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Amanda


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Accrurals - accountancy fees
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HI everyone,

Just a quick question as I am having a blonde moment,(bad morning already boiler on the blink), I have another set of journals from an accountant to do for a client, I am getting them done early (not leaving them to the last minute), everything is straightforward, and I have to set up some new accounts on the COA in Quickbooks, my question is they have put down the accountants fees as an accrural on the bal sheet, I am assuming I need to creat a liability account in the bal sheet for this?  Everything else on there is OK.

This is the first year on a conputerised system for my client as they were manual before this.
Any help will be much appreciated.

Many thanks,
A

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Amanda
Neil


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Hi Amanda

I'm not familiar with Quickbooks but there is an accruals account in Sage (2109) where you'd record the fees for year end.

Hope this helps.

Neil

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Amanda


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Thanks Neil, in QB they have the COA so you can choose which section it should be in like expenses, accounts payable etc, so would you say set it up as a liability account?

Thats were I think it should be but want confirmation.

cheers
A

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Amanda
Neil


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Hi Amanda

It would definitely come under liabilities, yes.

Neil

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littlebookkeeper


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Hi Amanda,

I have not used quickbooks for a while but setting up a code for accruals under  'accounts payable' sounds about right. It should appear as a credit balance under current liabilities in your balance sheet then you will know you have posted it right.

Carole

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Amanda


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Many thanks Neil and Carole, I knew I would get the answers on here.

Regards
A

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Amanda
Davey


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Hello Amanda agree with neil and littlebookkeeper. You can Journal the Accountancy fees
as a debit balance and credit the Accruals Account under Current Liabilities you can create
an account for accruals if need be. ie

dr                     cr


Accountancy fees 2000                                   example code 7300


Accruals                                        2000          example code 9600



make sure you create the Accrual under current liabilities and not long term.

-- Edited by Davey on Tuesday 23rd of March 2010 02:36:17 PM

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David
Davey


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sorry not much good at editing

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David
Neil


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I always blame the editor, Davey.

I'm sure it looked great before you hit the submit button. wink

Neil

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Davey


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Thanks Neil i should have put my glasses on before i hit the submit button

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Amanda


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Don't worry David I understand it so no probs there.

Many thanks
A

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Amanda
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