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Post Info TOPIC: cost of sales
Ania


Newbie

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cost of sales
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Can I please pick up your brain cos mine is going blank at the moment.

cost of sales for company selling cleaning services:

cleaning chemicals - cost of sales (COS)

fuel(some machines operate on fuel) - COS

cleaning supplies - COS

small machine parts and small cleaning tools/machines- COS or expense?

Is my thinking correct?

 



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Cheshire


Master Book-keeper

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Hi

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 your MLR 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.

Is this for managements? 

Small machine parts? Pls expand. Sounds like R&R.

Company - I take it you mean that in the Ltd sense. So what does GAPP tell you?

 

short answer...no.


a ghost post



-- Edited by Cheshire on Wednesday 18th of December 2019 11:01:13 PM

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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
Cheshire


Master Book-keeper

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Guess your brain has stopped going blank as you havent been back on 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
Ania


Newbie

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Hi

I didn't know I had a reply. Thought I'll get an email notification.
I am a bookkeeper belonging to ICB based in Manchester and working for myself. My MLR is with HMRC. It's my forth year doing bookkeeping, most of my clients are self employed but i help few of my friends with the bookkeeping for LTD companies.

as small machine parts I meant like wheel being a part of cleaning machine or plastic ends/pipes that sort of thing
and yes, writing company I meant the LTD company

thank you for the message Joanne

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Artois


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Hi Ania, welcome to the forum

I agree with Joanne I would expense the small machine parts in the Repairs & Renewals category



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice
Leger


Master Book-keeper

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Hi Ania, welcome to the forum from me as well.

Just out of curiosity, would it not be cheaper for ICB to be your MLR supervisor?



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John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
Ania


Newbie

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Thank you for your input Artois.

And Leger, probably it would be cheaper with ICB but... I still have to book and pass one exam before they can be my MLR supervisor.

 



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