General Book-keeping & Accounting - The Book-keepers Forum (UK)

treskim · treskim

Could someone please tell me the entries needed to deal with an income tax refund. I have just started doing bookkeeping for a recently self employed artist - no tax was paid out last year - doesn't earn enough. Have received income tax refund straight into bank a/c. What are the entries on the led...

Mark99 · Mark99

Hi Does anyone here have any advice? Since 2010 I have been looking after the financial affairs and admin for a road freight company, which has grown considerably since then. The managing director has always been the sole shareholder, but she is now thinking of transferring 49 of the 100 shares to h...

ecomledger · ecomledger

We mostly go after ecommerce clients but software is rich but never bookkeeper/accountant focused. We have been using Link My Books for some of our ecommerce clients. Its good when it automatically posts the monthly sales but when we want to create a VAT report or prior year accounts it can be a real st...

CJH · CJH

Hi All, New to the forum and looking for some advice. I'm run my own HR Ltd company and claim the £0.45 pence per mile fuel claim. What I need to know is are things like motor insurance and MOTs claimable? Thanks in advance for any feedback. C.

maiasnow · maiasnow

Hi again everyone, I have another question sort of similar to another I posted a short while ago, but I *think* this one may be sufficiently different to warrant its own thread. My client releases music on his record label and pays a freelance artist (usually the same artist) to create artwork to go wit...

maiasnow · maiasnow

Hi everyone, I'm hoping this question will be quick and easy to answer. My client puts on events in the UK and occasionally has performers fly in from abroad. In those cases, he books and pays for their flights himself. Should this be recorded as Cost of Goods Sold, since it's an expense incurred specif...

accountonus · accountonus

Hi all, So as I sit here inputting the bank statements on my excel spreadsheet I think surely there is a simpler way.. Is there any way of dropping the statement into excel? I get you may have to tweak coloumns etc and organise the figures as you set out spreadsheet, but surely its better than the time con...

Carolann · Carolann

Hi, in my new position, the Sage accounts have a total balance of £9k being carried forward year on year, which are historic loan and audit accruals which were not reversed out bank in 2019/20. How can I correct this? If I do a journal in the current financial year, it will incorrectly impact on this ye...

Diddley · Diddley

At the moment the company i work for do separate invoices I want to set them up so they are using sage 50 for there invoicing but cant seem to find how to edit the invoice layout can any one help

Mrs B · Mrs B

Hi I have a small hobby business dealing in vintage and antique items from a local antiques centre. I keep simple ledgers on Excel (sales, expenses, income) so I can report my (albeit lowly figures!) via self-assessment. I am planning on gifting one of my stock items (a little art deco necklace!) t...

Laurine · Laurine

Hi, My boss bought quite some wine (from the company creditcard) to give to clients for Christmas. I work with Sage 50 Accounts and was wondering which nominal code you would use and which tax code? There are some contradictory answers on the net. Hope you can help me out. Thanks, Laurine

Marnie · Marnie

Hi, I need to post a self assessment refund on sage. Can someone tell me what nominal code i need to post this to please? Thanks.

NewBookkeeper2022 · NewBookkeeper2022

Hi. Can anyone help with setting up excel please? Need to work out overcharges on invoices for client and they want to see what was charged each month v what should have been charged. Problem for my frazzled brain is they have a set price for twelve months and then reduced price for next 36 months, but ea...

Angelpep · Angelpep

Hi there, we operate a taxi company. Our account receivables have 2 methods of paying. One which customer paid the sales inv to us, this one is straightforward so no issue. Another is customer will pay directly to the supplier (drivers) when they board the vehicles. How should I clear the sales inv pa...

HCJC · HCJC

Good morning, A client of mine is providing management for a third party. To do this, the client raises an invoice for the operational funding due from the third party and the funds are then used to cover expenses as and when they fall due. The funds do belong to the third party, not my client, so my quest...

rasi1283 · rasi1283

If I have transferred my own funds into the company (in the early days) and want to mark this as a loan to the company, how do I do this in my accounting tool? E.g. Transfered 100 GBP from Myself to Company Limited 13 times.= 1.300 GBP. Notes:Sole shareholder.

