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Cash Expenses - Sage Instant Accounts
(Preview)
Could someone give me their opinion on how to post cash expenses. I have a new client who is a sole trader and he has cash expenses which are recorded on an expenses sheet on a monthly basis. How would these be recorded? The amount in the past has always been allocated to drawings, there being a stand...
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Sozzybobs
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2
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4353
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Purchase Invoices
(Preview)
I have looked on the Business Link and HM Revenue & Customs websites to see if I can find some kind of an explanation as to what invoices and receipts that I should be inputting and which may fall into the category of personal use but I cannot find the information that I require. I have entered all m...
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Terri
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2
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2028
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Questions re the practical aspects of bookkeeping
(Preview)
What software does everyone use, I have only ever used Sage in my work and I appreciate it might not be appropriate for all clients so what else is out there that people are using? I'm aiming to set up on my own, I have a few people who have said when I am qualified and ready I can start doing their books. I have...
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sarahwilson
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3
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2105
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Car Expenses
(Preview)
I have a few questions: 1. If you don't drive but your spouse/partner drives you in their car to get to client meetings, accountant meetings, training sessions etc, can you class this as an expense of the business 2. When working out mileage at 40p per mile, how would be the best way to keep the records...
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Terri
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3
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1953
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Unusual ways to beat the banks
(Preview)
Hi everyone, Can you give me your thoughts on the legitimacy of the following please? A long standing client (it gets complicated so lets call him client A) of one of my clients (client B) is having trouble with their bank. They have an overdraft which the bank is trying to reduce. Consequently, every t...
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cherry
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2
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1739
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Bowling club records
(Preview)
Hi all, My first post on here, not sure I'm posting this in the correct place! I have just taken on the books for a local bowling club. Although I wont be dealing with the end of year accounts I will be preparing the quarterly VAT returns. Im trying to get my head around the fact that the previous bookkeepe...
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Olivia
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3
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7105
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How do I deal with posting business expenses paid for from a personal account?
(Preview)
My client has just started a new business venture hence his business current account has a 'zero' balance. Therefore he has used money from his own personal account to purchase cash items as well as capital items until he has money in his business bank account to pay for future purchases. Would anyon...
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Sozzybobs
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4
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3260
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Buying out a lease - Asset or Expense? Sale of such Asset - Gain from Sale?
(Preview)
Hello All, I am stumped on a transaction I have to put through. It has a few different parts to it;Firstly, when leasing a vehicle, the lease payments are an expense. But when you buy out the lease, I always assumed that the amount you bought out the lease for went towards an asset account, (in this case...
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nomij
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0
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1691
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Cash Expenses paid by business and personally
(Preview)
Hi The partnership I do the bookkeeping for is in its first year of business and they have paid for a lot of the cash expenditure themselves as well as drawing cash from the business bank account. The dates and amounts of the cash withdrawals do not always match up to the cash receipts dates and amounts a...
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DOWGILE
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0
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1539
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Help please with first client
(Preview)
I am taking over the books for an Ebay powerseller and he is my first client. I have to input all his receipts, invoices etc from September 2007 as the previous bookkeeper has left them in a real mess. I am having to start again from scratch. What I wanted to check, was that the previous bookkeeper ente...
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Terri
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4
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2413
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Control Accounts - can someone please help explain?
(Preview)
Hi all, I am currently studying towards my IAB Level 1 and 2 exams in June and have a question on Control Accounts! Just when I thought I had finally got my head around which side of an account a transaction is recorded, they go and throw a spanner in the works! According to my manual "A control accoun...
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brooklh
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3
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5376
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Typical accounts (bank accounts in nominal structure) for a retail business?
(Preview)
I have experience of accounting for certain types of business and so my questions will seem a bit dumb to the more experienced bookkeepers out there. Usually in, say, a service company, the purchases are made by either cheque (current account) or in rare cases cash (petty cash account) and similarl...
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Count1314
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1
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2249
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cash purchases and accounting records
(Preview)
Hi all. How can I record cash purchases in my bookkeeping system. I have just started my business with the cash taken from my private bank account. All payments I make using this money. I do have an opened business account but I didn't put any money into it. What would the ledger entries be in the case like...
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zetor1111
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4
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5049
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Payroll
(Preview)
I need a bit of help and wondered if you would give me an idea how payroll is charged for. I'm not asking for you to tell me what you charge, but a general going rate on whether it is per employee or per payroll or per report etc. Hope that makes sense. Thank you Angela
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AngelaWBS
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1
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3297
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Computerised Accounts
(Preview)
Hi Everyone, I am new to all this and i am on the final stretch of my AAT qualification level 4. After completed i am wanting to start my own bookkeeping business from home. I have been looking at the bookkeeping software, Quickbooks but was wondering how this works when you have so many clients on your...
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Lizzy
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3
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2509
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Going Self Employed
(Preview)
Hi Can anyone tell me if I can only work for certain organisations as an Associate member of the ICB? I have a feeling there is a limit as to the types of business I could work for but just need clarification. Thanks
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whiskerspanther
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16
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2735
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Self-employed using personal bank accounts
(Preview)
Hi, I'm trying to set up my accounts in Quickbooks for my new administration and bookkeeping business. I don't currently have a business bank account and will be using my personal account for business transactions - does this mean I will have to enter all the details of my personal transactions from m...
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Laura Holmes
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12
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16053
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From Self employed to Employed - Again !!
(Preview)
Hi all, Just after a bit of advice please. A client has ask me if I would become part time and go on their payroll. I`m not sure what to do as I like the freedom and flexibility of being self employed. My question is if I were to taken them up on their offer I would obviously need to submit a P45, now I have one...
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Julie
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3
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2337
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Guidance required for new business
(Preview)
Hi I am in the process of setting up my own business as a computerised Bookkeeper having become an Associate member of the ICB. I have my own business cards and am awaiting approval for an advert. What I would like to know is when you get that first call from a would be customer where do you plan to meet them i...
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whiskerspanther
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5
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2432
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Year End on Quickbooks Pro 2008 and Premier 2008
(Preview)
Hi Everybody, I was wondering if someone could help me. I use Quickbooks Pro 2008 and also Premier 2008 for someone else, I need to do year end and wanted to know if like SAGE instants when you press the year end button it automatically does the year end and then starts with the new financial date ie say fo...
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Amanda
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1
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2403
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