The Book-keepers Forum (BKF)

Post Info TOPIC: newbie help with nominal code


Newbie

Status: Offline
Posts: 3
Date:
newbie help with nominal code


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



__________________


Guru

Status: Offline
Posts: 1313
Date:

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.

__________________

Doug

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



Newbie

Status: Offline
Posts: 1
Date:

Get yourself a bookkeeper. You need one.

__________________


Senior Member

Status: Offline
Posts: 259
Date:

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

__________________

Ian

Ian Brown FCA
Onion Reporting Software Ltd

www.onionrs.co.uk

Sage accounts in Excel. No set-up necessary. Free 30 day trial.



Forum Moderator & Expert

Status: Offline
Posts: 11981
Date:

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.



__________________

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.



Guru

Status: Offline
Posts: 1313
Date:

 

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?



__________________

Doug

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



Newbie

Status: Offline
Posts: 3
Date:

Buzzer1975 and Buzzer1976 are not the same people!

 

I would never offend anyone!  

 

 



__________________
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.

Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  
©2007-2024 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: bookcertltd@gmail.com.

Privacy & Cookie Policy  About