Kashkhan88 · Kashkhan88

Hi, would anybody help me to find the right N/C please, we have dental clinic and using one of the websites where people use to book their appointments online and that company has invoiced us but I am not sure which N/C would be appropriate to allocate the invoice to? would it go to subscription code? Th...

Kate1 · Kate1

Hi, Hoping someone can help me, I'm getting myself confused! I'm preparing year end accounts and the year end is 31st July. Income of £156 was paid on the 31st July but the bank is showing the income as received on the 4th August. How do I present this in the accounts? Thanks, Kate

HCJC · HCJC

Good morning all, I have recently started doing the bookkeeping for a company that has two assets in particular that are causing me problems. One asset is in EUR, the other is USD. Both assets share a common supplier who will only invoice in EUR or GBP. All payments are subsequently made in EUR or GBP. Wh...

Lindy1957 · Lindy1957

I work for a small engineering company who produce infrastructure for the mobile phone industry. Recently we have purchased a large amount of goods from the USA & Ireland to develop new products and my managing director does not want the goods to show on the P&L as it will affect the day to day...

Topic		Started By	Replies	Views	Last Post
	entries for dealing with income tax refund (Preview) Could someone please tell me the entries needed to deal with an income tax refund. I have just started doing bookkeeping for a recently self employed artist - no tax was paid out last year - doesn't earn enough. Have received income tax refund straight into bank a/c. What are the entries on the led...	treskim	8	4384	Wed Feb 22 10:26 2023 by nikita_rai
	Transfer of shares in family limited company (Preview) Hi Does anyone here have any advice? Since 2010 I have been looking after the financial affairs and admin for a road freight company, which has grown considerably since then. The managing director has always been the sole shareholder, but she is now thinking of transferring 49 of the 100 shares to h...	Mark99	0	1223	Mon Feb 20 10:43 2023 by Mark99
	Ecommerce Clients- difficulties? (Preview) We mostly go after ecommerce clients but software is rich but never bookkeeper/accountant focused. We have been using Link My Books for some of our ecommerce clients. Its good when it automatically posts the monthly sales but when we want to create a VAT report or prior year accounts it can be a real st...	ecomledger	4	2275	Thu Feb 16 08:16 2023 by Shabana
	Motoring Expenses (Preview) Hi All, New to the forum and looking for some advice. I'm run my own HR Ltd company and claim the £0.45 pence per mile fuel claim. What I need to know is are things like motor insurance and MOTs claimable? Thanks in advance for any feedback. C.	CJH	3	2603	Thu Feb 9 16:48 2023 by spurs1952
	Artwork commissioned for music releases - marketing expense or CoGS? (Preview) Hi again everyone, I have another question sort of similar to another I posted a short while ago, but I think this one may be sufficiently different to warrant its own thread. My client releases music on his record label and pays a freelance artist (usually the same artist) to create artwork to go wit...	maiasnow	1	1232	Thu Jan 26 12:22 2023 by Artois
	Client paying for flights to bring international performers over for events - CoGS or travel expense? (Preview) Hi everyone, I'm hoping this question will be quick and easy to answer. My client puts on events in the UK and occasionally has performers fly in from abroad. In those cases, he books and pays for their flights himself. Should this be recorded as Cost of Goods Sold, since it's an expense incurred specif...	maiasnow	1	1145	Thu Jan 26 12:20 2023 by Artois
	Bank Statements to Excel - There must be an easier way!! (Preview) Hi all, So as I sit here inputting the bank statements on my excel spreadsheet I think surely there is a simpler way.. Is there any way of dropping the statement into excel? I get you may have to tweak coloumns etc and organise the figures as you set out spreadsheet, but surely its better than the time con...	accountonus	30	4522	Wed Jan 18 02:44 2023 by jordanbe
	Clearing out historic accruals (Preview) Hi, in my new position, the Sage accounts have a total balance of £9k being carried forward year on year, which are historic loan and audit accruals which were not reversed out bank in 2019/20. How can I correct this? If I do a journal in the current financial year, it will incorrectly impact on this ye...	Carolann	4	1419	Tue Jan 17 17:05 2023 by Shaun60
