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The Book-keepers Forum (UK) -> General Book-keeping & Accounting -> New client - no accounts for 08/09..!!!
Post Info TOPIC: New client - no accounts for 08/09..!!!
Raven


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New client - no accounts for 08/09..!!!
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Hi - I need a bit of guidance please...

I've recently started with a small company who's previous bookkeeper left under a bit of a cloud..

All the personel files are missing and there are no accounts or recipts for 08/09 anywhare to be found..!

I spoke with the accountant and have now set about creating a new set of accounts on a simple spreadsheet using the bank statements and cheque book stubs.. All seems to be going ok so far.

Just wondered which header to put the PAYE payments to HMRC to - do they go under Labour or Sundries...? Also, would you put the finance payments for a company vehicle to Capital Expendiure??

I'm sure more questions will crop up as I go through the statements..!

Can't wait to start 09/10 on Sage..!

Many thanks

Raven x

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Libby


www.lm-bs.com
Dustin57


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Hi Raven

I would allocate payments of PAYE under labour/salaries. If the finance payment relates to a hire purchase agreeement the payments should go under 'HP/Finance Payments'. If the agreement is a lease agreement then the payments should go under 'Motor vehicle leasing' or something similar.



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williams lester accountants


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Surely if it is HP, then the payment needs to be split between HP loan repayments (to the balance sheet account) and HP interest in the P & L?

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Dustin57


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I find it easier to allocate all HP repayments to the HP control and then post a journal for the HP interest. Apportioning the HP interest and repayment element at source would obviously give you the same answer though.

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