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Post Info TOPIC: Sage nominal code


Veteran Member

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Posts: 32
Date:
Sage nominal code


Hi Need help with a sage nominal code Landlord rent deposit I don't have a nominal code set up in Sage Can someone help me to set it up,and is deposit a liability or an expense or else Thank you, Stef

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gbm


Guru

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Date:

Assuming you're the landlord, it's a liability

Dr bank
Cr liability (because it will need repaying to tenant at some point)

In Sage, would say 21**.


If you're the tenant, then it's an asset.

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Senior Member

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Hi, Sage would recommend leaving it as a payment on supplier account however if you would like to create a dummy invoice or payment direct to nominal it would be a balance sheet item and I would suggest 2103 creditors liability using T9 code

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Guru

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I'd be interested to know the opinion of the accountants on following Sages advice. If the deposit was considered material would it cause a disclosure issue, as Trade Creditors would be understated?

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Tony

Responses are intended as outline only. Formal advice should be sort from your Institutes Technical Department or a suitably qualified Accountant.
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Guru

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I'm with Tony and Nick on this.  Deposit is a liability because it will need to be repaid at some time either in full or partial.



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Veteran Member

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Date:

Hi
Thank You very much
Stef

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