinion this is more an oversight than being deliberately ignorant. I've just looked back upthread and Emma has said thanks on a couple of occasions.
But yes, it isn't nice when you've gone to the effort of helping out a poster and they don't bother to say thank you.

Agree that Emma did of on is post, earlier, so yes probably an oversight, but some kind of acknowledgement of Doug's comment wouldve been nicE (and no I didn't get one on my other post at all). But there have been a few recently who either thank one person and ignore the rest, thank nobody, or dont even acknowledge an answer they have had and then just come on with more questions. Even one this week who has been prompted to thank someone but clearly still couldn't bring themselves to say it. Shame really. But I for one, won't stop bloody nagging about it.