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Buzzer1975


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newbie help with nominal code
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Hi all,

First time post for me! 

I have a 2 different companies, a mechanics and a alloy wheel business.   I'm frequently paying bills from the alloy wheel business that should really come out of the mechanics but dont due to cash flows etc.  I have paid a large bill for materials today.  Do I enter it as a company loan to the other business or maybe a 5000 codes for materials purchased for the other company and let my accountant sort out at the end of the year?  messy I know but its a work in progress as they are both new companies.

 

many thanks

 

Helen



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Artois


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Seeing as it will be your accountants who will have to sort out this mess at the end of the year, you should be asking them.

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Doug

These are only my opinions of how I see things and therefore should not be taken as advice
Buzzer1976


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Get yourself a bookkeeper. You need one.

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Onion4Sage


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Hi Helen,

Wow, what was that? Not a great start for a newbie. Doug is a very well respected member of this forum.



-- Edited by Onion4Sage on Tuesday 15th of March 2022 08:52:38 AM

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Shamus


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Onion4Sage wrote:

Hi Helen,

Wow, what was that? Not a great start for a newbie. Doug is a very well respected member of this forum.

Well, this one's confusing. Are they the same person? Buzzer1975 / Buzzer1976?... Did they start a different userid for each of their businesses? confuse

I started to reply to this one yesterday but got no futher than a couple of lines about the risk that the accountant might miss it then the phone started going again.

Sorry I didn't pick this up earlier Doug... 

 

Right, Buzzer1976. Why would Doug need a bookkeeper? His advice is sound. Ask the accountant whether they are happy to unravel the spiders web of inter company transactions. If they regard the way that the books have been kept as a period end basket case and they redo everything from scratch from your receipts and invoices then its no issue. If your bookkeeping is generally pretty good then it makes more sense for you to show the intercompany transaction as a loan so that it does not get lost at the period end.

As Doug said, talk to the person who handles your accounts at the prctice and ask what they would prefer.

So, why two accounts on the site? Are you the same person? 

Shaun.



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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.
Artois


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Saw the post yesterday and it didn't even occur to me that it was directed at me, seems a pretty stupid remark if it was, but my reply stands if the the OP has an accountant doing the end of year why would they ask on a forum of strangers the best way to record things instead of the accountant?



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice
Buzzer1975


Newbie

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Buzzer1975 and Buzzer1976 are not the same people!

 

I would never offend anyone!  

 

 



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