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Nocturnal Wolf


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General Journal Questions
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Good afternoon everyone,

New to the forum so I hope my post is allowed?

 

Having a mental block with regards to raising a journal. We have received an invoice from an associate dated 1st May, which contains work done both this month (May) and last month (April) I was going to raise a reversing journal to accruals but then doubt got the better of me.

Situation:

April days = £2,762.50 and April expenses = £293.85

Date:30/04/2020                       Revers:01/05/2020

April days310 2762.50
April day8052,762.50 
April expenses310 293.85
April expenses805293.85 

Would this journal be correct.

 

Thanks in advance

Clive



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Clive Humphries
Cheshire


Master Book-keeper

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Hi
Please can you do an intro - we always ask newbies.
Usual stuff - what prof body do you belong to, do you work for yourself or in a practice/ firm, who is your MLR with, are you a bookkeeper or accountant, what qualifications, how long in role, 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.


Also please add your first name so that it appears under the signature bar on your posts? Saves you adding it each time. (edit --> Signature)

Is there VAT in the figure?

Is this just a year end journal. Or monthly? (and you do management accounts)?

 

What are the 3 digit codes?



-- Edited by Cheshire on Tuesday 5th of May 2020 03:19:49 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
Nocturnal Wolf


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Thanks Cheshire,

I'll update my profile in a bit.

There's no VAT, and its basically to ensure that days worked appear in the correct month on the P&L so the nominal codes are:

310 - Associate CoS

805 - Accruals

 

Thanks again

C.



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Clive Humphries
Cheshire


Master Book-keeper

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Welcome to the forum Clive

Sorry wandered off and I ended up on a call.

Seen your profile - bit more detail on just a post would be useful for future.

Who is your MLR with?

What software are you using? Just wondering if it has a practice module or is capable of taking a backup? Always handy when testing a theory out when you get brain ache! As you can reverse and start again if you go wrong.

Entries correct. If you only know what you need to accrue in the prior month when you receive the invoice, you could key the April element of the invoice direct to accruals instead of journalling, then you only have to worry about the reversal.

__________________

 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
Nocturnal Wolf


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Thank you!!



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Clive Humphries
Cheshire


Master Book-keeper

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Posts: 8646
Date:
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Sorry about the MLR question - I read your profile as 'self employed' instead of 'employed'......Ive been seeing double daft questions about the COVID schemes all day, particularly aound the SEISS and BBLS schemes.





__________________

 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
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