I've started doing the books for a motor dealer. Was wondering, how should I account for items such as 'road tax', cherished transfers etc.
On the sales invoice we charge a line for Road fund licence, cherished transfers etc. These are charged at cost to the customer. Should I include those in my sales figures? And the corresponding costs in my cost of sales? Or do they just contra each other?
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,who is your MLR with, how long in role, where up to in your studies-what exams passed/with what body/who your MLR is with/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.
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I'm Tom, been a qualified accountant for over 10years. I've worked in various places, preparing mainly management accounts information and reviewing procedures & controls- perhaps not the usual tax/accounts type stuff you associate with an accountant.
Lifestyle choices has led me to change direction slightly, now started working part time bookkeeping/accounts of a small franchised motor dealer. However, despite years of experience working with numbers, bookkeeping starts to throw up some things I've never come across, particularly in the motor trade.
So I found this forum and thought it would be a good place to bounce questions off. Hopefully you wont mind.
Its neither income nor an expense of the business, so direct it through an account called disbursements on the SPF. Useful as a control account to ensure all costs passed on this way as well.
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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
I'd considered putting all entries through cost of sale on SPL as there would be additional costs for registering our own vehicles, demos etc left over.
I'd considered putting all entries through cost of sale on SPL as there would be additional costs for registering our own vehicles, demos etc left over.
I would just keep the company's own costs on the SPL, for reasons already mentioned.
Consistency is key.
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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