	Sage 50 Cloud accounts Essentials (Preview) At the moment the company i work for do separate invoices I want to set them up so they are using sage 50 for there invoicing but cant seem to find how to edit the invoice layout can any one help	Diddley	2	1812	Tue Dec 20 16:28 2022 by Diddley
	Gifting from stock items (Preview) Hi I have a small hobby business dealing in vintage and antique items from a local antiques centre. I keep simple ledgers on Excel (sales, expenses, income) so I can report my (albeit lowly figures!) via self-assessment. I am planning on gifting one of my stock items (a little art deco necklace!) t...	Mrs B	0	1177	Sun Dec 18 22:00 2022 by Mrs B
	Wine for clients, nominal code/tax code? (Preview) Hi, My boss bought quite some wine (from the company creditcard) to give to clients for Christmas. I work with Sage 50 Accounts and was wondering which nominal code you would use and which tax code? There are some contradictory answers on the net. Hope you can help me out. Thanks, Laurine	Laurine	7	11103	Wed Dec 14 20:29 2022 by Leger
	Self Assesment Refund (Preview) Hi, I need to post a self assessment refund on sage. Can someone tell me what nominal code i need to post this to please? Thanks.	Marnie	1	1325	Fri Dec 2 01:38 2022 by Leger
	Help with excel excel (Preview) Hi. Can anyone help with setting up excel please? Need to work out overcharges on invoices for client and they want to see what was charged each month v what should have been charged. Problem for my frazzled brain is they have a set price for twelve months and then reduced price for next 36 months, but ea...	NewBookkeeper2022	0	1280	Tue Nov 29 09:42 2022 by NewBookkeeper2022
	Xero - Customer made payments directly to Supplier (Preview) Hi there, we operate a taxi company. Our account receivables have 2 methods of paying. One which customer paid the sales inv to us, this one is straightforward so no issue. Another is customer will pay directly to the supplier (drivers) when they board the vehicles. How should I clear the sales inv pa...	Angelpep	0	1075	Thu Nov 17 19:14 2022 by Angelpep
	Owner's funds introduced (Preview) Good morning, A client of mine is providing management for a third party. To do this, the client raises an invoice for the operational funding due from the third party and the funds are then used to cover expenses as and when they fall due. The funds do belong to the third party, not my client, so my quest...	HCJC	0	1028	Thu Nov 17 11:15 2022 by HCJC
	Private loan to company (Preview) If I have transferred my own funds into the company (in the early days) and want to mark this as a loan to the company, how do I do this in my accounting tool? E.g. Transfered 100 GBP from Myself to Company Limited 13 times.= 1.300 GBP. Notes:Sole shareholder.	rasi1283	9	1416	Thu Nov 17 10:45 2022 by rasi1283
	Nominal Code for bookings (Preview) Hi, would anybody help me to find the right N/C please, we have dental clinic and using one of the websites where people use to book their appointments online and that company has invoiced us but I am not sure which N/C would be appropriate to allocate the invoice to? would it go to subscription code? Th...	Kashkhan88	2	1314	Thu Nov 3 10:27 2022 by Ralph57
	How to present reconciling item in year end accounts (Preview) Hi, Hoping someone can help me, I'm getting myself confused! I'm preparing year end accounts and the year end is 31st July. Income of £156 was paid on the 31st July but the bank is showing the income as received on the 4th August. How do I present this in the accounts? Thanks, Kate	Kate1	5	1530	Thu Oct 20 22:35 2022 by Leger
	Multi currency assests (Preview) Good morning all, I have recently started doing the bookkeeping for a company that has two assets in particular that are causing me problems. One asset is in EUR, the other is USD. Both assets share a common supplier who will only invoice in EUR or GBP. All payments are subsequently made in EUR or GBP. Wh...	HCJC	1	1424	Tue Sep 20 12:15 2022 by Truemanbrown
	Research & Development (Preview) I work for a small engineering company who produce infrastructure for the mobile phone industry. Recently we have purchased a large amount of goods from the USA & Ireland to develop new products and my managing director does not want the goods to show on the P&L as it will affect the day to day...	Lindy1957	1	1762	Sat Sep 17 20:54 2022 by Truemanbrown
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