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Post Info TOPIC: What a Waste


Master Book-keeper

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What a Waste


No, it's not an Ian Drury song I'm talking about!

Which expenses category do people allocate waste collection to (eg Biffa) ? I've been sticking it in service charges, but software (VT) alerts me that the category isn't generally a VAT one) Ditto for card machine charges, again I've been sticking it in service charges, for want of a better category.



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John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Guru

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Hi John

With the waste I would be looking at where the waste is from and attribute it to an expense that way, not sure about card readers as none of my clients use them but would probably do the same as you and put it in service charges, it does not matter that VT warn you as long as it is collected for the VAT return, alternatively you could always make a new expense category named whatever you like, I have done that a few times when I could not find one that seemed to match.



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Doug

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



Guru

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Hi John,

Depends on the business, but I tend to use bank charges for card charges, and cleaning for waste services.



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Jenny

Responses are my opinion based on the information provided. All information should be thoroughly checked before being relied on.



Master Book-keeper

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Thanks both for your suggestions.



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John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Veteran Member

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Where does 'service' charges appear in the COA? Thats key. You can separate out if you wish to monitor/report separately. Depends on size of business and their requirements as said. Bank charges/cleaning for smaller. Or sub set of those for larger.



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Master Book-keeper

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Thanks MAAT. It's a retail shop approx 100k turnover, so I'm happy to go with your (and Jenny's) suggestion. I tended to avoid bank charges cos I see them as exactly that, and don't like a high balance, but then I stick paypal fees there for this client, so no reason not to.



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John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Veteran Member

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Service charges, I presume, relates to property expenses section. If you dont like a 'high balance' split out to bank charges, paypal fees and card fees (merchant services). That way when client sees how high each are individually they might consider reneg of pricing/move to new card acquirer, especially as its easier to see what they have paid.

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Master Book-keeper

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Thanks, that's a good suggestion.



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John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.

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