Hello! I have over 10k sales transaction per month, I'm tryin to recon previous year's data as the client run both company under one bank and I have to split all transactions into both company having two separate tax number....I wonder if it will not mess up bank feed if I decide to connect it later on.... coz I'm planning to put on manual bank recon for purposes of splitting all transactions into it^^ thanks for reply
Hi???
Firstly please add your first name to your posts vie edit profile.
Secondly what is it that your business does?
When you say tax number, what type of taxes are you meaning- for both?
What is the legal status of each of your companies?
Not sure what you mean by running through.
Also what prof body do you belong to, how long in role (incl prior to this job),What training/where up to in your studies-what exams passed/with what body/in midst of doing, where based, what you did before this role? That sort of thing. Helps to pitch answers.
You say in the title that you have a question, but I can't see a question, although I think you may well be looking at this wrongly-answers to the questions will assist.
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PS
__________________
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
Thank you for reply. Please call me Red, I'm an Independent Accountant, I worked for Public Accounting Firm in the past. But just this is first time I'm handling a company who's got one bank account and wants me to split their records into two separate company. Now I have done initial set up to Xero, I'm planning to use manual bank reconciliation and also import bank statement manually. I'm also planning to set up "Intercompany Accounts" in COA as a bank type and then move the transactions belong to another company in it, I want to know if that;'s the right way I should do it. Let's say Company A is main and COmpany Z is second company, So I will have both A & Z an "Intercompany Accounts" as bank type so I can technically be able to pay off bills on Z by charging that account for past transactions happened in 2016. I've set January 2016 as Conversion date instead of 2017 since I will be putting in multiple invoices and bills. The client finally opened Bank account separate for Company Z recently, so then I will just reconcile to it at end of 2017 and Company A will pay off actual Cash due to Company Z at year end then I will have all actual cash in bank and eventually eliminate "Intercompany Accounts".
Thank you for answers anyway, Hopefully I get answer from other members as well. When I click join on this forum, There was no limitation as to what race and nationality can post so I thought I can just post my question right away. I'm so sorry to bother your busy day, but thanks for posting reply to my post :) And my sister lived in London fo 15 years she enjoyed her stay there and eventually moved to USA. Have a nice day ~~^
-- Edited by RedMuffin on Sunday 10th of December 2017 09:51:00 AM
Thank you for answers anyway, Hopefully I get answer from other members as well. When I click join on this forum, There was no limitation as to what race and nationality can post so I thought I can just post my question right away. I'm so sorry to bother your busy day, but thanks for posting reply to my post :) Have a nice day ~~^
Race/nationality absolutely does not matter whatsoever - please do not suggest that I inferred that!!!! Because its pretty clear to anyone that I did not.
Where in the world you are based to conduct your Accounting DOES matter.
This is because different processes and Accounting standards come into play. How do you expect someone based in one country to know what the rules are in another.
We have COMPLETELY different banking processes in this country for one example and two limited companies cannot physically process though one Bank account. Also with the level of income you mentioned they would need to be VAT registered - which is why I asked about what type of taxes.
The reason we ask such questions as the beginning is to flush out such information, along with the level of knowledge which will help us to help whoever is asking and to pitch answers at the correct level. If you a fully trained Accountant then you do not need the same level of answers as someone who is still in training. The fact that you did not answer any of my questions in the first place did not help.
Information on the forum, in several places makes it clear this is a UK based forum - one example http://www.bookkeepers.network/home
You will be better off posing your questions on the US based version of Accountingweb (do not mix that up with the UK version of Accountingweb). Im sure my other UK based BKN colleagues will suggest the same.
__________________
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
oh the fun of attempting to get cloudy stuff like Xero to play ball when you hit it with anything other than the very simplest small businesses with straight forwards banking arrangements.
I saw your accusatory comment and had a read through the thread.
There is no racism or xenophobia in this thread or on this site. Joanna's questions were completely legitimate in that every country has their own accounting regulations and professionals in other jurisdictions cannot hope to be experts in all of them.
America for example works around a rules based system where in Europe we work to a principles based one. Europe itself tends to work to a civil legal system where the UK works to common law one.
I appreciate that IFRS should have brought us all together but whilst countries are able to only adopt the parts of reporting regulation that they want to apply then cross border advice is ill advised. (IFRS is a bit of an oxymoron when countries worldwide have the ability to adapt it to their own requirements)
Back to the way that you spoke to Joanne. Unfortunately, or perhaps fortunately, we're a family here of very supportive professionals and a statement asking for other peoples comments, apart from the one that attempted to help you, even though like many of the members here she is incredibly busy at the moment. Nobody else amongst the regulars will contribute to the thread if someone such as Joanne is told that their comments (which attempted to be helpful and constructive) are not welcome.
As Joanne suggests, your next move should be to ask your question on the US version of Aweb where I am sure that you will get advice that takes into consideration the idiosyncracies of the regulatory system on the other side of the pond.
kindest regards,
Shaun.
p.s. Hi Joanne. Happy Sunday. We've got snow here and lots of it. Want to be out throwing snowballs but as always at the moment buried in paperwork and pretty sure that by the time I've finished it the snow will be gone
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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.
p.s. Hi Joanne. Happy Sunday. We've got snow here and lots of it. Want to be out throwing snowballs but as always at the moment buried in paperwork and pretty sure that by the time I've finished it the snow will be gone
Afternoon Shaun
Pretty rare for you, although I think you have what was expected here this morning (I shouldnt speak too soon). Actually heard that Brum Airport has closed due to it, of course you arent has 'ard as us Northeners, so piccie to show how bad it is out in the sticks pls! We had the first lot on Friday morning but we are expecting a snow bomb, so Ive heard so Im going into hibernation mode. Go on - just get out in the garden for five minutes. Go on go on go on go on. Try it with no gloves and that will ensure you only stay out a short time!!!!!!! Besides the break will do you good.
__________________
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
We've got snow here and lots of it. Want to be out throwing snowballs but as always at the moment buried in paperwork and pretty sure that by the time I've finished it the snow will be gone 
