I have just taken over the roll of Treasurer for the local swimming club and and proposing moving their bookkeeping from their existing (somewhat antiquated) system to Kashflow.
I use kashflow at the moment for 3 other small businesses but the issue I have is what nominal codes to use so would appreciate some advice on nominal codes to use for the following:
As the Swimmers monthly subscriptions and entries to internal galas is income I am assuming I can set up different 4000 codes correct? (In effect the customers in kashflow will be each swimmer)
The club also hosts events such as annual award ceremonies where swimmers pay to attend so I will set up another 4000 code for that too correct?
The one I am struggling with is where our swimmers enter an external gala. So they pay the club and then the club pays on to the host club so strictly speaking it is not income. How do I account for this? My plan is to set up a new project for each event but it's just the nominal codes I allocate to each transaction I am struggling with.
The other one is swimmers pay us a registration fee to the governing body (ASA) and then we pay it to the ASA. Once again how is best to account for this.
Hi Premila
So hows about an intro before we start. We always ask newbies!
Usual stuff - what prof body do you belong to, do you work for yourself or in a practice/ firm, are you a bookkeeper or accountant, what qualifications, how long in role, who is you ML cover with, 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 get to know you but also how best to pitch answers.
Also please you add your first name so that it appears under the signature bar on your posts? Saves everyone looking it up each time!! (Edit profile --->signatures)
3 and 4 not really N/code queries - more Accounting ones. Your choice of heading has I think resulted in folk not answering as most wouldnt read it, will explain fully when you come back on (assuming that happens as you dont appear to have been back on since 2 July as yet)
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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
Sorry didnāt really understand the rules for posting.
I donāt have any formal qualifications. I have been freelance bookkeeping for 8 years (self taught) with an accountant on hand for each company I work for to guide me if need be.
Most folk dont use software that nominal codes such as Sage and the like, so they just dont bother reading anything that looks like its sage (or in this case Kashflow) related, so you are just better defining the 'Accounting' question in your headings. Then you can go on to mention the specifics in the main body of the post. That way you will get more answers, even if sometimes its not software specific, which will at least give you a steer rather than no answers.
Check out the formal rules, but the above one you wouldnt be expected to know, but hopefully that will help in future.
just a couple of Qs at this stage.
If you stop being Treasurer how does the move from the current antiquated (but presumably still working and free) software sit with the Trustees/management team etc? As bookkeepers we shouldnt be deciding for clients and given this is a voluntary role I would suggest this is considered very carefully.
Why do you need the swimmers as 'customers'?
How many 'projects' can Kashflow have in the software in total?
Will you be using the software to monitor who has paid or not, or some other external method?
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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
"If you stop being Treasurer how does the move from the current antiquated (but presumably still working and free) software sit with the Trustees/management team etc? As bookkeepers we shouldnt be deciding for clients and given this is a voluntary role I would suggest this is considered very carefully."
Adding a question to what Joanne says here - which is particularly pertinent given that you are talking about a cloudy system, so you are committing them to an ongoing monthly expense - what is the current antiquated software, and why do you want to move from it?
Sometimes there can be good reasons to make such a change - but if there aren't, follow the golden rule: If it ain't broke, don't fix it.
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Vince M Hudd - Soft Rock Software
(I only came here looking for fellow apiarists...)
The more you tell me the more I think I should consider sticking with the system they already use. Perhaps I should try using the existing system for a while first.
TBH I only wanted to move it to Kashflow because it's a system I work with already but as you quite rightly point out 'if it aint broke don't try to fix it'
Back in the day when I was self employed I used to run children's drama classes and I used Xero (and before that another online based programme)
I too had income from kids in the form of monthly fees/subscription but occasionally they would take part in an external event/festival/exam for which I would collect the fees and pay them onto the relevant organiser. This was still classed as part of my turnover/income and so I used the same code as I did for fees. The accountant set up the system and back then I just used the codes tha accountant told me to. The organiser of the event was then classed as a supplier who I paid in the usual way.
