Bookkeeping & Sage Opening Balances
I provide administrative assistance to a small local ltd company. The current bookkeeping system is maintained via spreadsheets. ie Sales Day book, Purchases day, bank rec. This is done by the director. I do the filing of receipts etc. Accountant has now suggested company should get a computer package and the company bought Sage Instant Accounts. In the past we just past all the spreadsheets to accountant with the bank statements and receipts for him to check and produce the year end accounts.
I would like to ask for some assistance in entering the opening balances as the accountant says we have all the relevant balances in the year end accounts and this is an easy task unfortnately with no further help. I assume the company does not pay him enough for further advice.
In the year end accounts there is an accrual for £950. Do we have the enter this as an opening balance as the expense relates to last year? Although actual payment was made after end year. My boss has produced a trial balance(manually)from the year end accounts in preparation for entering to Sage but if the £950 is not included the tb does not balance.
Also under current liabilities section there is a value of £10,234 under directors current account? What would this be in Sage? I have been informed that this is just an account that lists incoming outgoing for director therefore should this be set up as directors account incoming and out going ie 2 accounts. What are the usual accounts names for this? Also is this the right explanantion for a directors account.
My boss wants me to update the Sage system after he enters the opening balances but if they are wrong the system will not be correct. I have suggested the company employ a bookkeeper but he says he can't afford one. Unfortnately my accounts experience is limited to sales/purchase day books and bank rec. I do not want to be in charge of a system that does not balance in the first place and I preferred the system of pass to the accountant for his instruction.
Any advice would be greatly appreciated.
- Mortgage Repayment Sale of Property 198 5
- Backdate C79? 234 5
- Losses B/F and Class 4 NIC 213 3
- Taxcalc , the hub of the problem 884 33
- White van man 609 21
- Companies House late filing penalties 2,469 82
- Software 370 9
- Company dividends 430 13
- Tax return filed on time but payment late 438 7
- Tax Relief on Bridging Loan 114 2
- Use of home deduction 542 15
- Copy Wanted 692 3
- Non resident income. 253 12
- Self Assessment University Superannuation Scheme 99 1
- 11pm and having a blonde moment 199 2
- Pounds Shillings and Pence 558 21
- SA late payment penalty 204 3
- Death of taxpayer - personal allowance 309 8
- No codes in Sage 50 Nominal List? 137 1
- Might income tax be payable on these gifts? 174 2
- Form MR01 (Particulars of a charge) - does this need to be filed if you remortgage with the same lender? 859
- Underpaid VAT assessment and relation to SATR 551
- Did you realise Google will not patch android exploit ... 516
- Latest phishing scam 408
- Entrepreneurs' relief 378
- Supply teachers and Ltd Companies 339
- Cashback for opening business bank acct = trading income? 322
- Corporate LLP with 30 June Year end - How to record on SA800? 304
- Auto Enrolment Questions Answered 216
- Penalties- On Tax Returns (New Regime) 194